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Oddity With Ally Bank's CD And Savings Account Rates

Friday, November 4, 2011 - 6:33 AMAlly Bank - Details
Ally Bank's savings and money market rate is higher than the 3-month, 6-month and 9-month CD rates. Actually, it's not unique with Ally Bank. Many other internet banks have similar rates. Jim at Bargaineering has an interesting review of this oddity. I'm afraid it's a sign that savings account rates will probably continue to fall.

One note: If you're going to get a CD with a term under 1-year, there's no reason to choose a CD with a rate under Ally's no-penalty CD (currently 0.95% APY). You can make this no-penalty CD into any term that you want.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
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