How to Earn 13 Times the National Average Savings Rate FDIC Insured

The average savings rate is only 0.21% but you can earn 1.79% APY with Ally Bank’s 5 Year CD without any risk, and if you choose Ally Bank, you can access your money anytime you need it.

“The Best Way to Earn a Risk-Free 1.79% APY Today is Ally Bank’s Low Penalty CD”

Ally Bank has the lowest early withdrawal fee of all the banks and credit unions for a 5 year CD: 2 months interest.

Here is Ally’s exact wording on their early withdrawal policy:

If you withdraw all of the funds you have deposited in a CD prior to the maturity date, we will close your CD, add the accrued interest to date to the balance and impose a penalty on your early withdrawal. The penalty imposed will equal sixty (60) days of interest. This penalty does not apply in the case of death, disability or legal incapacity of any owner, or in the case of the Ally No Penalty CD…

Click here to view the full Deposit Agreement on Ally’s site.

Even if you withdraw your money after only 4 months and pay the penalty, with Ally you will have earned more interest than with a 1.04% savings account held for the same amount of time.

Boost your savings rate worry-free by opening a 5 Year CD with Ally Bank – you’ll still have access to your money. Ally has a very easy online application and there is no minimum deposit to open a CD.

Click here to visit Ally Bank’s official website.

{ 5 comments… read them below or add one }

San Diego Auditor December 20, 2010 at 3:33 pm: The 2-month penalty from ALLY is NOT TRUE !! I’ve tried to get the disclosures now for a week, and they will not provide them! Their website lists “penalties” but will not confirm anything about 2-month penalties in writing, so if you want to just deposit $100k based on verbal promises, I’ve got a bridge to sell you …
Sky December 20, 2010 at 5:49 pm: The 60 day withdrawal penalty is already confirmed in their published Deposit Agreement. This document should be binding on Ally until Ally changes it. So far it has not changed since the Ally unit was created by GMAC bank.

Here is the exact wording of Ally’s withdrawal policy as found in their agreement:

Early Withdrawals — You may not make a partial withdrawal of funds you deposit in a CD prior
to the maturity date. If you withdraw all of the funds you have deposited in a CD prior to the
maturity date, we will close your CD, add the accrued interest to date to the balance and impose
a penalty on your early withdrawal. The penalty imposed will equal sixty (60) days of interest.
This penalty does not apply in the case of death or legal incapacity of any owner or in the case
of the Ally No Penalty CD, which does not allow withdrawals on the date you fund your account
or during the first six (6) days following the date you fund your account (except for the death or
legal incapacity of any owner). If you have a Raise Your Rate CD, the 60-day interest penalty will
be calculated using the interest rate that applies to your Raise Your Rate CD at the time of your
early withdrawal.
Byron E. Meyer January 4, 2011 at 5:18 am: Do you allow small Sub. Chapter “S” Corp’s to purchase CD’s?
Thanks
Sky January 4, 2011 at 6:34 pm: Ally Bank only offers personal accounts and services at this time.
CPA January 5, 2011 at 1:54 am: go by the state and fed’s, law not by what they tell you. look it up!!