Two of the advantages of a certificate of deposit (CD) are that it is both predictable and reliable: When you put money into a CD, you generally know what you will get back at the end of its term (provided you don't withdraw the balance early).
But to fully understand what happens to your money, you need to know how a certificate of deposit's interest rate works. And because different CDs may have different rates, the calculation can move beyond simple mathematics. Additionally, differences in how often interest is compounded can lead to different annual percentage yields (APY).
It all may sound complicated. But it can be fairly easy to sort out with the Ally Bank CD interest calculator.
With the Ally Bank CD interest calculator, you enter in the term of the CD you're interested in. The calculator will automatically show you the current rate for that CD, along with its APY, based on Ally Bank's daily compounding method. You then enter the amount of money you want to put into the CD, and how many times you would like to renew it.
The CD interest calculator then tells you what your total CD value will be in the future. You can even print out the report, which includes a chart, for your records.
Ally Bank offers a variety of different types of certificates of deposit as well as CD interest calculators for each type. These include:
Raise Your Rate CDs
These give you the option to raise the interest rate on your CD if our rates increase during the life of the CD. With a two-year CD, you have the option to increase it once; with a four-year CD, you can do so twice. And to make sure you have the tools you need to make the right decision, you can sign up for a "Raise Your Rate" alert that lets you know when Ally CD rates have increased. Check out the CD interest calculator for the Raise Your Rate CD.
No Penalty CDs
Traditionally, you pay a penalty if you take your money out of a CD before its term is up. With Ally Bank No Penalty CDs, however, you can withdraw all your money, including interest earned, without any penalties, anytime after the first six days following the date you fund your account. Try out the CD interest calculator for the No-Penalty CD.
Finally, along with these CD interest calculators, you might also want to check out the Ally Bank Compare Products chart that gives you a quick overview of the our savings products. This shows the various accounts' features and our current APYs, and - to make it easy to compare - the APYs offered by our competitors.
Take a look at the full line of Ally Bank CDs and even open your account online at AllyBank.com or call live customer care at 877-247-ALLY (2559), where help is available 24/7.