Wednesday, March 31, 2010 - 8:20 AM

CD Rate Cuts at Ally Bank

Ally Bank cut CD rates on several terms yesterday. The notable rate cut was on the 5-year CD which now has a yield under 3.00%. It's now 2.99% APY, down from 3.09%. Refer to my latest Ally CD review for more details about Ally's CDs.

Thanks to the readers who emailed me news of this.

KenBDG5,146 posts since
Nov 29, 2009
Rep Points: 117,062

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1. Thursday, April 1, 2010 - 11:33 AM

I checked the 60-month CD rate on the Ally website a few days ago and it was 3.04% APY. In less than three weeks it went from 3.10 to 3.09 to 3.04 to 2.99 -- and I don’t check it every day, so there might have been other interim changes.

They seem to have adopted the philosophy that it hurts less to do it in tiny increments.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,953

2. Friday, April 2, 2010 - 8:04 AM

It is a little disconcerting for federally funded GMAC/Ally bank to exhibit such diminishing confidence in a 5-year strategy/outlook whilst encouraging short term investments.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,953