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.

Read the full Ally Bank review.

Union Bank offers a variety of CD terms. The terms range from 91-days to 60-months. They provide standard CDs as well as agricultural CDs. These are for the farmers of Michigan who have their business accounts with Union Bank.

The Union Bank CDs offer interest rates that are competitive with other online CDs. They offer a special 15-month and a 36-month terms. These terms earn more competitive interest rates. These two CDs are promotional. The other CDs are not promotional and earn competitive rates.

The initial required amount to open standard Union Bank CDs is low. Each of the CD terms only requires $500 to open. The interest rates are not tiered. Any balance over $500 earns competitive interest rates.

You can choose how to receive the interest you earn off Union Bank CDs. You can have the interest added to the CD balance. You can have the money mailed to you in the form of a check. You can also have the interest deposited into another checking or savings account.

Union Bank CDs cannot be opened entirely online. You fill out the initial application online. Once the bank reviews your information, they will contact you. You then set up a time to go into a branch location to finish the account opening process. When you visit the branch, you will pay the initial opening amount.

Union Bank CDs do not offer an interest rate guarantee. If the rates increase shortly after you open a CD, you will not receive the higher rates. Union Bank CD rates are competitive with other online CDs.

The only deposit you can make into Union Bank CDs is the initial deposit when you open the CD. After that, you must wait until the CD reaches maturity to add money to the account. The CD will automatically renew unless you contact customer service to make changes.

The only personal CDs Union Bank offers are standard CD terms. They do not offer IRA, educational, no-penalty, or add on CDs. The standard CD terms range from 91-days to 60-months.

Read the full Union Bank review.