Two National Banks Lower CD Rates

Two large national banks just lowered the CD rates they are paying on 12 month certificates of deposit. Ally Bank and Discover Bank both lowered their rates. Discover Bank's 12 month CD rates were lowered from 1.20% APY to 1.15% and Ally Bank's 12 month CD rates were lowered from 1.19% APY to an APY of 1.16%.