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You can choose terms anywhere from 3 months to 5 years, with varying APYs.
All of our findings were based on analysis of rates from Depositaccounts.com, another Lending Tree-owned company.For a two-year term, you’ll be charged 60 days interest; it’s 120 days of interest for the four-year term. This type of CD may be suitable for those who may want to withdraw their money before the term is up — for instance, in an emergency or when you reached your short term savings goal.Like the High Yield CD, the penalty may de deducted from your CD’s balance if the interest you’ve earned is lower than the penalty amount. Compared with the High Yield CD, the APY is higher when looking at the shorter terms, which max out at 1.15% APY for a nine-month term with a minimum deposit of ,000.Other banks also offer higher APYs on CDs and often require lower minimum deposit amounts than Ally’s middle tier.The High Yield CD is a more traditional CD featuring a fixed term and interest rate until maturity.
All accounts have no minimum balance requirement, though rates will vary depending on the term and amount deposited.