Friday, June 11, 2010 - 8:54 AM

Ally Bank's 5-Year CD Yield Falls To 2.95%

Ally Bank's 60-month CD rate fell from 2.99% to 2.95% APY.

I don't usually highlight a small CD rate change, but this 5-year CD from Ally Bank is special since it has only a 60-day early withdrawal penalty which makes this a great deal. News of this deal is getting out. Last week the NYT's Bucks blog mentioned it, so I wouldn't be surprised to see more rate cuts like this recent one.

2

KenBDG5,147 posts since
Nov 29, 2009
Rep Points: 117,089

Edit | History

This post applies to all states.

My previous blog posts on Ally Bank's 60-day early withdrawal penalty:

Quick
Summary

1. Saturday, June 12, 2010 - 12:23 PM

That's incredible! If you break the CD in 1 year, you're still getting 2.46%. Break after 2 years and you still net 2.70%. Plus, the 60-day penalty is tax deductible. Anyone thinking of a CD in the 1-2.5 year range should jump on this deal.

1

tomlawler21 posts since
May 22, 2010
Rep Points: 82

2. Saturday, June 12, 2010 - 1:28 PM

Yes, this is a great deal especially for those who want shorter terms. I've updated the "quick summary" section with links to my previous posts on Ally CDs and this very favorable early withdrawal penalty.

1

KenBDG5,147 posts since
Nov 29, 2009
Rep Points: 117,089