MagnifyMoney Names Ally Bank Best Bank for CDs
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Ally Bank was named best bank for CDs by MagnifyMoney thanks to its consistently high rates, especially on its 1-year CD and No Penalty CD offering, which provides a competitive rate without penalizing account holders for early withdrawals. The bank’s competitive rates extend across its three different CD account types — the High Yield CD, Raise Your Rate CD and No Penalty CD. Each CD’s rate applies to all balances, except on the 18-month and 3-year High Yield CDs, where higher balances snag higher rates. Ally Bank doesn’t require a minimum deposit to open any of its CD nor charge monthly fees.