For decades, certificates of deposit (CDs) have been a simple, straightforward way to save using fixed rates over fixed time frames. Now there are many types of CDs in the marketplace.

  • High yield CDs–These CDs have rates that are higher than average savings accounts. In return, typically they require that you deposit your money for a longer period of time. Some high yield certificates of deposit may require a larger minimum opening deposit. However, that isn't always the case. At Ally Bank, for example, you can open and fund a CD with any amount.
  • Liquid or “no-penalty” CDs–Ally Bank offers a No Penalty CD that allows you to withdraw all your money, including interest earned, without any penalties, any time after the first six days following the date you fund your account.
  • Variable and “bump-up” CDs–Variable CDs offer variable rates that go up–and down–with overall interest rates. Bump-up” certificates of deposit give you the option of changing your rate sometime during the term of your CD. With Ally Bank's Raise Your Rate CDs, you have the option of a one-time rate increase if our 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our 4-Year CD rate goes up.

With so many different CD products, you're sure to find one that best fits your needs. At Ally Bank, in addition to competitive CD rates, you'll also get our Ten Day Best Rate Guarantee: 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.

Learn more about the full line of Ally Bank CDs at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

Ally Bank, member FDIC

Next up: Understanding Certificates of Deposit: Risks and Rewards (Part 3 of 3)

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