TL;DR Most recently, in early January 2019, Marcus by Goldman Sachs leapfrogged Ally Bank’s 11-month, no-penalty CD earning 2.30% on $25K+ deposits by raising the rate on their 13-month, no-penalty CD to 2.35%. While CIT Bank’s 11-month, no-penalty CD continues to lag at just 2.05%, CIT has instead chosen to compete with their Savings Builder […]
At the end of 2018 I wrote an article that summarized the late 2018 developments in the no-penalty CD space and wrapped it up by wondering how those changes would trigger responses from competitors, particularly CIT which seemed to be lagging at that time. Well, earlier this month, CIT did respond, but not with a […]
The New Entrant: Marcus Near the end of October, Marcus: By Goldman Sachs debuted their no-penalty CD products with three durations: 7-month CD yielding 2.05% 11-month CD yielding 2.10% 13-month CD yielding 2.15% These work much like Ally’s no-penalty CD product in that one can withdraw their entire balance without penalty 6 days after […]
You may have noticed that I cover no-penalty CDs pretty closely. That’s because I think they’re a relatively unknown and under-appreciated type of deposit account that represents the best of both worlds: It’s essentially liquid, like a savings account, but it has a deposit term that works for you instead of against you, guaranteeing your […]
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 […]
On the evening of September 11, 2018, CIT Bank raised the APY on their 11-Month, No-Penalty CD from 1.85% to 2.05%, thereby regaining the title of no-penalty CD rate leader from Ally Bank, which took the crown from them in August. The next-best competing product is Ally Bank’s no-penalty, 11-month CD that currently yields 2.00% […]
Earlier this month Ally raised the rate on all tiers of its 11-month, no-penalty CD product, thereby leapfrogging CIT Bank’s competing 11-month, no-penalty CD for deposits of $5,000 and above. CIT Bank’s no-penalty CD earns just 1.85% for all deposit amounts. Here are the new interest rates for Ally’s product: 2.00% APY for deposits of […]
Update July 6, 2018: As of late morning on Friday, July 6th, 2018, this offer is no longer displayed on AgFed’s Share Certificates page. So it seems the offer is no longer available. It was offered for about week, just as it was previously. For a limited time, AgFed Credit Union is again offering […]
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 […]
Today, May 24th, 2018, CIT Bank raised the rate on their Money Market Account from 1.75% to 1.85%, thereby placing it near the top of nationally-available rates for liquid deposit accounts and at parity with CIT’s own 11-Month, No-Penalty CD, which also has a 1.85% APY. This rate increase applies both to newly-opened and existing […]