On Friday, June 15th, 2018, Ally raised the rates for all tiers of its 11-month, no-penalty CD. Unfortunately, even the CD’s top tier rate of 1.8% on deposit amounts of at least $25,000 is still not competitive with CIT’s 11-month, no-penalty CD which earns 1.85% on all deposit amounts (minimum is $1K) or, for that matter, CIT’s Money Market Account, which also has a 1.85% APY.

The rates for Ally’s no-penalty CD are now:

• 1.80% APY for deposits of $25,000 or more  (was previously 1.50%)
• 1.75% APY for deposits between $5,000 and $24,999.99  (was previously 1.50%)
• 1.25% APY for deposits of less than $5,000  (was previously 1.15%)

At the same time, Ally also raised the rate for their savings account from 1.6% to 1.65%. They also raised the rates on five other CD products (with-penalty CDs). However, since their no-penalty CD is closest to being a rate leader, this post highlights only those changes.

You may also be interested in our comprehensive comparison of Ally’s and CIT’s no-penalty CD products.