With the Ally Bank No Penalty CD rates, you get the option of a no fee early withdrawal in case you need your money before maturity. There are no monthly fees, no opening deposit, and no minimum balance required. All this from an internet bank that attempts to attract savers by offering simple, transparent products at competitive rates.
Ally Bank offers the No Penalty CD that gives you the best fixed rate with Ally’s Ten Day Best Rate Guarantee. When you fund your CD within ten days of opening or renewing your Ally account, you automatically get the best rate they offer during the time period. Your money grows faster because your interest is compounded daily. Instead of just paying you interest on your initial deposit, Ally Bank also pays you interest on the interest you earn. The No Penalty CD has a maturity of 11 months. It has an interest rate of 1.34% with an APY of 1.35%. This rate is posted 3/29/2010 and is still current and effective 3/30/2010.
Like all Ally products, the No Penalty CD is FDIC-insured and renews automatically upon maturity. Although there is no minimum opening deposit and no maintaining balance required, your term and rate will go into effect when you make your opening deposit. For a no fee early withdrawal, they will hand over your full balance and interest any time after the first 6 days of funding your CD. The no fee early withdrawal is a feature that lets you make a withdrawal after a short time but before the maturity date without being charged a fee.
Like all bank rates, the No Penalty CD rate may change without prior notice. Check out their website for more information on the Ally Bank No Penalty CD rates.
The valuable resource on this site is Best CD Rates March 2010.
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