If you've saved some money but don't have anything specific in mind to buy, CDs might be the perfect place to park this cash until you figure out what to do with it. Sometimes people embark on savings plans with vague intentions. Maybe you’ll take a vacation, remodel your kitchen or help pay for a teen’s first car. Whatever the financial goal, your extended savings plan could benefit from Ally Bank CDs.

Most CDs have an early withdrawal penalty, so you should think about how long you want to be without access to the funds you deposit. If you already have money in an easily accessible saving account, money market account or short-term CD, you may want to set aside a portion of your savings in a CD that carries a longer term. Longer term CDs often carry higher interest rates, which in turn makes your money work that much harder for you.

The Ally Bank No Penalty CD can give you the best of both worlds. With the 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, all at a competitive rate.

Have money saved but not sure what to do with it? No matter how long you think it will take to make up your mind, Ally Bank has a CD that can work with your financial goals. Choose from our High Yield CDs, No Penalty CDs and Raise Your Rate CDs to find an account that fits your needs. All deposits at Ally Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law and you can open an account with any amount. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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