Ally Bank No Penalty CD

(Note: all rates are as of 05/07/2010)

If you want the easy access to your money like an online savings account but want the high interest yield of a CD, then you may want to take a look at the new Ally Bank No Penalty CD. The No Penalty CD offers a locked interest rate of 1.40% for 11 months, but stills allow you to accesss your money if you need it without any early withdrawl fees.

This is pretty cool in that you get a high rate locked for 11 months, but if you really need the money you can close the CD get all your principal investment back including interest with no fees at all. Most banks can offer high CD rate since they charge high fees when you have to close out a CD early, which is what makes the No Penalty CD such a great savings option.

What else is interesting is that Ally Bank’s Online savings account rate is at 1.29%, so it makes the No Penalty CD a very attractive deal.

Ally bank is the rebranded GMAC bank which is FDIC insured. I have had an account with them for over 2 years and love their services. High yields, no fees and great customer service. I still don’t get why people give their money to banks that don’t pay any interest! Check out my best savings account review of Ally Bank.

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NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.

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