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Third Week in a Row of Rate Cuts at Ally Bank
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POSTED
ON BY Ken Tumin
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.
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 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
Term APY APY APY APY BPS
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
