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  • Mortgages
  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

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

The average savings rate is only 0.06% but you can earn without any risk, and if you choose , you can access your money anytime you need it.

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

 

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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 – 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 .

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Advertiser Disclosure: Many of the deposit account listings appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit Union deposits are insured by the National Credit Union Administration. Many banks and credit unions show different rates on their own websites. Identify yourself as a Bankrate consumer to get the rates displayed in the listings above. If you are dissatisfied by the institution you choose or believe you have received an inaccurate quote, please let us know.

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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