Although Ally Bank’s CD rates remain substantially the same, the rates for the money market account and online savings account have been lowered from 1.09% APY to an even 1.00% APY. Below is an table of all of Ally’s updated rates. Ally Bank CD Rates Duration Rate 3 Month CD 0.54% 6 Month CD 1.00% 9 Month CD 0.95% 12 Month … [Read more...]
Top CD Rates Compared by Yield/Term Ratio
It is typical for CDs to offer a higher yield for a longer term. The farther out the term goes, the less the bank is willing to boost the yield. Using RateCatcher’s CD rate comparison tool, I calculated the ratio of yield to term for the most common CD terms. The longest term CDs provided the worst ratios with the best 7 year CD coming in at 0.49. The sweet spot is at the 1 year and 2 year CDs with ratios of 1.48 and 1.13 respectively. The 6 month CD is somewhat irrelevant because the … [Read more...]
