Tuesday, February 9, 2010 - 5:37 PM

Ally Bank Cuts Savings and Money Market Rate

The new rate for both accounts is now 1.44% APY (was 1.49%). The 2-year bump-up CD rate has also fallen. It's now 2.05% APY (was 2.09%). Refer to my Ally Bank review for the rate histories.

Ally Bank's 5-year CD rate is still 3.15% APY. Remember that the early withdrawal penalty is only 60 days of interest (see post).

Hat tip to reader for reporting this in the Open Discussion Thread.

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,941

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1. Wednesday, February 10, 2010 - 8:19 PM

I have a CD maturing in a couple weeks and just got a call from Ally offering a .5% interest rate bump if I renewed--I was able to select any term to add it too as well. This, combined with the small 60-day early withdrawal penalty turns into a pretty good deal. So folks who have CDs renewing soon may want to ask for the .5% bump, but who knows, perhaps they're targeting it to specific customers...

Anonymous963 posts since
May 9, 2010
Rep Points: 1,952

2. Saturday, February 13, 2010 - 12:30 PM

Thanks for the info. Glad to read they're still offering the 0.50% interest rate bump. That along with the 60-day early withdrawal penalty makes for a great deal.

KenBDG5,133 posts since
Nov 29, 2009
Rep Points: 116,941