Ally Bank CD terms are available from 3 months to five years.
The Ally High Yield CD has no monthly charges, and while other banks compound interest monthly, quarterly or even annually, Ally compounds your interest daily. However, the important thing to compare is the APY because it already takes into account the compounding effect. If you find a product offering a higher APY but it doesn’t compound as frequently as another product with a lower APY – always choose the higher APY. This account comes with Ally’s Ten Day Best Rate Guarantee. When you fund your account within 10 days of opening the account, you automatically receive the best rate offered by the bank during that period.
Be aware that there is automatic renewal at maturity. You can also withdraw and receive earned interest as income by informing the bank within 10 days of maturity. But remember, early withdrawal will be subject to a penalty of 60 days of interest which is still less than the most. By investing in an Ally High Yield CD, you can maximize your earnings.
The Ally High Yield CD is a great way to earn the best interest rate with no monthly fees, no minimum deposits, and no minimum balance. Ally offers high rates no matter how small the amount of the deposit, with fixed terms from 3 to 60 months. Ally also boasts a more modern customer support service by providing a 24 hour toll free customer service number: 1-877-247-ALLY (2559).
Ally Bank is a Utah headquartered FDIC insured bank. Ally Bank is a unit of GMAC Financial Services (GMAC), and became a bank holding company in December 2008. GMAC’s banking unit officially changed its name to Ally Bank on May 15, 2009. Ally is FDIC insured so your investments are protected. Ally’s 1 Year High Yield CD has a current APY of 1.05%.
It is easy to open a CD account. You need to be 18 years or older and a legal US resident. Click here to open an account. You can also apply by calling 1-877-247-2559. It takes less than 10 minutes to sign up online.
You will be asked to provide your name, address, contact details and social security number. You can open the account with $0 as it requires no minimum balance. You can fund the account at anytime using your credit card or bank account.