If you are looking for a place to grow your savings, you may find yourself comparing certificates of deposit (CDs) and savings accounts.

Generally speaking, CDs earn interest at a higher rate than savings accounts because with a CD, you agree to keep your money on deposit for a set period of time or risk paying an early withdrawal penalty. You typically receive a fixed rate for a specific time period with a CD.

With the Ally Bank No Penalty CD, you get a CD that allows you to withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD. The Ally Bank No Penalty CD is a good option when you want to make sure you earn a competitive interest rate while being able to access your money.

Another way to earn a great rate is with an Ally Bank Online Savings Account. While savings account rates usually are variable and may be lower than CD rates, you can generally withdraw the money at any time (subject to the terms of the account agreement and withdrawal limitations). And our Online Savings Account has no monthly maintenance fees.

Ready to start saving money with Ally Bank? Discover all the benefits at AllyBank.com today or call live, 24/7 customer care at 877-247-ALLY (2559).

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