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Archive for Ally Bank

People today know the importance of maximizing their earnings especially now that the economy is experiencing downsides. Aside from earning more, a smart move would be to increase your savings through investments such as certificates of deposits. This is the most convenient means for people or individuals to save their own money especially when they will choose the longer terms. The longer the time of the deposit, the higher the interest will be, making your savings increase through time. Now the question is, where can avail of the right CD with good rates?

Almost all financial companies offer certificate of deposit accounts but the company that offers some of the best rates is Ally Bank. Ally Bank has been a reliable banking partner to many especially with their competitive CD rates. But what makes their certificate of deposits or CDs different?

One thing about their CDs is that when individuals fund their account within ten days which includes the opening date, they will get the biggest or largest rates during the chosen term. They call this the Ally Ten Day Best Rate Guarantee. No other bank or financial institution offer this kind of service. Another reason why they have the best is that they have the compounding interest daily which will make the savings grow faster. And lastly, they don’t have a minimum deposit for one to open an account. This will then make it very easy for interested individuals to have a CD account.

For their fixed CD rate, there will be no monthly fees or maintenance fees. Account holders will be able to check their account anytime because of Ally Bank’s mobile banking service. All accounts are also FDIC insured which will definitely make the account owners feel safe and secured. In terms of their current rates, the latest which was last updated on July 17, 2012 are the following. Those who will choose the 3 months term will have an interest rate and an APY of 0.34%. For the six months term, the APY and interest rate is 0.74%. While for the 12 month term, the APY is 1.02% with an interest rate of 1.01%. And the last is the three years term which has an interest rate of 1.29% with an APY of 1.30%.

Certificates of deposits are important investments to a lot of people today. It’s a great way to earn without lifting a finger since all you have to do is submit your money to the bank, and your money just grows even if you forget about it. Because of how competitive banks and credit unions can be, many people are carefully discerning who gives the best rates so that they will earn bigger interest and profits compared to the others. One such bank that offers great rates is Ally Financial Bank.

All About Ally Financial Bank

Ally Financial started off by providing financial services for automotive customers in the early years it was founded. After many successful transactions, they eventually expanded to insurance, commercial finance, banking, and mortgages. Today, they have become quite known in providing better rates compared to other financial institutions in terms of certificates of deposits. They offer different terms for those individuals and families that are interested in opening such an account.

Certificate of Deposits

The certificates of deposits in Ally Financial Bank are offered to everybody since there is no minimum amount or deposit in opening an account. Those who will be funding within the first ten days of opening the certificate of deposit account will have the highest rate for the CD term of choice. This means that the higher the rate, the bigger the earnings or savings will be. The annual national average as of this moment for the certificates of deposit is 0.32% APY while in the Ally Financial Bank, they offer 1.03% APY. So an example for this certificate of deposit earning is when one will deposit $25,000. If this person will choose the 6 months term then he or she will have an interest and APY rate of 0.74% with estimated earnings of $92.92. When he or she will choose the 12 months term, the interest rate will be 1.02%, APY of 1.03%, and the deposit will earn $256.30. Just imagine how your earnings will increase when opening a CD in Ally Financial Bank.

What are you waiting for? If you’re looking for high earning CD rates, Ally Bank is the place to go.

Certificates of deposits are a great way to save for the future. After all, you just have to place money in the bank, wait for maturity, and reap the rewards of the added interest. As we all know, saving money should be done by any person especially those who have families to look after. For those people who have plans of getting certificates of deposits, it maybe advantageous to get one at Ally Financial Inc.

About Ally Financial Inc.

This financial incorporation was established in the year 1919 and was then known as General Motors Acceptance Corporation or the GMAC. Ally Financial Inc. at first only provided financing services to those who had automotive financial problems but since then they expanded to other services such as direct banking, insurance, mortgages, and other financial issues. This shift made the company more well known especially to those who needed financial services from a trusted source.

Certificates of Deposits with a Higher Yield

So what make’s Ally’s CD a cut above the rest? First of all, their certificate of deposit doesn’t demand a minimum deposit. This is a great option for those who are looking to get good rates but who are on a tight budget. Aside from that, there are no monthly maintenance fees to worry about. And you can be insured that your money is FDIC Insured. Aside from these wonderful benefits, there are also the great rates to consider.

CD Rates and Terms

For those who will have a term of three months, the interest rate is 0.39% with an APY of 0.39%. The nine months terms will have an interest rate and an APY of 0.74%. While for the 12 months term, it’s APY and interest rates are 1.03%. And with the five year term, the interest rate is 1.68% and an APY or 1.69%. These APY and interest rates are much higher compared to other banks.

On the basis of average rates compared to other financial corporations, the Ally Financial Inc. certificates of deposits are higher. The average of Ally is 1.04% while Bank of America has only 0.35% and 0.50% for the ING Direct. It is then a very good choice for one to open a CD account in the Ally Financial Inc.

1.15% APY for 1-year CD Rate from Keysource Commercial Bank

Tuesday, February 21st, 2012

CD rates for this week have been slow in increasing their interest rates. But it’s a different story with Keysource Commercial Bank. It promises higher than average CD rates throughout the different maturity terms it offers.

About the Rates

One of the great things about Keysource Bank is that it offers the perfect solution for short-term certificates of deposit. A comparison from another leading short-term CD offer from Ally bank shows us their rates are very competitive on the national average.

Term - Keysource (APY) – Ally Bank (APY)
Less than – 3 months – 0.30%
3 months - 0.50% – 0.39%
6 months - 0.85% – 0.74%
9 months – 0.95% – 0.74%
12 months – 1.15% – 1.01%
18 months – 1.20% - 0.99%
24 months – 1.25%
36 months – 1.50% – 1.34%
48 months – 1.75%
60 months – 1.95% – 1.74%

It can be noted that on a national level, an APY of 0.45% for a 6-month CD and an APY of 0.74% are the average rates these days. With the offerings from Keysource Bank, one can get a better deal and roll a higher amount over to the initial deposit.

As can be observed, short-term rates seem to be the best that Keysource can offer. So if you’re planning to set aside a specified amount when an impending need comes within this year, these terms are perfect for you. While long-term rates are generally preferred, they can also cost you interest rates that remain the same despite any changes or rises in the future.

Opening an Account in Two Ways

Keysource Bank requires a minimum initial deposit to activate your CD maturity. You can either do this in person or online through their official website. However, the minimum deposit will depend on your mode of application.

If you choose to open an account in person, you need $100 in order to do so. Keysource has branches throughout North Carolina, and is widely known to be the largest bank chain in that location.

You can also open an account online. You will be asked to deposit at least $5,000 to do so. To help you along the process, you can contact a Customer Service Representative to guide you.

What Happens Next?

Once you’ve set up the account of your type, you need to leave the money in the bank for the specified period of time. After maturity, you can proceed to withdraw the whole amount, deposit and interest. If you choose reapplication, you may do so as well. This is a great opportunity for you to watch your money grow even more.

So what are you waiting for? Open an account with Keysource Commercial Bank now.

Ally Bank CD Rates Review

Friday, October 7th, 2011

Ally Bank is one of the most popular banks in the country. It is also well known for its various promotional certificates of deposit such as as the Raise your Rates CD, and the No Penalty CD. But how exactly does Ally Bank fare when it comes to comparing its CD rates to other institutions in the country? Here is a comprehensive CD rates review of Ally Bank.

3 month CD

Ally Bank’s 3 month CD is currently offering an APY of 0.43%. Although a higher rate can be obtained with OneWest Bank at 0.60%, Ally’s rates are surely competitive, coming at a close fourth among the highest.

6 month CD

Ally Bank is giving away their 6 month CD at a rate of 0.84% APY. The top contender for the 6 month CD is currently at 1.00% APY. Again, Ally Bank is among the highest in this CD category.

1 year CD

Ally’s 1 year CD is currently at a 1.09% rate, which is fairly near to Doral Bank’s 1.15% leading rate. Ally Bank is also far more credible than Doral Bank when it comes to years of experience.

3 year CD

Again, Doral Bank tops the charts with a high 1.60% APY on a 3 year CD. This rate still isn’t that far from what Ally Bank is offering at 1.53%. This rate is also much higher than the national average of only 0.72% APY.

5 year CD

First Internet Bank of Indiana is holding the highest rate at 2.20%. This is followed by Discover Bank, Bank of Internet USA, and Aurora Bank. Ally Bank comes fifth at a rate of 2.03%, which is still considerably high as compared to the national average of 1.22%.

Ally Bank is also offering a 2 year and 4 year CD but in their Raise the Rate category where consumers will be allowed to increase their locked in interest rate. Given these figures, it can be seen that although Ally Bank does not offer the highest CD rates in the country, their rates remain consistently among the highest offered by the nation. Ally Bank has been in service for over 90 years, making it one of the most stable banks in the country. It also offers online banking services, making it easy for anyone across America to sign up.

Raise Your Rate CD with Ally Bank!

Saturday, October 1st, 2011

Apprehensive about the thought of locking in an interest rate that’s good for two years or more? With Ally Bank, they give you the option to raise your rates when you want to. That’s right, Ally Bank offers a certificate of deposit like no other. They can allow depositors to increase the rate of their CD if it goes up during your term. This increase is allowed once for a two year CD, and it’s allowed twice for a 4 year CD. With this option, you get more flexibility and earning potential for your money, and at a safe investment vehicle at that.

Aside from the ability to increase your interest rate, Ally Bank also offers a competitive interest rate for their Raise Your Rate CD. Right now, their 2 year raise the rate CD is sporting an attractive 1.29% APY which is on the higher tier as compared to other 2 year CDs. Currently the highest ordinary 2 year CD is from Aurora Bank with a 1.35% rate while the lowest is with Astoria Federal Savings with 0.400%.

Here’s some other information about Ally’s Raise Your Rate CD:

– $0 opening balance
– no monthly fees
– personalized raise your rate updates to inform you when rates go up
– Ally Ten Day Best Rate Guarantee
– Daily compounded interest to maximize earnings
– FDIC Insured

One thing to watch out for however is that the certificate of deposit has an automatic renewal once the term reaches maturity. This may cause some problems for those individuals who had no intention to keep their money in the same certificate of deposit. A penalty will also be charged for early withdrawal. For every certificate of deposit, the penalty will be 60 days worth of interest.

Ally Bank is one of the trusted banks in the country. Many consumers have also given feedback at how effective their customer service and online application is. Aside from their great rates, customer service is available 24/7 and the convenience of online banking makes things so much easier.

Ally Bank Offers No Penalty CD!

Monday, July 4th, 2011

Certificates of deposits are a great place to park your money while waiting for the next investment to come. The only problem is, when the opportunity does come, you find your money stuck within the term and the only way you can get it out is by paying a penalty that might be worth all your earned interest.

If this has proved to be a problem for you before, then rejoice! rejoice! Because Ally Bank has found a way to clear away your troubles. The best CD by far, Ally Bank offers a certificate of deposit with no penalty charges for early withdrawals.

Get a fixed rate CD without having to worry about withdrawing early, because even if you take out your money before the specified term, Ally Bank won’t charge you a penny. Other great features to this offer is that you can open an account with no minimum balance required and no fees whatsoever. The rates are also competitive since you can get the best rate they offer with their Ally Ten Day Best Rate Guarantee. Plus, you get to have your money compounded daily, allowing your cash to grow as fast as it possibly can. Automatic renewals at maturity becomes a positive rather than a negative, since after all, there are no penalties to be made when the money is taken out early. Ally Bank is FDIC Insured to the possible maximum by law.

So, are you wondering what the fine print is? Well, I’m wondering the same thing, because there is none! This is possibly one of the best offers Ally Bank (or any bank for that matter) has made, offering the best rates, the best features, and the best conveniences we all look for in an investment.

Ally Bank has been around for 90 years, making it one of the most trusted banks in America. Ally Bank can be found in key locations in the US such as New York, New York, Salt Lake City, Utah, and Fort Washington, Pennsylvania. It has also gone global, with branches in Shanghai China, Toronto Canada, Sao Paulo Brazil, the United Kingdom and Germany.

Melrose Back On Top Of 2 Year CD Rate

Sunday, December 5th, 2010

That was fast! It only took a few days and no work on Melrose Credit Union’s part, but they are now back on top of the 2 year CD rate. Bank of Internet lowered their 24 month CD rate to 1.60%, causing Melrose to take the lead once again.

It seems like a bank would want to hold on to the top spot of any CD rate terms, even if it was just for a week, but it only took a matter of a few days before Bank of Internet decided to lower their rates.

The next best 24 month CD rate goes to Stonebridge Bank which is rated 1 out of 5 stars from Bankrate, which means ‘Lowest Rated’. That does not necessarily mean the bank is failing, but can give a good indication on how well the bank is performing. As long as the bank is FDIC insured, your money will be safe up to $250,000.

Here are the most up to date 24 month CD rates after Melrose:

These banks offer no restrictions on who can open an account and invest into their certificate of deposits. Melrose Credit Union has no restrictions on who can apply for their credit union and only charges a $1 fee.

Be sure to check our CD Rates page for the most up to date information.

Raise Your Rate With Ally’s 2 Year CD

Saturday, November 6th, 2010

Ally usually sits around the top of the best CD rates available nationally, but ever since iGObanking took the top spot for the 2 Year CD at 2.25%, no other financial institution has come close to beating their offer. Ally’s 2 Year CD rate sits at 1.60%, which is still a decent rate and is only 4th place behind Bank of Internet at 1.72% and Discover Bank at 1.65%.

Ally is one of the more stable financial institutions with a 4 of 5 star rating from Bankrate and is also FDIC insured. Ally offers a one time rate increase if they ever increase their rates on any of their certificate of deposits. Their 2 year CD rate of 1.60% may be a good deal because they have no minimum deposit and if they increase their rates in the next few months you will also be able to increase your rate. With their one time rate increase, if CD rates increase in 2011, you will have the option of capturing the better rate without starting a new 2 year term.

Ally does have an early withdrawal penalty for any withdrawals before the maturity date. The fee is equal to 60 days interest.

Be sure to compare how Ally’s CD rates stack up against other banks and financial institutions.

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