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Sign Of Future Rate Cuts? Ally Bank's 5-Year Brokered Cds At 2.35%

Thursday, August 5, 2010 - 7:39 PMAlly Bank - Details
A reader emailed me this info that he noticed at his broker:
On 8-13, Ally Bank will be offering brokered CD's at 2.35% for 5 years, which makes you wonder if they will drop their direct 5 year CD's.
 
Usually Brokered CD's pay higher then directly from the bank.

You can see Fidelity's CD New Issue Offerings which include Ally's brokered CDs at this page.

The 5-year CD rate is still at 2.94% APY at ally.com as of 8/5/2010.
3
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,675
1. Thursday, August 5, 2010 - 10:20 PM
Ken -

 

I believe that this is now typical of brokered Cds.

Here is a link to the broker Investrade, offering Ally and GE Money Bank CDs.

Rates are similar, and have been the last few times I checked.  The broker's cut now comes out of your rate, not a premium paid by the bank.

http://www.investrade.com/fixedincome/current_offerings.html
1
CTMCTM41 posts since
May 6, 2010
Rep Points: 138
2. Thursday, August 5, 2010 - 10:20 PM
Ken -

 

I believe that this is now typical of brokered Cds.

Here is a link to the broker Investrade, offering Ally and GE Money Bank CDs.

Rates are similar, and have been the last few times I checked.  The broker's cut now comes out of your rate, not a premium paid by the bank.

http://www.investrade.com/fixedincome/current_offerings.html
1
CTMCTM41 posts since
May 6, 2010
Rep Points: 138
3. Monday, August 9, 2010 - 3:56 PM
Prescient.  The 5-year CD rate is 2.85% / 2.89% APY at ally.com today.
2
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 334
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