There are other benefits to consider, including daily compounding schedule, no minimum balance and a 0.05% loyalty bonus if you renew your CD. Why not just opt for a savings account? Well, Ally’s no-penalty CD yield is currently half-a-percentage point higher than its high-yield savings offering, and the 11-month term means you’ll benefit if Ally decides to cut rates in the interim. It’s no-penalty is no exception: you can lock in a 4.55% APY for 11 months. Ally Bank, perhaps the most established online-only bank, has long been known for competitive rates, especially compared to its brick-and-mortar competitors.
