If you're looking for a safe way to help your savings grow, you might consider certificates of deposit (CD) like the ones offered by Ally Bank. This type of savings product may help you stay on top of your saving goals.
When you open a certificate of deposit account, you usually cannot access that money for a certain amount of time without paying an early withdrawal penalty. In exchange, the bank will usually offer you a higher interest rate than what you'd find with a standard savings account.
CDs are savings products that can be tailored to suit your needs, budget and interests. For example, you could open a certificate of deposit for only a few months or a year. This means that people with a wide range of financial backgrounds can find a CD that works for them.
CD accounts are seen as one of the safest financial moves you can make. After all, you are less likely to access this money if you know that withdrawals will result in an early withdrawal penalty. But there are options for those who do not feel comfortable leaving money in an account they can't access. Ally Bank offers a No Penalty CD that allows you to withdraw your funds along with any interest earned — with no early withdrawal penalty — any time after the first 6 days of funding your CD.
Ally Bank can help you open a CD account in just a few easy steps online, and with rates that are consistently among the most competitive in the country, you may reach your savings goals that much faster. To learn more call our live 24/7 customer support line at 877-247-ALLY (2559) or visit Allybank.com today.