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 set amount required to open State Farm Bank CDs is low. Each regular CD term only requires $500 to open. You must keep $500 in the CD to earn interest. State Farm Bank offers personal deposit CDs and business CDs. The required amount is the same for business and personal CDs. To open a jumbo CD requires $100,000 to open.
State Farm Bank offers a good variety of CD terms. They offer CDs specific to personal deposit and business CDs. There are six different CD term lengths for personal deposits as well as business CDs. The terms range from 12-months to 60-months. State Farm Bank also offer jumbo CDs in the same terms as regular CDs.
The interest rates for State Farm Bank CDs are competitive. They are competitive with other online CDs. All the CD terms offer rates competitive with other online CDs of the same term length. The rates of State Farm Bank CDs are much higher than typical bank interest rates. You must keep $500 in the regular CDs and $100,000 in the jumbo CDs to earn interest.
State Farm Bank CDs can be opened online. You can fund your account by linking an external account to your State Farm CDs. Once you are approved for an account, your account is completely online. You can view everything for your State Farm accounts online or on their mobile app.
State Farm Bank does not offer CD terms shorter than 12-months. They do not offer a three, six, or nine-month CD terms. The shortest terms available is the 12-month term. This term is available as a personal deposit CD as well as a business CD term.
State Farm Bank does not offer an interest rate guarantee. If you open a CD with State Farm and the interest rates increase soon after, your rate does not increase. The interest rate on the day you open your CD is the rate you receive for the entire CD term.
All State Farm Bank CDs have a fee if you withdraw money before the CD reaches maturity. The penalty for early withdrawals is high. If you withdraw money from a CD term between 12 and 23 months, the fee is 180 days of interest. For terms from 24 to 47 months, the fee is 365 days of interest. The fee is 545 days of interest if you withdraw money early from CD terms for longer than 48 months. There is also a minimum withdrawal penalty of $25 if your fee does not total more than that.
State Farm Bank offers jumbo CDs. To open a jumbo CD requires an opening balance of $100,000. The interest rates for the jumbo CDs are the same as the regular CD rates. These CDs do not offer interest rates any higher than the other CD rates. Jumbo CDs are available in personal deposit accounts and business accounts.