CD's

[skives]

Where are the best CD rates available? Has anyone used Ally Bank for a CD? They have a no penalty CD. 9 months 2.05%

[creditcardfree]

I looked at their website. There would be a penalty if you withdraw the funds at any time other than maturity...just like any other bank. The is never a penalty if you withdraw at maturity or in this case, 9 months.

[skives]

They have a no penalty cd though too.

[safari]

Ally Bank is the former GMAC Bank. I've had many accounts with them, including several CD's over the last few years, and my experience in dealing with them has been very positive. The customer service is excellent. Now they have 24 hour support on the phone, and they usually respond to emails within one day. I don't have their no-penalty CD, but I looked at it and it seemed interesting. I recommend giving them a call, and I am sure you will get answers to all your questions.

[disneysteve]

Ally Bank is the former GMAC Bank.

AhHa. Thank you. I didn't know this. I was wondering where they came from. I'm pretty sure my mom has a CD or two with GMAC. I guess they are now with Ally.

[poundwise]

Ally is among the best right now. You might also check out Ascencia Bank; currently offering a 12 month CD with 2.15% APY.

Don't forget to check out local, regional banks and credit unions as well as you can sometimes find a good promo rate for short term (6-12 mo) certificates.

One note: As you can still get at/slightly above 2.0x% APY in a standard online savings or money market, you may want to rethink locking up money in a 2.xx% APY CD for any length of time right now.

[Alex_Adviser]

The best CD rates in my opinion are:
Bank: Dollar Savings Direct
CD Rate: 2.25%
CD Term: 16 Months
Min Deposit: $1000

Bank: Discover Bank
CD Rate: 2.10%
CD Term: 18 Months
Min Deposit: $10000

Bank: Ally Bank (GMAC Bank)
CD Rate: 2.05%
CD Term: 18 Months
Min Deposit: $0

[poundwise]

The best CD rates in my opinion are:
Bank: Dollar Savings Direct
CD Rate: 2.25%
CD Term: 16 Months
Min Deposit: $1000

Bank: Discover Bank
CD Rate: 2.10%
CD Term: 18 Months
Min Deposit: $10000

Bank: Ally Bank (GMAC Bank)
CD Rate: 2.05%
CD Term: 18 Months
Min Deposit: $0

A couple of thoughts:

You cannot open a Dollar Savings Direct CD without first opening a savings account, which requires a $1k minimum balance and currently yields 1.70% APY.

Discover and Ally are both good options, though Discover requires $10k to open and neither have a yield at 18 months that is greater than Ascencia at 12 months (2.15% APY.)

[Ima saver]

My local bank is offering a checking account that pays 1.98% with a minimum of $1000.

[tmvijai]

I am happy with my 1.5% checking and savings from ING with my cash funds which is readily accessbile without penalty. .5% doesn't make much difference unless you have thousands of dollars. Like for 5K, it is only $25 for year difference.

[poundwise]

My local bank is offering a checking account that pays 1.98% with a minimum of $1000.

Yes, I think many people discount local/regional banks, when sometimes they can offer the best terms and service.

For those who don't mind jumping through a few hoops to get it, there are several institutions offering quite a bit more on interest checking than any online savings or current CD offering. Many can be found through Checking Finder.

[bigwheel]

CDs

There is a CD product that was offered by Wells Fargo in July that tied its interest rate to a basket of foreign currencies' performance versus the U.S. dollar. It was a 3-year maturity term, FDIC backed and principal protected. It was pretty intriguing since it benefitted from the weakness in the U.S. dollar. Innovative, if nothing else.