High Yield CD Watch Turns Up Ally (2% APY)
Submitted by theStockMasters... on Wed, 12/09/2009 - 22:49
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Its been a while since we've seen a CD that's worth your attention. But the good folks at Ally Bank that are backed by the U.S. Government and what's left of GMAC are the Wal-Mart of high yield CDs. If you can't beat em, join em.
Currently the government owns nearly 35% of GMAC under the terms of a $12.5 billion bailout of the Detroit-based company.
Ally is killing the competition, there's now way other banks can compete with the almost 2% APY 12 month deal. Ally Bank's 3, 6, and 9 month CD offers aren't the best, but they could be worse.
As a reminder, check out your local bank and ask if they can match or offer a deal similar to Ally, its worth a shot and you can keep your money near your community.
You can always search BankRate.com for local CD rates in your area. Here's the details of the Ally Bank Offer - Click to go to Ally's site .
| Term | Rate | APY | Earnings |
|---|---|---|---|
| 3 months | 1.04% | 1.05% | $130.17 |
| 6 months | 1.44% | 1.45% | $361.29 |
| 9 months | 1.39% | 1.40% | $523.97 |
| 12 months | 1.87% | 1.89% | $943.77 |
| 18 months | 1.87% | 1.89% | $1,422.32 |
| 2 years | 2.17% | 2.19% | $2,217.71 |
| 3 years | 2.52% | 2.55% | $3,926.41 |
| 4 years | 2.71% | 2.75% | $5,724.45 |
| 5 years | 3.05% | 3.10% | $8,236.75 |
Rate and APY as of 12/8/2009.
Fun reading on Ally Bank - Rivals Mad At Ally Bank, Government by NPR (click to read) >>.
While some of these CD Deals mentioned in this article may no longer be offered by the various Banks and Financial firms, the most recent CD options can be found by our sponsors:
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