Ally Bank leapfrogs CIT Bank’s no-penalty CD with 2.1% rate for $25K+ deposits

On Friday, September 21, 2018, Ally Bank again leapfrogged CIT Bank’s 11-month, no-penalty CD by raising the APY on the $25K+ tier to 2.1%.  CIT Bank’s competing 11-month, no-penalty CD yields 2.05% on all deposit amounts, with a minimum deposit of $1,000 required. So Ally bank now has the edge for larger deposit amounts while CIT is still the rate leader for deposit amounts under $25K.

Here are the new yields for all three tiers of Ally’s no-penalty CD:

  • 2.10% APY on deposits of $25,000 and above  (was 2.00%)
  • 2.00% APY on deposit amounts from $5,000 to $24,999.99  (was 1.90%)
  • 1.75% APY on deposit amounts less than $5,000  (was 1.50%)

For an in-depth look at these competing no-penalty CD products, you can read our complete review. You can also read the fine print and apply for Ally Bank’s no-penalty, 11-month CD here and for CIT Bank’s no-penalty, 11-month CD here.

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