Ally Bank is the online subisdary of Ally financial services. Ally has always had competitive interest rates on all their deposit products, along with no minimum balances, 24/7 customer support, and no monthly fees. I’ve found Ally’s interface to be intuitive and easy to use, and their customer service has also been excellent when I have needed help.
Current Ally Bank Rates
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Ally Savings Account
The AllyBank savings account features:
- APY yield
- No minimum balance
- No monthly fees
- Daily compounded interest
- Six withdrawals or transfers per billing cycle
Ally Certificate of Deposits
Ally CDs have no minimum balance requirements; apparently you can open a CD with $0. It seems to be more of a gimmick as it doesn’t really make sense. Aside from regular CDs, Ally also has a 11 month No-Penalty CD, which states:
“You can withdraw your money 6 days after funding – and anytime thereafter – and you won’t be charged a fee. Just remember, if you do make an early withdrawal it must be for the full balance plus all interest earned.”
This is a good bonus for those who want to earn a decent return on their CD but don’t want an easy out in case better rates are available. The no penalty CD currently has a yield of
Ally also has a new CD product called the Raise Your Rate CD that allows you to lock in a rate now, and have a one rate increase option within the 2 year term if rates go up.