bank rates

Check Out Ally’s 11-Month No-Penalty CD

Ally Bank recently bumped up rates on its 11-month, no-penalty CD. And it’s certainly worth a look.

Undeniably, it’s one of the better nationally-available deals we’ve seen out there lately. It competes nicely with the top 12-month CDs.

Ally offers three different tiers for this particular CD. At the top tier, you can earn 1.35% APY with a $25,000 minimum.

But if you’re interested in earning 1.35% APY on an 11-month from Ally, you might want to purchase sooner than later. Though Ally will offer deals like this one occasionally, they tend not to last for very long.

Of course, it’s always best to compare the top CD rates before you decide on a CD.

Ally Bank’s 11-month No-Penalty CD Rates
APY Minimum
1.35% $25,000
1.05% $5,000
1.00% None

Can you do better?

Compared to the top 1-year CDs, this deal from Ally is paying slightly less. Synchrony Bank, for example, is paying 1.40% APY on a 1-year CD with a $2,000 minimum.

GS Bank and Sallie Mae are also offering 1.40% APY, with $500 and $2,500 minimums, respectively.

But keep in mind that this deal from Ally comes with no penalty for early withdrawal. And it’s also only 11 months.

Availability

This CD deal from Ally is available to savers throughout the nation.

Any individual can apply for a CD account at Ally Bank via the bank’s online application or by phone at 877-247-2559.

Requirements

In order to apply for an account, you must be at least 18-years-old. You must also have a Social Security number and a mailing address within the U.S.

You can fund the account by check, by wire transfer, or by transferring money from another account.

Comparison shopping

Don’t forget to compare rates at local banks and credit unions before deciding on a CD. Comparison shopping can earn you a lot more in interest over the long-term.

RATE SEARCH: Compare the best CD rates.

 

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