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Third Week in a Row of Rate Cuts at Ally Bank


This is the third Friday in a row that Ally Bank made rate cuts. It sure appears that the pressure from the FDIC is having an effect. If that is the case, we'll likely see more cuts since Ally Bank's rates are still way above the rate caps that the FDIC is now publishing weekly (see post).

The largest Ally Bank rate cut today was on the 9-month no-penalty CD. The rate fell from 2.30% to 2.15% APY. Both the online savings account rate and the 12-month CD rate fell 5 basis points. The savings account rate is now 2.00% APY. The only other rate cut was on the regular 9-month CD.

The table below shows how the deposit rates have fallen over the last three weeks. I highlighted the rates that changed this week in the 6/19 column.

Account 5/29 6/5 6/12 6/19 3-Week Chg

Savings 2.25% 2.05% 2.05% 2.00% -25
MMA 1.90% 1.90% 1.85% 1.85% -05
No-Penalty CD
9-month 2.50% 2.30% 2.30% 2.15% -35
Classic CDs
3-month 1.70% 1.60% 1.40% 1.40% -30
6-month 2.10% 2.00% 1.90% 1.90% -20
9-month 2.60% 1.90% 1.85% 1.75% -85
12-month 2.80% 2.49% 2.35% 2.30% -50
18-month 2.60% 2.40% 2.30% 2.30% -30
24-month 2.75% 2.55% 2.50% 2.50% -25
36-month 3.10% 3.00% 3.00% 3.00% -10
48-month 3.25% 3.00% 3.00% 3.00% -25
60-month 3.50% 3.50% 3.45% 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
Related Pages: Ally Bank, CD rates, savings account

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Previous Comments
  |     |   Comment #1
Drat that FDIC! I bet they don't have to worry about retirement.
  |     |   Comment #2
Sure getting old chasing teaser rates!
  |     |   Comment #3
Until FEDs stop printing money, our savings are not needed to the banks.
We live in a phony, imaginary world of deceit, stop hoping for better life until we get our Government to care for the people and not the corporate America.
  |     |   Comment #4
It must be nice for the banking industry (as represented by the ABA) to have the federal government be so willing to assist them with their price-fixing efforts.
  |     |   Comment #5

No matter what FDIC and ABA are doing or not doing, Ally has ****ed up the user interface at their web site all by themselves with no help/pressure from either FDIC or ABA.

Just try to login to Ally and you'll get a ****ed up user experience like you've never gotten before! Try it.

  |     |   Comment #6
I found it interesting that they gave me a survey of my experience after the messed up screens!!! I definately gave them a peice of my mind!!!
  |     |   Comment #7
I have to admit I'm pretty disappointed in Ally Bank recently. I was impressed with the public letter from de Molina to the ABA refuting their accusations and promising to stand by their customers. I was also impressed with how they set up a web page with the letters and a comments field, etc.

However, since then, they have dropped their rates multiple times - significantly on some products - and have removed the letters from their page, leaving only a place to write comments to the bank and various examples of praise from their customers, many obviously written prior to the rate drops. This isn't what I was expecting after such a public standoff - they talked the talk, but then they caved to the ABA's rate demands. So much for standing by the customer!
  |     |   Comment #8
Anonymous, the user interface works perfectly for me. Not sure what your problem is.
  |     |   Comment #9
The web site was fouled up for a few hours this morning, but it's now working normally. I guess they needed to re-boot!
  |     |   Comment #10
I see it this way:
The hidden inflation is higher than the interest paid on our savings, therefore, we actually pay the bank for safe keeping our cash. Disgusting thought.
  |     |   Comment #11
Right on:
"The hidden inflation is higher than the interest paid on our savings, therefore, we actually pay the bank for safe keeping our cash. Disgusting thought."

Very unfortunate, but true!

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