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Ally Bank CD Rates, Interest Rates and Bank Review

Ally Bank CD Rates, Interest Rates and Bank Review

Ally Bank, the former GMAC Bank, has some of the best interest rates on their High Yield Certificates of Deposit, Online Savings Account, Money Market Account and Checking Account. In addition to having some of the highest CD rates Ally Bank is also offering two special certificates of deposit including a Raise Your Rate CD and a No Penalty CD.

The highest interest rate is on their longest term HighYield CD. The current 5 year CD rate is 2.36% with a CD yield of 2.39%. Shorter term CD rates at Ally Bank include a 3 month CD rate and yield at 0.49%, a 6 month CD rate and yield at 0.94%, a 9 month CD rate at 0.95% and a 12 month CD rate at 1.19% with a yield of 1.20%.

Most of Ally's high yield CD rates were slightly lowered since we last reported on Ally Bank's CD rates back in April. Bank CD rates have been slowly going lower for the past three years so Ally's lowering their rates is normal.

The current 2 year Raise Your Rate CD CD rate is 1.47% with a yield of 1.48%. Although this CD rate was lowered 1 basis point, or 0.01% in April it is still one of the best 2 year CD rates available right now. With this CD account if interest rates go up during the 2 year term you can have the interest rate raise once.

The No Penalty CD is an 11 month CD that allows you to withdrawal your entire balance, including all CD interest earned, without paying a penalty. The current interest rate on this CD is 1.09% with a bank CD yield of 1.10%. This rate is also higher than most 12 month CD rates at banks right now.

Other great rates at Ally Bank include their online savings account rate and yield of 1.00%. The money market account also has a rate and yield of 1.00%.

The checking account rate is tiered, balances of $15,000 or more earn a rate and yield of 0.90%, balances of under $15,000 earn a rate and yield of 0.50%. There are no checking account fees and no minimum balances which makes Ally's checking account a good deal.

Ally Bank's website is also very intuitive, easy to navigate and opening an account is painless. You can also talk to an Ally Bank rep over the phone or via chat 24 hours a day.

If you're interested in earning these great rates you can open any kind of banking account online at Ally here: Ally Bank Account Applications.

Author: Monica Harris
June 2nd, 2011