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Ally Bank Is Slowly Cutting Rates

Thursday, August 12, 2010 - 5:51 AMAlly Bank - Details
The latest small rate cut at Ally Bank happened yesterday when it reduced its 24-month Raise-Your-Rate CD APY from 1.85% to 1.84%. On Monday they made a larger cut to its 5-year CD (2.94% APY to 2.89% APY).
9
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
1. Thursday, August 12, 2010 - 2:41 PM
CD rates down:

3 months 0.74% 0.74%
6 months 1.13% 1.14%
9 months 1.00% 1.00%
12 months 1.45% 1.46%
18 months 1.58% 1.59%
3 years 2.18% 2.20%
4 years 2.37% 2.40%
5 years 2.76% 2.80%
3
RicochetRicochet132 posts since
Jan 19, 2010
Rep Points: 362
2. Thursday, August 19, 2010 - 6:24 AM
I'm afraid Ally Bank continues to cut CD rates little by little:

3 months      0.74%    0.74%
6 months     1.13%     1.14%
9 months     1.00%     1.00%
12 months   1.44%     1.45% (down by 0.01%)
18 months   1.58%     1.59%
2 years        1.80%     1.82% (down by 0.02%)
3 years        2.17%     2.19%
4 years        2.36%     2.39%
5 years        2.76%     2.80%
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
3. Tuesday, August 24, 2010 - 5:28 AM
Another day of a small CD rate cut at Ally Bank. The 12-mo CD rate went down by 1 basis point.

3 months      0.74%    0.74%
6 months     1.13%     1.14%
9 months     1.00%     1.00%
12 months   1.43%     1.44% (down by 0.01%)
18 months   1.58%     1.59%
2 years        1.80%     1.82%
3 years        2.17%     2.19%
4 years        2.36%     2.39%
5 years        2.76%     2.80%

The 5-year CD with an early withdrawal penalty of only 60 days of interest is still a good deal (see my review).
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
4. Tuesday, August 24, 2010 - 1:57 PM
Ken,

Looks like USAA just cut their CD rates.  Can you look into this for us and comment on the site?  thanks!

Sly from TX
1
SlyTexSlyTex1 posts since
Aug 24, 2010
Rep Points: 1
5. Tuesday, August 24, 2010 - 6:33 PM
 

Unfortunately, their 5 yr CD rate also went down a basis point today.  

5 years 2.75% 2.79%

Fortunately Ally's 5 Yr CD continues its favorable 60 day early withdrawal penalty advantage.  I'd like to make my decision how best to invest before the end of the month..

Anyone care to speculate where rates will be going over the next 3-60 months (please don't just say down;)?
2
InterestYieldsInterestYields5 posts since
Aug 23, 2010
Rep Points: 14
6. Wednesday, August 25, 2010 - 4:47 PM
Anyone care to speculate where rates will be going over the next 3-60 months (please don't just say down;)?

  You pay your nickel and place your bet.  For my money an extended Fed policy moratorium is the best first step in normalizing financial markets before making predictions:  In Search of Certainty at the Fed
1
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 336
7. Thursday, August 26, 2010 - 5:19 AM
Three more small CD rate cuts at Ally Bank: 18-mo, 2-year and 5-year.

3 months      0.74%    0.74%
6 months     1.13%     1.14%
9 months     1.00%     1.00%
12 months   1.43%     1.44%
18 months   1.53%     1.54% (was 1.59%)
2 years        1.78%     1.80% (was 1.82%)
3 years        2.17%     2.19%
4 years        2.36%     2.39%
5 years        2.70%     2.74% (was 2.80%)

The 5-year CD with an early withdrawal penalty of only 60 days of interest is still a good deal (see my review). I have a feeling many are jumping on this deal which may explain the recent rate cuts.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
8. Thursday, September 16, 2010 - 5:32 AM
Ally is back to slowly cutting its CD rates.

Here are some recent rate cuts. At least the 5-year CD rate has held. Also, the 9-month CD rate actually went up (although it had been unusally low berfore).

Term          Rate        APY
3 months    0.74%      0.74%
6 months    1.09%     1.10% (was 1.14%)
9 months    1.08%     1.09% (UP: was 1.00%)
12 months  1.43%     1.44%
18 months  1.49%     1.50% (was 1.54%)
2 years       1.73%     1.74% (was 1.80%)
3 years       2.07%     2.09% (was 2.19%)
4 years       2.31%     2.34% (was 2.39%)
5 years       2.70%     2.74%
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
9. Friday, September 17, 2010 - 5:31 PM
Rate on the 5-year CD is now 2.65% with an APY of 2.69%.
4
larkinlarkin65 posts since
Jun 18, 2010
Rep Points: 289
10. Friday, October 1, 2010 - 6:50 AM
I'm afraid there were some more CD rate cuts.

As of 10/01/2010:

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.29%     1.30% (was 1.32%)
12 months    1.36%     1.37% (was 1.44%)
18 months    1.48%     1.49%
2 years         1.70%     1.71% (was 1.74%)
3 years         2.02%     2.04% (was 2.09%)
4 years         2.22%     2.24% (was 2.34%)
5 years         2.61%     2.64% (was 2.69%)
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
11. Friday, October 8, 2010 - 5:36 AM
More CD rate cuts this week :-(

As of 10/08/2010

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.29%     1.30%
12 months    1.36%     1.37%
18 months    1.48%     1.49%
2 years         1.68%     1.69% (was 1.71%)
3 years         1.98%     2.00% (was 2.04%)
4 years         2.18%     2.20% (was 2.24%)
5 years         2.61%     2.64%
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
12. Saturday, October 9, 2010 - 3:09 PM
Another rate cut to the 5-year CD.

As of 10/09/2010

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.29%     1.30%
12 months    1.36%     1.37%
18 months    1.48%     1.49%
2 years         1.68%     1.69%
3 years         1.97%     1.99% (was 2.00%)
4 years         2.18%     2.20%
5 years         2.52%     2.55% (was 2.64%)
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
13. Thursday, October 14, 2010 - 5:48 AM
Some more small rate cuts plus another rate cut (but tiny) to the 5-year CD.

As of 10/14/2010

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.29%     1.30%
12 months    1.34%     1.35% (was 1.37%)
18 months    1.48%     1.49%
2 years         1.65%     1.66% (was 1.69%)
3 years         1.97%     1.99%
4 years         2.16%     2.18% (was 2.20%)
5 years         2.51%     2.54% (was 2.55%)
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
14. Friday, October 15, 2010 - 7:04 AM
Yet another rate cut. Today it's the 11-mo no-penalty CD. The rate has fallen from 1.30 to 1.25% apy. With the rate this low, you have to wonder if it has any value over just putting your money in a savings account.

as of 10/15/2010:

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.24%     1.25% (was 1.30%)
12 months    1.34%     1.35%
18 months    1.48%     1.49%
2 years         1.65%     1.66%
3 years         1.97%     1.99%
4 years         2.16%     2.18%
5 years         2.51%     2.54%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
15. Tuesday, October 19, 2010 - 6:02 AM
There has been another cut to the 5-year CD rate. It's now under 2.50% APY. There were also a couple of other minor cuts to other CD rates.

as of 10/19/2010

Term            Rate       APY
3 months      0.74%     0.74%
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.24%     1.25%
12 months    1.34%     1.35%
18 months    1.46%     1.47% (was 1.49%)
2 years         1.64%     1.65% (was 1.66%)
3 years         1.97%     1.99%
4 years         2.16%     2.18%
5 years         2.46%     2.49% (was 2.54%)
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
16. Wednesday, October 20, 2010 - 6:06 AM
This is becoming way too common. At least Ally didn't cut the 5-year CD rate today (at least not as of 6:00am).

Rates as of 6:00am CDT 10/20/2010

Term            Rate       APY
3 months      0.69%     0.69% (was 0.74%)
6 months      1.09%     1.10%
9 months      1.08%     1.09%
11 months    1.24%     1.25%
12 months    1.33%     1.34% (was 1.35%)
18 months    1.46%     1.47%
2 years         1.63%     1.64% (was 1.65%)
3 years         1.93%     1.95% (was 1.99%)
4 years         2.15%     2.17% (was 2.18%)
5 years         2.46%     2.49%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
17. Friday, October 22, 2010 - 7:09 AM
I'm afraid this is another round of small CD rates cuts. At least the 5-year CD rate held.

Rates as of 7:00am CDT 10/22/2010

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09% (was 1.10%)
9 months      1.08%     1.09%
11 months    1.24%     1.25%
12 months    1.33%     1.34%
18 months    1.44%     1.45% (was 1.47%)
2 years         1.63%     1.64%
3 years         1.92%     1.94% (was 1.95%)
4 years         2.13%     2.15% (was 2.17%)
5 years         2.46%     2.49%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
18. Thursday, October 28, 2010 - 12:04 PM
Unfortunately, there have been some more small CD rate cuts. However, the 5-year CD rate remains the same since the last update.

Rates as of 12:00 CDT 10/28/2010


Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.08%     1.09%
11 months    1.24%     1.25%
12 months    1.33%     1.34%
18 months    1.44%     1.45%
2 years         1.61%     1.62% (was 1.64%)
3 years         1.88%     1.90% (was 1.94%)
4 years         2.12%     2.14% (was 2.15%)
5 years         2.46%     2.49%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
19. Thursday, November 4, 2010 - 8:41 AM
The small bump-up in the 11-month no-penalty CD was offset by the cut in the savings account rate.

 

Rates as of 11/04/2010

Online Savings/Money Market Account  1.20% APY (was 1.24%)

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.08%     1.09%
11 months    1.27%     1.28% (was 1.25%) UP!
12 months    1.33%     1.34%
18 months    1.44%     1.45%
2 years         1.59%     1.60% (was 1.62%)
3 years         1.88%     1.90%
4 years         2.12%     2.14%
5 years         2.46%     2.49%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
20. Thursday, November 11, 2010 - 8:20 AM
More rate cuts, but just small ones on 3 of the mid-term CDs.

Rates as of 11/11/2010

Online Savings/Money Market Account  1.19% APY

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.08%     1.09%
11 months    1.27%     1.28%
12 months    1.33%     1.34%
18 months    1.43%     1.44% (was 1.45%)
2 years         1.58%     1.59% (was 1.60%)
3 years         1.87%     1.89% (was 1.90%)
4 years         2.12%     2.14%
5 years         2.46%     2.49%
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
21. Wednesday, November 17, 2010 - 6:54 PM
In addition to the savings account rate cut (see thread), a few CD rates were cut. The good news is that the 5-year CD rate remains unchanged.

Rates as of 11/17/2010

Online Savings/Money Market Account  1.14% APY (was 1.19%)

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.08%     1.09%
11 months    1.27%     1.28%
12 months    1.31%     1.32% (was 1.34%)
18 months    1.38%     1.39% (was 1.44%)
2 years         1.58%     1.59%
3 years         1.87%     1.89%
4 years         2.07%     2.09% (was 2.14%)
5 years         2.46%     2.49%
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
22. Saturday, November 20, 2010 - 5:03 AM
Ally Bank seems to have increased the pace of rate cuts lately. In addition to another round of savings account rate cuts (see thread), they have also cut CD rates again. The 5-year CD had the biggest cut.

 

Rates as of 11/20/2010

Online Savings/Money Market Account  1.09% APY (was 1.14%)

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.08%     1.09%
11 months    1.24%     1.25% (was 1.28%)
12 months    1.31%     1.32%
18 months    1.38%     1.39%
2 years         1.57%     1.58% (was 1.59%)
3 years         1.83%     1.85% (was 1.89%)
4 years         2.03%     2.05% (was 2.09%)
5 years         2.37%     2.40% (was 2.49%)
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
23. Thursday, December 2, 2010 - 7:15 AM
There have been a few small CD rate cuts in the last week. At least none of the long-term CD rates were cut.

Rates as of 12/02/2010

Online Savings/Money Market Account  1.09% APY

Term            Rate       APY
3 months      0.69%     0.69%
6 months      1.08%     1.09%
9 months      1.04%     1.05% (was 1.09%)
11 months    1.24%     1.25%
12 months    1.28%     1.29% (was 1.32%)
18 months    1.36%     1.37% (was 1.39%)
2 years         1.56%     1.57% (was 1.58%)
3 years         1.83%     1.85%
4 years         2.03%     2.05%
5 years         2.37%     2.40%
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
24. Saturday, December 11, 2010 - 7:13 AM
Most of the cuts this time were on the shorter terms. The 5-year CD rate holds steady.


Rates as of 12/11/2010

Online Savings/Money Market Account  1.09% APY

Term            Rate       APY
3 months      0.65%     0.65% (was 0.69%)
6 months      1.03%     1.04% (was 1.09%)
9 months      1.03%     1.04% (was 1.05%)
11 months    1.19%     1.20% (was 1.25%)
12 months    1.28%     1.29%
18 months    1.36%     1.37%
2 years         1.55%     1.56% (was 1.57%)
3 years         1.82%     1.84% (was 1.85%)
4 years         2.03%     2.05%
5 years         2.37%     2.40%



 
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
25. Thursday, January 13, 2011 - 7:51 PM
Nice to see there haven't been a lot of rate cuts in the last month. The largest cut was on the 2-year Raise Your Rate CD. the rate dropped from 1.56% to 1.52% APY.

 

Online Savings/Money Market Account  1.09% APY

Term            Rate       APY
3 months      0.64%     0.64% (was 0.65%)
6 months      1.03%     1.04%
9 months      1.01%     1.02% (was 1.04%)
11 months    1.19%     1.20%
12 months    1.28%     1.29%
18 months    1.34%     1.35% (was 1.37%)
2 years         1.51%     1.52% (was 1.56%)
3 years         1.82%     1.84%
4 years         2.03%     2.05%
5 years         2.36%     2.39% (was 2.40%)
4
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
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