Ally Bank Special Cd Rates - Toni Men is a Financial Writer who enjoys exploring topics that support financial health. She began writing about personal finance to document her experiences paying off $107,000 in debt, which is detailed in her book, Big Debt. She previously contributed as a freelance writer for websites including CreditCards.com, Centsai and Wisebread. She is also a regular contributor to Business AM TV and her work has been featured on Yahoo News. She also enjoys being a part-time investor and gardener.
Personal Finance Skills, Budgeting, Debt Removal, Improving Credit Score Author of "The Big Debt" (2015) Master of Science in Computer Science, DePaul University
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Marc is the editor-in-chief of Finance, responsible for banking and home ownership. He has been a financial writer and editor for over twenty years, working for Kiplinger Publishers Washington, U.S. World News & Reports, Bankrate and Dow Jones. Before joining Finance, Wojno was ZDNet's Senior Finance Editor, writing on blockchain, cryptocurrency, financial services, investing and taxation. Outside of the digital world, Marc can be found spinning vinyl, threading tapes from reel to reel, shooting film with a Bolex and the occasional bar quiz.
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Ally Bank is an online-only alternative to traditional brick-and-mortar banks. Founded in 2009, it is a full-service bank that offers premium rates on all accounts. A high-yield CD can have an annual yield, or APY, of up to 4.10%. Ally offers three types of Certificates of Deposit, or CD accounts: High Interest, Increase Your Rate, and No Interest CDs.
All Ally CDs are insured with the Federal Deposit Insurance Corporation up to $250,000 per person. This makes CDs a low-risk, stable-value savings option.
Every CD account Ally offers is competitively priced, with no minimum deposit required to open and deposit daily. High-yield CDs offer the highest interest rates available, but they also impose the highest early withdrawal penalties if you need to withdraw money before the maturity date. Ally also offers a loyalty bonus APY of 0.05% when you enable your CD to automatically renew after the end of the term.
Ally consistently rates CDs at the higher end of the spectrum. One-year CD rates are competitive with most other banks and credit unions in the market.
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Note: Annual Percentage Return (APY) is shown until November 4, 2022. The editorial team updates this information regularly, usually every two weeks. APYs may have changed since the last update and may vary by region for some products.
If you have $10,000 to invest in an Ally CD, the following table will help you understand how much the APY will affect your overall financial growth.
Ally's CD rate is five to eight times higher than the national average CD rate. For example, the average one-year CD earns 0.71% APY versus Ally's annual APY on a high-yield CD earning 3.75%. Most of the offers that appear on this site are from advertisers that this site receives compensation for listing them here. This compensation may affect how and where products are displayed on this page (including, for example, the order in which they are displayed). These offers do not represent all deposit, investment, credit or loan products.
Ally Financial is perhaps best known for Ally Bank, a large full-service bank that offers checking and savings accounts, mortgages and loans, but it cuts overhead by operating only online, with no physical branches. These savings are passed on to the account holders in the form of interest rates and other benefits.
You've Seen The Tv Ads. So What's Ally Bank?
Financial institutions like Ally often run promotions to attract new customers. They're willing to pay you for your business, and opening a new account can earn you hundreds of dollars — cash that can come in handy during an economic downturn.
Ally doesn't currently offer any special promotions on its products and services, but that doesn't mean it's not worth considering if you're looking for a new bank. Ally has consistently high APYs on its accounts and offers a wide range of financial services.
Although there are currently no Ally Bank bonuses offered, banking with Ally offers additional benefits. Checking and savings accounts have no administrative fees or minimum balance requirements. Profit Checking account earns up to
. The national average for money market accounts is 0.23% APY. Over time, these Ally Bank interest rates may increase.
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Ally Bank doesn't have physical branches, so you'll need to open a new account online, by phone, or by mail. Here's how to open an account online:
Alternatively, you can call 877-247-2559 to open an account by phone. You can also download the application from the bank's website in the Forms section. Complete the application form and send to:
Remember that the bonus should not be the only deciding factor when choosing a new bank. They are nice to have, but the money may not be worth it if the bank does not offer the products and services you need to achieve your financial goals. However, if you're looking for a comprehensive financial institution that offers competitive rates and a variety of banking, loan and investment products, Ally is worth a second look.
Prices are subject to change; Unless otherwise stated, ratings are updated regularly. All other event information is correct as of November 3, 2022. Additional requirements may apply. Offers and terms are subject to change.
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Editor's Note: Not every entity listed provided this content. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are solely those of the author and have not been reviewed, endorsed or otherwise endorsed by any entity mentioned in this article.
Our in-house research team and online finance experts work together to create content that is accurate, unbiased and up-to-date. We check every statistic, estimate, and fact with reliable sources to make sure the information we provide is accurate. You can learn more about the processes and regulations in our editorial policy.
Joel Anderson is a business and finance writer with over ten years of experience covering the wide world of finance. Based in Los Angeles, he specializes in writing about financial markets, stocks, economic concepts, and focuses on helping create complex financial strategies for investors. Ally Bank CD Rate Chart (APY) vs. The federal funds rate and the average national CD rate.
I've included the Federal Reserve Fund (source: St Louis Fed, Federal Reserve Fund) as a comparison of how much money banks lend to each other. You can see Ally Bank rates generally increase after increases and decrease with changes in the federal funds rate. So if you're trying to figure out the right time to lock in an Ally Bank CD, check out how the Federal Reserve rates have posted.
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Additionally, I've included the national average for 12-month CD rates (source: St Louis Fed Avg CD for 12 Months). This average appears to be less responsive to the federal funds rate, but it still shows similar movements. Apparently the 12-month CD rate has been discontinued, but I'll leave it at that for now as the CD rate in the missing period (2020-2022) is really <1%.
Editor David Schepp Opportunity Editor David ScheppArrow Wealth Editor David Schepp is the wealth editor for , focusing on savings and consumer banking content. Connect with David Schepp on Twitter Twitter David Schepp
Founded in 1976, the company has a long history of helping people make smart financial decisions. We've maintained that reputation for more than four decades by disrupting the financial decision-making process and giving people confidence in their next steps.
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