Ally Bank CD Rates
Ally Bank is offering a 12 month CD rate of 2.76 percent with an annual percentage yield of 2.80 percent. Never heard of Ally Bank? It is the new name of GMAC Bank, they changed their name. The motto is "We're changing more than our name. We're changing banking". Changing banking? That remains to be seen.
Their certificate of deposit rates are the same, competitive but nothing to write home about. On the short end of CD terms, Ally Bank's 3 month CD rate is currently 1.73 percent, with a yield of 1.75 percent. The national average rate for a 3 month CD is currently 0.85 percent. A 6 month CD rate is 2.13 percent, with an APY of 2.15 percent. Ally Bank's longer term CD rates are some of the best CD rates available today. 5-year CD rates are currently 3.44 percent with an APY of 3.50 percent.
4-year CD rates are 3.20 percent with an APY of 3.25 percent. If you already have an online account with GMAC bank your user name and password is the same for Ally bank.
Update: Since we first posted this article on Ally Bank's rates their rates have been lowered. In fact all banks have lowered their CD rates thanks to the recession and slow growth for the past 3 years. Just when we thought we were headed for strong economic growth once again growth is slowing down and we might fall back into a recession.
If that happens I'm sure Ally Bank and all banks would lower bank CD rates again. That being said you should probably lock into a higher CD rate right now, that way if rates do fall you're money is earning a higher rate then you can get if rates fall.
Alert: Rate Change 6/6/12 - Ally Bank's 12 month CD rates were just slightly lowered from a rate of 1.03 percent and an APY of 1.04 percent to the new rate of 1.02 percent and an APY of 1.03 percent.