When you open a certificate of deposit (CD), the bank lends the money out to earn interest. The bank pays you interest for the use of your funds. Generally, the longer you're willing to leave money in a certificate of deposit, the better the APY you're likely to get. At the end of your term — called the CD maturity date — you have the option to withdraw the money plus interest.
To Renew or Not to Renew
When a certificate of deposit reaches the maturity date, you can decide what you want to do with it. Most banks — including Ally Bank — give you the option of renewing automatically. This means that once the CD maturity date is reached, your account renews into a new CD. The earnings may be different, however, depending on whether interest rates have changed.
When your CD reaches the maturity date, compare interest rates and make sure that you are getting the best bang for your buck from a bank you trust.
Ally Bank offers rates that are consistently among the most competitive in the country. You can even compare our rates with those of some of our competitors on our website.
Keeping Track of Certificate of Deposit Maturity
Ally Bank is an online bank, so keeping tabs on your money couldn't be easier. In fact, we can help you open a CD account in a few easy steps online. Learn more at AllyBank.com or call our knowledgeable customer care team at 877-247-ALLY (2559) today, where help is available 24/7.