Managing cash in your retirement years means balancing the amount you need to meet your needs in the shortest-term while making the cash you won't need right away work its hardest as it earns interest. Of course, CD accounts typically earn a better annual percentage yield (APY) than your savings and money market accounts, but they usually come with an early withdrawal penalty if you access you money before it matures. That is, of course, unless you're talking about the No Penalty CD from Ally Bank.
Is our No Penalty CD right for you? It could be, if you're seeking competitive CD rates with built-in flexibility.
The Ally Bank 11-Month No Penalty CD gives you the flexibility to withdraw all your money, including interest earned, without any penalties, anytime after the first six days following the date you fund your account. Other CDs usually have an early withdrawal penalty - typically the equivalent of a number of months' worth of interest - when you withdraw your money before the end of the CD term.
And with an Ally Bank 11-Month No Penalty CD, you enjoy these other benefits:
- No minimum opening balance required; open and fund with any amount
- Ten Day Best Rate Guarantee automatically gives you the best rate we offer during that time period starting with your open date
- Daily compounded interest for maximum earnings
- FDIC insurance on your deposits up to the maximum allowed by law
In addition to giving you flexible access to your money, a No Penalty CD also benefits you if interest rates rise. You can withdraw all your money, including interest earned, without any penalties, anytime after the first 6 days following the date you fund your CD.
Learn more and check out our current rates at Allybank.com. An Ally Bank customer service representative is always available via email and chat to answer any questions you may have. Or call 877-247-ALLY (2559) anytime, 24/7 to speak with a knowledgeable Ally Bank Customer Care Associate.