As you explore your savings options during retirement, you may be considering certificates of deposit, or CDs, as part of your strategy. Whether you are new to CDs or you simply want to fine-tune your savings by researching the best terms at the best rates, Ally Bank is here to help, with a 1-Year CD rate that is among the most competitive in the country.
A CD is a time deposit savings product offered by many banks and credit unions. 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. After that time period, your funds become available to you along with interest accrued.
Some banks reserve their highest CD rates for accounts with large balances. At Ally Bank, great CD rates are available to anyone. You can open and fund an Ally Bank CD with any amount, and still get a great rate. In fact, the annual percentage yield (APY) you get with our 1-Year CD rate is consistently among the most competitive in the country.
Alternatives to 1-Year CDs
CDs are available in a range of term lengths, and the right term for you depends on your goals. Consider the options offered by Ally Bank:
- High Yield CD–A CD with our fixed rate for a fixed term.
- No Penalty CD–A CD that allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account.
- Raise Your Rate CDs–With these CDs, you have the option of a one-time rate increase if our Ally Bank 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally Bank 4-Year CD rate goes up.
You can also save money and earn a great rate with our Online Savings Account and our Money Market Account. Plus, your deposits at Ally Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Find out why Money Magazine named Ally Bank Best Online Bank in 2013. Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.