Ally Bank Offers a Range of Certificate of Deposit (CD) Rates

Ally Bank offers a range of certificate of deposit (CD) rates and terms to meet the needs of its customers. These rates and terms are subject to change, so it is important to check the bank's website or speak with a representative for the most up-to-date information.

The current CD rates offered by Ally Bank include:

• 3-month CD rate: 2.00% APY (annual percentage yield)
• 6-month CD rate: 3.40% APY
• 12-month CD rate: 4.25% APY
• 18-month CD rate: 4.25% APY
• 36-month CD rate: 4.35% APY
• 60-month CD rate: 4.35% APY

These rates are generally higher than those offered by traditional brick-and-mortar banks, making Ally Bank a competitive choice for customers looking to invest their money in a CD. Additionally, Ally Bank does not charge any monthly maintenance fees on its CDs, which can help customers save money in the long run.

One of the main benefits of investing in a CD is the guaranteed return on investment. Unlike other investment options such as stocks or mutual funds, CDs offer a fixed rate of return that is guaranteed by the bank. This can provide peace of mind for customers who are looking for a safe, low-risk investment option.

Another advantage of investing in a CD is the ability to earn a higher rate of return than a traditional savings account. This is because CDs require customers to invest their money for a set period of time, usually several months or years. In exchange for this commitment, the bank offers a higher rate of return than it would on a savings account.

When it comes to the term of a CD, customers have a range of options to choose from. Short-term CDs, such as the 3 or 6 month options offered by Ally Bank, are ideal for customers who need access to their money in the near future. On the other hand, longer-term CDs, such as the 60 month option, can provide a higher rate of return but require customers to lock up their money for a longer period of time.

It's worth noting that Ally Bank also offers a Raise Your Rate CD, which allows customers to adjust their rate once during the term of their CD, if the Ally Bank's rate for that term goes up. The Raise Your Rate CD for a 2-year and 4-year CD is at 3.30%.

In summary, Ally Bank offers a range of CD rates and terms that can meet the needs of its customers. The bank's CD rates are generally higher than those offered by traditional brick-and-mortar banks, and it does not charge any monthly maintenance fees or penalties for early withdrawal. By investing in a CD, customers can earn a guaranteed return on investment and potentially earn a higher rate of return than a traditional savings account. With a range of term options available, customers can choose a CD that best meets their investment goals and needs.