When you open a certificate of deposit (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. Those penalties can eat into your return and even your principal.
Unplanned expenses are just that—unplanned. So if you think you may need access to your funds but still want the advantages of a CD, consider the Ally Bank No Penalty CD. With an Ally Bank No Penalty CD, you can withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD.
Ally Bank has several CDs designed to help you meet your financial goals. Find out which ones are right for you: