If you're looking for a good rate on a certificate of deposit (CD), you may have discovered that the highest interest rates often come with the longest terms. It may appear that the only way to secure a good annual percentage yield (APY) is to tie up your funds for at least a year or more. But, depending on your individual savings goals it may make sense to simply find a bank that offers competitive shorter-term CD rates.

Although some banks don't offer 9-month CD rates, Ally Bank does. And because we’re an online bank, we can help you with all your transactions by phone or online. Since we don't maintain physical branch locations, we can pass the savings on overhead on to customers in the form of great rates. In fact, our rates are often among the most competitive in the country.

When weighing the pros and cons of 9-month CD rates, consider:

  • Most CDs carry a penalty for early withdrawal. For some people, this built-in incentive helps them stay the course instead of using their cash for another purpose. Whatever the interest rate, just keeping money set aside for your savings goal is usually better than funding your goals with credit —and the interest that comes with it.
  • The Ally Bank Online Savings Account and Money Market Account also offer competitive rates. And, with a money market account, you have the flexible access with checks and a debit card that you don’t have with CDs.
  • The Ally Bank 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. Depending on your goals, this 11-month CD could be a better choice for you than a 9-month CD.

Whatever product is best for you, Ally Bank is here to help. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. We compound interest daily for maximum growth, and we don't require a minimum opening deposit.

Learn more at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, Member FDIC

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