Bank CD Rates

The people at Ally Bank have a motto, “We’re Changing Banking”. While this sounds a little reaching, the Ally CD rates are competitive.

If you never heard of Ally Bank maybe you know their old name, GMAC Bank. This is the old GM financial line that the U.S. Government now partially owns. If you were a previous customer of GMAC, all of your online information is still available and you’re ID and passwords are the same.

The current bank CD rates at Ally Bank are for a 3 month CD is 1.09% and an APY of 1.10%. The 6 month is at 1.59% with an APY of 1.60%. The 9 month rate dips for some unexplained reason to 1.54% with an APY of 1.55%. The 12 month CD is at 1.98% and an APY of 2.00%. The 18 month is the same as the 12 month; the reason for no increase is not explained. The 2 year CD is at 2.23% with an APY of 2.25% and the 3 year CD is currently at 2.66% and an APY of 2.70%. The 4 year CD has an interest rate of 2.81% with an APY of 2.85% and the highest rate of return is the 5 year CD with an interest rate of 3.20% and an APY of 3.25%.

All of the above rates are compounded daily and were posted on the Ally web site on July 31, 2009. The standard requirements when opening and holding an Ally CD are a little different than most financial establishments. There is no minimum amount set to purchase a CD. They also offer a 10 day grace period at your CD’s maturity term for withdraw or payment of interest. The best feature is that when you deposit your funds within 10 days of opening an account, your CD will be earning the highest rate that occurred during those 10 days.

Your CD will be protected by the FDIC and there is also automatic renewal upon maturity unless you otherwise notify the bank.

Ally CD rates are very competitive and the 1 years CD is one of the best offered by any bank CD rates available today.