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Third Week in a Row of Rate Cuts at Ally Bank
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
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.
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.
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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!
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.
"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!