When most people think of certificates of deposit (CDs), they think of standard bank CDs—you choose a term, secure a rate and leave your money deposited with the bank until the CD matures or risk paying an early withdrawal penalty. Of course, these old stand-by savings tools still often do the trick, but nowadays the options have increased. And just as the case has always been, choosing the right bank CDs comes down to what works for your goals.

Which matters more, flexibility or yield?
Obviously, choosing longer-term bank CDs generally means you'll secure a better annual percentage yield (APY) than choosing a shorter term. And the trade-off, an early withdrawal penalty, is something you can almost always count on. But if you’d like the benefits of a CD without the penalty of early withdrawal, flexibility could be more important to you than a higher yield.

Either way, if you're looking for an APY that may beat what you'll find in a traditional savings account, consider the full line of Ally Bank CDs:

  • High Yield CD: A CD with our highest fixed CD rate for a fixed term—anywhere from three months to five years.
  • No Penalty CDs: The Ally Bank 11-month No Penalty CD 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 our Raise Your Rate CDs, you have the option of a one-time rate increase if our Ally 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally 4-Year CD rate goes up.
  • IRA CDs: Save for your future with an IRA version of the High Yield or Raise Your Rate CDs, securing a highly competitive APY while tapping into the potential tax advantages of an IRA.

Plus, you can open and fund all Ally Bank CDs with any amount, knowing your account is backed by our Ten Day Best Rate Guarantee and insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.

When it comes to bank CDs, you don't have to settle for one-size-fits-all solutions when you choose Ally Bank. Learn more at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

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