Many investors are choosing to purchase short term CDs over longer terms. It's hard to justify locking your money into a long term CD when CD rates are low. Ally Bank has a great solution that gives you the best of both worlds - a decent CD rate to start and the opportunity to raise your CD rate later.
The Raise Your Rate CD from Ally Bank is currently crediting 2.02% APY for 2 years. Lock in a great rate now, plus have the option of a one-time rate increase if the rate goes up.
Regardless of the amount of funds you have available, Ally Bank offers a great money market account for any level of investment. Usually the smaller the initial investment, the lower the money market rate. With Ally, the APY stays constant at all investment levels.
The account is currently crediting a competitive annual percentage yield of 1.65%. There's no minimum balance, no monthly fees and you can open an account online with $0.
BankFriends researched current money market rates to bring you to the best Annual Percentage Yields (APY) without having to do the work yourself. We have the top five money market rates listed here for several different deposit amounts.
If you invest less than $1,500, the top money market rates are:
(Bank, APY, Minimum Deposit)
Ally Bank consistently offers some of the best CD rates in the country. Right now, Ally's 2 year CD stands out from the competition with a 2.30% APY. Besides the great interest rate, there is no minimum deposit required to open an account and you can access and track your CD investment online through their online banking portal.
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