Compare Certificates of Deposit with These Tips In Mind

Find a CD for Your Needs at Ally Bank

October 2012

When you compare certificates of deposit (CDs) from different banks, there are obviously some important considerations, and you may be surprised to learn that, although the Annual Percentage Yield (APY) is an important factor, it's not necessarily the most important.

The reason for this is simple: when you compare certificates of deposit from different banks, you'll inevitably find they all have different early withdrawal penalties, restrictions and requirements that you as an account holder will have to live by:

  • Early Withdrawal Penalties — Although the point of a CD is to let it mature so you can collect the interest, it's a good idea to know what the early withdrawal penalty is before you open the account — just in case you unexpectedly need access to your money. When you compare certificates of deposit from Ally Bank with other banks, you'll find that our rates are, as published at, among the most competitive. We're able to do this as an online bank because we have lower overhead costs than our brick-and-mortar competition.
  • Restrictions — Sometimes banks offer what seems like a great rate when you compare certificates of deposit rates from another institution. What's there in the fine print, however, may be a surprise. Perhaps that rate is only available to residents of a certain state, or maybe you're restricted to only opening the account online. At Ally Bank, we don't offer great rates to only a select few who make a huge deposit. We offer them to everybody, period, and you can either open an account online or talk with live, 24/7 customer support.
  • Requirements — maybe that great rate requires you to make a large opening deposit, live in a specific state or have some other qualifier the bank is looking for. Those restrictions inevitably could have you wondering, "Who needs it?"

It quite literally pays to compare certificates of deposit based on more than the APY.

At Ally Bank, we have a straightforward approach: we offer competitive rates on a full line of CD products designed to meet a wide variety of needs. And the Ally Bank Ten Day Best Rate Guarantee for CDs means that when you fund your account within 10 days of opening or renewing your CD, you automatically get the best rate we offer during those 10 days starting with your open or maturity date.

Ready to enjoy straightforward banking with us? Get started at or call live, 24/7 customer support at 877-247-ALLY (2559) today.

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