2.46% 1 Year CD Rate from Ally Bank – Daily Deal!

Last week we said the 2.80% APY 1 year CD rate from Ally Bank wouldn’t last long. Well, it didn’t. But it’s current offer of 2.46% APY on a 1 year CD is still the best of any major institution, and much higher than the national average of 1.76% APY on 1 year certificates of deposit (see graph below).

Ally bank may have lowered rates due to pressure from the feds and other banks complaints about Ally bank pricing themselves too high. Or they may have hit their deposit goals. In any case, these are great rates relative to the rest of the market, and I would jump on them now, especially if you are building a CD ladder.

Ally Bank is the New Name for GMAC Bank

Back in May, GMAC Financial Services renamed its banking unit as Ally Bank, reflecting its repositioning in the wake of auto industry woes. The new name marks the moving away from a GMAC brand that goes back to 1919 when it was established in Detroit as General Motors Acceptance Corp. to help post-World War I consumers purchase their first automobiles, according to The Wall Street Journal.