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Another Rate-Cut Friday at Ally Bank
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POSTED
ON BY Ken Tumin
I'm afraid it's another rate-cut Friday at Ally Bank. The cuts may not all be due to the pressure from the FDIC. Several other banks continue to cut rates so the interest rate environment is also to blame. The online savings account rate dropped under 2% to 1.95% APY. The money market account rate also fell. It's now 1.70% APY (down from 1.80%). Most of the CD rates were cut. The no-penalty 9-month CD rate is now 2.00% APY (down from 2.10%) and the 12-month CD rate is now 2.10% APY (down from 2.25%).
The table below shows how much rates have been cut since May. It shows the rates from today and those from May 29th. The far right column shows the rate change in basis points. For CD rates, the largest cuts have been on the shorter terms. The 60-month CD rate is only down 10 basis points. Refer to Ally Bank's website for the latest rates.
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 table below shows how much rates have been cut since May. It shows the rates from today and those from May 29th. The far right column shows the rate change in basis points. For CD rates, the largest cuts have been on the shorter terms. The 60-month CD rate is only down 10 basis points. Refer to Ally Bank's website for the latest rates.
Account 5/29 7/10 6-Week Chg
Term APY APY BPS
Savings 2.25% 1.95% -30
MMA 1.90% 1.70% -20
No-Penalty CD
9-month 2.50% 2.00% -50
Classic CDs
3-month 1.70% 1.10% -60
6-month 2.10% 1.60% -50
9-month 2.60% 1.60% -100
12-month 2.80% 2.10% -70
18-month 2.60% 2.15% -45
24-month 2.75% 2.35% -40
36-month 3.10% 2.70% -40
48-month 3.25% 2.90% -35
60-month 3.50% 3.40% -10
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
