All Ally high yield CDs do not have a required amount to open the account. You can open each of the CDs with any amount. The Raise Your Rate CDs and the No Penalty CD do not have a set amount required to open.
Ally CDs offer competitive interest rates. The rates are competitive with other online CD accounts. The interest rates for Ally CDs are much higher than typical bank rates.
There are a wide variety of CDs offered through Ally. They offer seven high yield CDs. Those terms range from three months to five years. Ally offers a Raise Your Rate CD. These CDs are available in two-year and four-year terms. They also offer a No Penalty CD. This CD is an eleven-month term.
Ally offers a Ten-Day Best Rate Guarantee for each of the different CDs. When you open your CD, you have ten days. If interest rates go up within that time, so does your interest rate for the CD. The best rate guarantee is also available when you are renewing your CD.
The No Penalty CD has high opening amounts to earn the most competitive rates. Balances under $5,000 earn the lowest rates. To earn the most competitive rate for the CD requires a minimum opening balance of $25,000. Balances over $5,000 but less than $25,000 receive an interest rate between the two rates.
Interest earned from Ally CDs is generally credited annually. If your CD is a one-year term or less, they credit your interest at the CD maturity. If your CD term is longer than one year, they credit your interest at your CD terms year-end. You can make some changes to your CDs through the Ally website.
Some Ally CD accounts have tiered interest rates. To earn the most competitive interest rate for your account requires a balance of $25,000. There is not a required amount to open these CDs, but the higher the account balance, the higher the rate you earn.
The Ally No Penalty CD allows you to withdraw your money anytime after the first six days. You cannot make a partial withdrawal of the funds. If you are going to withdraw the money, you must withdraw the entire CD balance.
The interest rates for Barclays CDs are competitive for most terms. For terms longer than 12-months, the rates are competitive with other online CDs. The interest rates for all CD accounts are much higher than typical bank rates. Barclays CDs interest rates are not tiered. Any balance in the CD earns the competitive interest rate.
Barclays offers a good variety of CD terms. The shortest term offered is a three-month term. The longest term is a 60-month term. Barclays offers a total of nine different CD terms. All the terms are entirely online CDs. Each CD term is available to open online.
There is not a set amount required to open Barclays CDs. Open any of the nine CD terms with any amount. There is not a set amount required to earn the most competitive interest rates. The only balance requirement is that you have enough money in your CD to earn $0.01 in interest.
Barclays encourages CD laddering. This means customers can earn the most competitive interest rates but with more flexibility. CD laddering is investing money in CDs varying in term length. Customers invest in multiple long term CDs. By doing this, one CD will mature each year. This gives customers more access to their money while earning competitive rates. The Barclays website offers a CD ladder calculator. This allows customers to see how to build a successful CD ladder.
The Barclays short term CDs do not offer competitive interest rates. The three, six, and nine-month CDs offer interest rates that are lower than other online banks. These rates are higher than typical bank CD rates of the same term. They are not competitive with other online CDs of the same term length.
Barclays only offers two ways to fund their CDs. Customers can fund the account through an electronic transfer or mailing in a check. If you plan to transfer the money electronically, you must link the CD with an external bank account. Barclays does not accept cash or money orders to deposit into CDs.
The easiest way to make electronic transfers into a Barclays CD is to link it to an external account. You can link up to three external accounts to your Barclays CDs. The linked accounts must be with another bank that is chartered in the United States. You can link accounts when you initially fund your CD or at a later date.
Barclays does not offer an interest rate guarantee. The interest rate you earn on your Barclays CD is the rate on the day you open your account. The interest rates on CDs are competitive with other online accounts. But, if the rates increase shortly after you open your account, Barclays does not increase the interest rate for your CD.