Ally Bank is just come out with a new certificate of deposit product that has one of the highest CD rates right now. Ally Bank has been offering a 2 Raise Your Rate CD which is very popular is now offering a 4 year Raise Your Rate CD. Ally is also advertising savings rates which are on the higher end of what’s available from any national bank. Current savings account rates are at 1.25%, the national average savings rate is only 0.12% as reported by the FDIC.
This this certificate of deposit you get to raise the CD rate twice during the four year term if bank CD rates head higher at Ally Bank. The current 48 month Raise Your Rate CD Rate is 1.97% with a CD yield of 1.99%.
The 24 month Raise Your Rate CD Rate is at 1.38% with Raise Your Rate CD Yield of 1.39%. You can also sign up for email alerts and be alerted when Ally Bank Raises CD rates. This is a great feature, you don’t have to constantly monitor rate increases by just signing up for email alerts.
Raise Your Rate Certificate of Deposit Features
Open with $0
No monthly fees
One interest rate increase with the 2 year term
Two interest rate increases with the 4 year term
Daily compound interest
FDIC insured to the maximum allowed by law.
Ally Bank is also offering competitive CD rates at banks.
3 months CD Rate 0.44% Yield 0.44%
6 months 0.99% Yield 0.99%
9 months 0.99% Yield 0.99%
12 months 1.18% Yield 1.19%
18 months 1.24% Yield 1.25%
3 years 1.73% Yield 1.75%
5 years 2.30% Yield 2.33%
Ally Bank makes opening a certificate of deposit account easy. The bank’s website allows you to open an account online in less than 9 minutes. You can open a CD account here: Ally Bank CD Application.