For those who like good rates but not too crazy about rate chasing or long term commitment this one’s for you. Ally Bank just announced a special rate for the holidays. From today till Jan 2, 2018, you can open a 12-Month CD with a 2.00% APR with no minimum deposit required. This is one of the best rates (if not the highest) on the market right now. There is an early withdrawal penalty though, but at least it’s a short term commitment. If you already bank with Ally, this would literally take you less than 5 mins to open. For more details, you can visit here.
If you’ve read through my devotion to Ally Bank CDs, you might have seen me mention about Ally Bank’s loyalty reward. I think they’ve finally posted up some official terms online. You can read it here.
Basically, if you renew any of your maturing Ally Bank CD, they’ll offer you an additional 0.25% interest rate boost to whatever is the current interest rate of a new CD. So for example, if you have a 1 year CD maturing on Dec 1, you can roll the CD into another 1 year CD at 0.98%+0.25%=1.23% interest rate. That’s probably one of the few higher CD interest rates out there already.