Ally Bank CD Accounts
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Ally Bank is the new name for GMAC Bank, the financial arm of General Motors. Ally has set themselves up as the "no fine print" bank. For savers, that means no minimums and no monthly fees.
This online bank offers several high interest rate accounts including Certificate of Deposit accounts (CD accounts). Ally Bank CD accounts can be opened with a minimum deposit of less than $1.
Those looking for Certificates of Deposit should take special note of Ally Bank's 2-Year and 4-Year CDs. Ally Bank calls these “Raise Your Rate CDs.” That's because savers have the option of increasing the rate once with the 2 year CD or twice with the 4 year CD if the rate goes up during the CD’s term.
Certificate of Deposit (CD) Rates
| Term | APY |
|---|---|
| 3 Month | 0.39% |
| 6 Month | 0.74% |
| 1 Year | 1.04% |
| 2 Year | 1.09% |
| 3 Year | 1.30% |
| 4 Year | 1.45% |
| 5 Year | 1.69% |
Rates as of 5-8-12. There is no minimum deposit required to open a certificate of deposit. The 2-Year and 4-Year CDs have the option of raising the rate during the term of the CD. APY = Annual Percentage Yield
No-Penalty CD Rate
| Term | APY |
|---|---|
| 11 Month | 0.94% |
Rates as of 4-13-12. There is no minimum deposit required to open a No-Penalty CD. Get your full balance back any time after the first six days of funding the account without penalty. APY = Annual Percentage Yield
Account Features
| Minimum Deposit | $0 |
| Compounding | Daily |
Early Withdrawal Penalties
All certificate of deposit terms will be assessed a fee equal to 60 days of interest, except for the No-Penalty CD. The No-Penalty CD allows for the withdrawal of your full balance back any time after the first six days of funding the account without penalty.
Renewal Policy and Grace Period
CDs are automatically renewable at maturity. You must notify the bank in writing before the maturity date if you do not want your account to automatically renew.
You have 10 days after the maturity date to withdraw funds without penalty.
Ally Bank Reviews
Review from Max
"Ally for me has been the best banking experience. Many of the complaints you see here..."
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Contact
www.ally.com
(877) 247-ALLY