When you're looking to make the most of your money with high interest CDs, it's important to recognize that the concept of a "high interest CD" is relative. Like any other bank product, some high interest CDs have better rates than others. CD rates and the resulting annual percentage yield (APY) your money will earn vary from bank to bank, just as the banks' requirements to earn a high yield will vary.
High Interest CD Requirements
Some banks require you to make a certain minimum deposit if you want to open a high interest CD. Other high interest CDs may require that you keep the money deposited for a relatively long term or face an unreasonably large early withdrawal penalty. Moreover, the APY you get with some banks' high interest CDs still may not be better than what you can find at Ally Bank.
As an online bank, we have lower overhead costs because we don't have physical bank branches, which are costly to build, run and maintain. As a result, we're able to provide a convenient banking experience and pass along our savings to you in the form of great rates.
For example, the Ally Bank High Yield CD has an APY that is consistently among the most competitive in the country according to MyBankTracker, regardless of the term and deposit amount. In fact, 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.
In addition, you may use our online calculator to help you decide on a deposit amount and term. We offer a number of CD products with benefits designed to help you reach your savings goals your way. Why not take a moment to explore your options now? Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC