Ally Bank, No Penalty 11-Month CD with 4.75% APY
Update (Mar 11, 2023): The rate has been increased to 4.75% APY.
Update (Nov 18, 2022): The rate has been increased to 3.85% APY.
Ally Bank has increased the interest rate on its No Penalty 11-Month term CD to 3.10%. This is a competitive rate right now, and with no penalty, this is essentially a savings account.
There’s no minimum deposit to open a CD with Ally Bank. But, once you open and fund your CD, you can’t add funds again until your CD matures. There are no fees for this account. You can see more information and open the account here.
The higher rate is also good news for those who jumped on this $500 bonus from Ally Bank. You can no longer sign up for that bonus, but you can still add funds through November 4th. CDs are eligible for the 1% bonus.