Best One Year CD Rates

Ally Bank, which is the new name of GMAC Bank is offering the best one year CD rates in nationawide the US currently. The bank renamed itself after all the negative publicity concerning the nations largest automaker, General Motors, expected to file for bankruptcy pretty soon. While the American Bankers Association Urged FDIC To Force GMAC/Ally Bank to Cut Deposit Rates , it seems that savers have no other choice but to use Ally Bank for its top CD rates.

The APY on a one year Certificate of Deposit is 2.80% right now, with no minimum balances to open a CD. In addition to that, there are no monthly fees, interest is compounded daily and you have the ability to receive interest income monthly from your CD. Your CD is FDIC insured up to $250,000 at Ally bank.

One negative with Ally Bank however, is that at the end of the CD term your Certificate of Deposit automatically renews. In order for you to cash it, you would have to call Ally bank and request that the money be sent to you.

One negative is that at the end of the CD term, your Certificate of Deposit renews automatically. In order for you to cash in your CD, you would have to notify Ally Bank by phone or in writing about your intentions. If you decide to cash in your CD earlier, the penalty is 3 months worth of interest.

Check Ally Bank's page for more information on its Certificate of Deposit rates.

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