In uncertain economic times, certificates of deposit (CDs) are still considered a relatively secure way to save money. 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.

6-Month CD Rates
In general, a CD will earn a higher rate of return the longer you agree to keep your money on deposit. Usually, the highest rates are available for 5-year CDs, compared to lower rates for 6-month CDs.

Yield vs. Flexibility
With some savings products, such as money market accounts, your money is subject to variable interest rates, but you get the advantage of easy access to your funds. On the other hand, once you deposit your money into a CD, your annual percentage yield (APY) typically will not change, but you usually pay an early withdrawal penalty if you access your funds before the CD matures.

CD Options
If longer-term CDs seem attractive, but you're concerned about missing out on an upward CD rate trend, you might also consider the Ally Bank Raise Your Rate CD. With our Raise Your Rate CDs, you have the option of a one-time rate increase if our Ally 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally 4-Year CD rate goes up.

Deposit Requirements
You can open and fund an Ally Bank High Yield CD with any amount and we compound interest daily to maximize your return.

In any economic scenario, you want to choose a financial strategy that makes sense for you, whether that's taking advantage of 6-month CD rates or other savings products. Regardless, Ally Bank is here to help. No matter what CD you choose, you'll get rates that are among the most competitive in the country according to rates published by and award-winning customer service.

Learn more at or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, member FDIC

View CD Rates