A certificate of deposit (CD) is a special type of savings account called a time deposit. It is called a time deposit because money put into a CD cannot be withdrawn for a certain period of time without paying an early withdrawal penalty. CD terms typically range from a few days or months to several years. In exchange, the bank allows your deposit to collect interest at a relatively decent rate, compared to other savings products. This is what makes CDs such a good tool for saving money, particularly for long-term goals.
Moreover, Ally Bank offers a No Penalty CD as an alternative to more traditional CD products. It earns a competitive interest rate and your funds can be withdrawn with no early withdrawal penalty any time after the first 6 days of funding your CD.
Ally Bank also offers the Raise Your Rate CD, which allows you the option to increase your rate once during the term of the 2-Year Raise Your Rate CD and twice during the term of the 4-Year Raise Your Rate CD if our rates for those product terms go up.
Ally Bank can help you open a CD account in just a few easy steps. Check out some of the competitive interest rate CD options and start saving smart today. To learn more call our live 24/7 customer support line at 877-247-ALLY (2559) or visit Allybank.com.