Ally Bank CD, Savings, and Money Market Rate Updates
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...]
