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.
Each Popular Direct CD offers competitive interest rates. The rates are competitive with other online accounts. The terms are shorter than 12-months offer competitive interest rates as well. Popular Direct interest rates are much higher than typical bank interest rates.
There are a good variety of CD terms offered through Popular Direct. The terms range in length from three-months to five-years. There are eight CD term lengths in all. You can open any of these CD terms online.
If you have a question and need to contact customer service, they are available anytime. Customers can reach a customer service representative every day, all day. Their customer service phone line is open 24 hours a day, seven days a week. You can also contact customer service through email or mail.
The process of opening Popular Direct CD terms is entirely online. It takes around ten minutes to complete the application for a new CD account. Once you successfully open an account, everything for your account is online. Access your accounts from anywhere, anytime.
Popular Direct CDs have a high set amount required to open their CDs. The requirement is $10,000 to open each CD term. If you do not have at least the $10,000 balance, you cannot open a Popular Direct CD.
The fee for withdrawing money from Popular Direct CDs before the maturity date is high. For terms less than 91 days, the fee is 89 days of interest. For terms greater than 91 days, but shorter than 12-months, the fee is 120 days of interest. The fee for terms longer than 12-months, but shorter than 36-months, is 270 days of interest. For terms from 36-months to 60-months, the fee is 365 days of interest. Terms 60-months or longer has a fee of 730 days of interest.
Some CDs allow you to withdraw interest earned on CDs without paying an early withdrawal fee. Popular Direct does not. They do not allow for withdrawals of the CD principal or the interest earned without paying a fee. You can only make withdrawals without a fee during the grace period.
There is only one way to fund your Popular Direct CDs. Customers must link each CD to an external bank account. When you open a CD, you must make the deposit from a linked external account. This is part of the account opening process. Once the accounts are linked, you can make electronic transfers into your CD. To avoid a fee, only transfer money when you first open the account and during the grace period.