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More Rate Cuts at Ally Bank
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POSTED
ON BY Ken Tumin
This is the second Friday in a row that Ally Bank made significant rate cuts, and it makes you wonder if the pressure from the FDIC is having an effect. On the positive side, the no-penalty 9-month CD rate remains at 2.30% APY and the online savings account rate remains at 2.05% APY.
The largest rate cut was on the 3-month CD. That rate fell from 1.60% to 1.40%. With a 3-month CD rate this low, I don't know why anyone would open this rather than the online savings account. The 12-month CD rate also had a sizable rate cut. It fell from 2.49% to 2.35% APY.
Last week, the savings account rate fell, and the money market account rate held. It's the other way around this week, but the money market rate drop was minor with a cut of 5 basis points. It's now 1.85% APY.
The table below shows how the deposit rates have fallen over the last two weeks.
For more information on Ally Bank and the savings accounts and CDs, please refer to this post. Ally Bank deposit accounts are FDIC insured (FDIC Certificate # 57803).
Top Certificate of Deposit Rates
The largest rate cut was on the 3-month CD. That rate fell from 1.60% to 1.40%. With a 3-month CD rate this low, I don't know why anyone would open this rather than the online savings account. The 12-month CD rate also had a sizable rate cut. It fell from 2.49% to 2.35% APY.
Last week, the savings account rate fell, and the money market account rate held. It's the other way around this week, but the money market rate drop was minor with a cut of 5 basis points. It's now 1.85% APY.
The table below shows how the deposit rates have fallen over the last two weeks.
Account 5/29 Rates 6/5 Rates 6/12 Rates 2-Week Chg
Term APY APY APY BPS
Savings 2.25% 2.05% 2.05% -20
MMA 1.90% 1.90% 1.85% -05
No-Penalty CD
9-month 2.50% 2.30% 2.30% -20
Classic CDs
3-month 1.70% 1.60% 1.40% -30
6-month 2.10% 2.00% 1.90% -20
9-month 2.60% 1.90% 1.85% -75
12-month 2.80% 2.49% 2.35% -45
18-month 2.60% 2.40% 2.30% -30
24-month 2.75% 2.55% 2.50% -25
36-month 3.10% 3.00% 3.00% -10
48-month 3.25% 3.00% 3.00% -25
60-month 3.50% 3.50% 3.45% -05
For more information on Ally Bank and the savings accounts and CDs, please refer to this post. Ally Bank deposit accounts are FDIC insured (FDIC Certificate # 57803).
Top Certificate of Deposit Rates
