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CD Rate Cuts at Ally Bank

Wednesday, March 31, 2010 - 8:20 AMAlly Bank - Details
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.
1
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
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.
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
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.
1
AnonymousAnonymous2,281 posts since
May 9, 2010
Rep Points: 3,788
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