A certificate of deposit (CD) is a time deposit. 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.
Some banks have a minimum opening deposit requirement on their CDs. Fortunately, you can get an Ally Bank CD with no minimum deposit to open. CDs can be a great way to balance out your savings because they typically offer higher interest rates than savings accounts and can be tailored to fit your specific saving needs. And with an Ally Bank CD, you can open and fund the CD with any amount. Simply make your deposit within 10 days of opening the CD and take advantage of our Ten Day Best Rate Guarantee.
Ally Bank offers several types of CDs:
- High Yield CD—A CD with our fixed rate for a fixed term
- No Penalty CD—A CD that allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account
- Raise Your Rate CDs—With these CDs, you have the option of a one-time rate increase if our Ally Bank 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally Bank 4-Year CD rate goes up.
All Ally Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to the maximum allowed by law, and our interest rates are consistently among the most competitive in the country. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC