Ally Bank CD Rates

Ally Bank, formerly GMAC Bank, has a 12 month certificate of deposit that has a current annual percentage yield of 2.00 percent. The minimum opening deposit is $0. You can lock in this CD rate and yield now and fund the certificate of deposit account after opening.

When you open a certificate of deposit you are guaranteed the best CD rate offered during the 10 day window you have been opening and funding the CD. Ally Bank refers to this CD rate guarantee as ”Ally Ten Day Best Rate Guarantee”.

Certificate of deposit accounts at Ally Bank have interest compounded daily which gives you a better annual percentage yield than CD accounts that have interest compounded monthly, quarterly or annually. Basically the interest you earn also earns interest quicker, raising the overall return.

Certificate of deposits are also insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 until December 31, 2013. On January 1, 2014 the maximum coverage reverts back to $100,000.

If you have more than $250,000 to invest in a CD you might want to consider the Certificate of Deposit Account Registry Service. The CDARS you can have FDIC insurance on up to $50 million in CD deposits. Learn more at CDARS.com

Ally Bank 12 month CD