CD’s are a great way to invest with a guaranteed return on your investment. Recently Ally Bank has increased their rates on their 11 month No-Penalty CD. Below we will break down why this is good for you.
Ally Bank’s 11-month No-Penalty CD Rates
From the above you will easily see that 2.3% on $25,000 is one of the better deals on CD’s being offered by a nationally recognized company.
Why does this matter?
With the 11 month No-Penalty CD, you will be able to withdraw your money at any time during the first 6 days after you have opened and funded the account. This is virtually unheard of in the CD market, and the best part is you get to keep any interest earned with no penalties for withdraw.
You will notice on the above rates that there are 3 different possible APY’s based on the total amount deposited. 1.75% with no Minimum is a great deal in our opinion and on the top level 2.3% on $25,000 deposited.
We do recommend always comparing CD Rates of other providers to make the smartest financial decision.
So how does this really compare to other CD’s out on the market?
As of January 2019, here are the TOP rates offered by Nationally recognized companies.
Marcus (By Goldman Sacks)
3.15% APY – $500 Min. Deposit
3.15% APY – $5,000 Min. Deposit
3.10% APY – $0 Min. Deposit
While the above offers do have a higher APY (Annual Percentage Yield) – they are not “No-Penalty” CD’s and carry longer terms than 11 months. So, if you do withdraw early, you will have penalty’s associated.
Always remember to shop around, never go off just 1 opinion and do your research. Make sure that your own financial goals are in line with the terms of the CD’s being offered.
To qualify for the Ally Bank 11 month No-Penalty CD you need to be 18 years old and have a United States Social Security Number and address inside the United States.