When you open a certificate of deposit (CD), you agree that you will not withdraw the funds until the maturity date, which varies from a few months to several years after you open the account, depending on the term you choose. You can close a CD before the term ends, but you typically will pay an early withdrawal penalty for doing so. Ally Bank, however, does offer a No Penalty CD. With this CD, you can withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD. Ally Bank CDs are FDIC-insured up to the maximum amount allowed by law, and you can precisely calculate your earnings on the Ally Bank website before you open your CD. We'll also help you compare our interest rates with the rates of our competitors.
Money Market Accounts
With a money market account, there's no requirement to maintain your deposit for a set period of time. Your funds in an Ally Bank Money Market account are FDIC– insured up to the maximum amount allowed by law. Plus, you can access your funds using checks or a debit card. It's important to note, however, that federal law limits checks and certain types of telephone and electronic withdrawals and transfers from money market accounts to six per statement cycle. However, some transactions are unlimited, such as deposits and ATM withdrawals. You can also call us anytime to request a check payable to you. And, lastly, interest rates for money market accounts may not be as high as CD interest rates, depending on the term you choose.
In general, an Ally Bank Money Market Account might make the most sense for short-term savings goals while Ally Bank CDs might make more sense for long-term savings goals. Ultimately, only you can decide which account is best for your needs. Explore your options by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC