But nothing’s stopping you from reinvesting it in a new CD. If you need some cash early, you have to withdraw the whole amount.

However, you can’t make a partial withdrawal before the maturity date. You can withdraw all of your money any time after the first six days of funding your CD without facing a fee. If the CD rate increases within 10 days of you opening it, you’ll automatically get the raised rate. 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.