So you've accumulated some savings, and you're ready to open a CD. Which kind of CD is best for you? That all depends on your savings goals — and a CD interest calculator can help you run some comparisons to determine which CD might fit the bill for you.
Let's look at three Ally Bank CDs — High Yield, No Penalty, and Raise Your Rate — to consider the relative benefits of each, and what kind of savings goals might be best served by each.
Earn Our Highest Rate For A Fixed Term.
If you know your time horizon — from 3 months up to 5 years — then an Ally Bank High Yield CD could be your best solution. There is no minimum to open and fund your account, and with an Ally CD, you get the Ally Bank Ten-Day Best Rate Guarantee at opening and renewal. Automatically you get the best rate we offer for your CD term during the 10 days starting with your open date, as long as you make your deposit within that time.
Plus, your interest is compounded daily, to make your money grow faster. What's more, these benefits apply to all Ally Bank CDs.
Use the Ally Bank CD interest calculator to project your earnings over a specific time period. It's easy. Simply select the amount you want to deposit, select your term, and our CD interest calculator will instantly show you exactly how your interest will accumulate.
Enjoy Flexibility with a No Penalty CD.
Is flexibility most important to you? If you want the option of accessing your money during the CD term, our No Penalty CD could be a good solution. With it, you can withdraw all your money, including interest earned, anytime after the first 6 days of funding your CD. If there is the chance you might need your money in the near term, this CD allows you to keep all the interest you earn. Other CDs charge a penalty for early withdrawal.
Hedge Your Bets In Case Rates Go Up.
If you can commit to a longer term, but are concerned about rates going up, take a look at our Raise Your Rate CDs. You can secure a competitive rate but also have the peace of mind that comes with knowing if rates go up, you won't miss out. With our Raise Your Rate CD, you have the option of increasing your rate once (for a 2-year CD) or twice (for a 4-year CD) if our rates on these CDs go up during the term of your CD.
Use the CD interest calculator to compare the CDs that interest you. And remember, there is no minimum required to open and fund any Ally Bank CD. Visit Allybank.com to use our CD interest calculator to compare CDs. And remember that you can talk with a knowledgeable Ally Bank Customer Care Associate anytime, 24/7 at 877-247-ALLY (2559).