Get a financial ally on your side

I guess there’s a reason why Ally Bank chose its particular name: its above average-rates make the financial institution a true friend for today’s CD investor. And in today’s frustrating savings climate, you need a good pal in your corner if you’re going to actually accrue any real interest. Today, I’m offering an introduction to the range of CD offerings at the online-only bank.

High-Yield CD: While 0.99% on a 1-year maturity may not sound like “high-yield”, that’s just about the best earnings potential you’re going to find in a 12-month FDIC-insured certificate of deposit. Ally’s High-Yield CD comes in a variety of term commitments, starting as short as a 3-month CD that earns 0.39% and extending to 5-year offerings that currently earn a 1.80% APY.

No-Penalty CD: If you’re reading my blog and actually taking my advice, this would be my top choice at Ally. You’ll incur no penalty for removing any of your funds early, and this 11-month CD is fairly competitive with the bank’s 1-year traditional CD. This no-penalty offering currently earns a 0.91% APY.

Raise Your Rate CD: This is another attractive offer from Ally. Available in 2-year and 4-year terms, this flexible CD allows account holders to adjust their savings rate once prior to maturity. APYs begin at 1.18% and 1.59% respectively, and assuming that interest rates rise before your CD matures, that APY will increase.

With any of these CD accounts, Ally requires no minimum to start saving. Of course, the more you can invest, the more you’ll be able to earn. Check out Ally’s official website for some helpful calculators and rate comparison tools to understand how much you can potentially earn. Please note that other online-only banks can prove to be good “allies”, too. Because they have lower operating costs without the expenses of branch maintenance and tellers, they’re your best bet for increased earnings power.