Posted June 29, 2009

 

Ally Bank has been under pressure to lower the high rates on their savings and CD accounts, but you still have a chance get some good deals. The bank formerly called GMAC Bank offers rates as high as 3.50% annual percentage yield (apy) on certificates of deposit. There's no minimum deposit necessary to open a new account at Ally Bank.

 

 

Let's Go to the CD Rates

 

Ally Bank has some great offers on both short-term and long-term certificates of deposit.

 

For those who are tired of seeing the rate on their savings account fall every week, the 6-Month, 9-Month, and 12-Month can be good substitutes. You can lock in a higher rate than a savings account and get access to your principal in a year or less.

 

The 6-Month CD earns 1.85% apy, the 9-Month CD earns 1.75% apy, and the 12-Month CD earns a very tempting 2.30% apy. 

 

Term	Annual Percentage Yield
6 Month	1.85%
9 Month	1.75%
12 Month	2.30%

 

While the 18-Month CD earns the same rate as the 12-Month CD (2.30% apy) the other long-term CDs offer higher rates the longer the term. Ally Bank's 2-Year CD earns 2.45% apy, the 3-Year CD earns 2.95% apy, the 4-Year CD earns 3.00%, and those who can wait much longer can get 3.50% apy on a 5-Year CD.

 

Term	Annual Percentage Yield
18 Month	2.30%
2 Year	2.45%
3 Year	2.95%
4 Year	3.00%
5 Year	3.50%

 

Ally Bank also has a No Penalty CD which allows you to pull-out your full principal and interest without penalty any time after the first 6 days of funding your CD. That's a good feature to have if you find that you need the money sooner than you thought. The No Penalty CD has a maturity of 9 months and earns a rate of 2.15% apy. Notice that the rate is much higher on the No-Penalty CD than it is on the 9-Month Regular CD.