CDs are time deposits. When you open a CD, you agree that you will not withdraw the funds until the maturity date, which varies from a few months to several years after you open the account, depending on the term you choose. You can close a CD before the term ends, but you typically will pay an early withdrawal penalty for doing so. An exception: with the Ally Bank No Penalty CD, you earn a competitive rate and you can withdraw all your money without a penalty, any time after the first six days following the date you funded your account.
Be sure to check CD rates and terms at online banks like Ally Bank. CDs from online banks typically carry competitive rates because online banks generally have lower overhead costs than traditional banks and can pass the savings on to you. In fact, Ally Bank publishes our CD APYs along with those of some of our competitors right on our site to help you compare and choose what’s best for you.
All Ally Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. And opening a CD is easy—just complete a few simple steps online. Discover a safe way to save and earn rates that are among the most competitive in the country with an Ally Bank CD today. Visit Allybank.com to learn more, or speak with live, 24/7 customer service at 877-247-ALLY (2559).
Ally Bank, Member FDIC