It's smart to do some comparison shopping when you're looking at CDs. So let's take a look at the similarities and differences between Ally Bank and Bank of America CD rates.
The most important similarity is the fact that your deposits with both Ally Bank and Bank of America CDs are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.
Now let's look at the differences.
Ally Bank CD Rates Are Competitive. In fact, according to MyBankTracker, Ally Bank CD rates consistently outperform Bank of America CD rates. Because Ally Bank is an online bank, we can keep our operating costs low and offer great rates. Take a look for yourself and compare rates. Across all terms, our rates are consistently competitive compared to Bank of America CD rates, as published by MyBankTracker.
But we do more than keep our rates competitive. All Ally Bank CD interest is compounded daily to grow your money faster. Moreover, the Ally Ten Day Best Rate Guarantee for CDs gives you the best rate we offer for your CD term during the ten days starting with your CD open date, provided you fund your CD within that time. At Bank of America, the interest rate quoted when you apply is the Bank of America CD rate that will be applied to your CD.
Minimum Opening Deposit. How much do you want to deposit into your CD? This is another critical question to ask when comparing Ally Bank CD rates with Bank of America CD rates. Bank of America imposes minimums on all CDs, ranging from a $1,000 minimum deposit to open a standard term CD, and up to $10,000 to open an 18-month "Opt-Up" CD. Like many other banks, you'll find that the best Bank of America CD rates are only offered to customers who open accounts with higher deposits.
By contrast, Ally Bank doesn't require a minimum deposit to open and fund your account, and we give the same competitive rate to everyone. Ally Bank offers plenty of CD options to suit your personal goals, with terms ranging from 3 months to 5 years, including popular products like our No Penalty and our Raise Your Rate CDs. Ready to learn more? Visit AllyBank.com today or call live, 24/7 customer care at 877-247-ALLY (2559).