Ally Bank CD Rates – Bank Increases Most CD Rates, Lowers 1 Year CD

Ally Bank CD rates were recently changed and the changes were mostly higher. The Bank lowered 1 year CD rates but increased rates on 3 other CD products yesterday. Ally lowered 1 year CD rates from 2.00 percent to 1.70 percent, or 30 basis points. Percentagewise, the decrease was 15 percent, which is a rather large decrease.

Ally Bank 1 year CD rates were the top 1 year rate available since December 2o, when the rate was increased. Back in December, the rate was increased from 1.65 percent to 2.00 percent. While the new rate is the best rate available it still places Ally in the top 10 highest rates.

Ally Bank 1 year CD rates was the only rate decrease while 18 month, 2 year and 3 year CD rates were increased. Listed below are all four rate changes.

The rates listed above and Ally Bank's High Yield CD accounts have tiered interest rates. This means the rate you earn is based on the deposit amount. The minimum deposit for the rates listed above is $25,000. You can still open a CD account at Ally with less than $25k but the rate you earn will be lower.

Ally Bank High Yield CD Rates

Listed below is a current rate list of Ally Bank High Yield CD rates.

In additional to the competitive CD rates listed above, Ally also offers a competitive 11 month CD with a current rate of 1.60 percent. This 11 month CD is Ally's No Penalty offering.

As you know ,when you open a CD account your money is locked up for the term of the CD. You can withdraw your money early but in doing so, you will forfeit some or all of the interest you earned. With a no-penalty CD, you can withdraw your money early and not pay a fee.

Ally's No Penalty CD allows you to withdraw your money early without paying a fee as long as it's more than six days after funding the account. Note the word, "funding," that means six days after you deposit your money, not six days after you sign up. Still a much shorter period than a solid year.