What is a Certificate of Deposit?
A certificate of deposit, or CD, is a savings tool that allows you to deposit a sum of money for a prearranged length of time at a particular interest rate. To get a good CD return you need to find a bank with a high interest rate. The advantage to using a CD to grow your savings, versus a regular savings account, is the higher interest rate.
How Much Do I Need to Open a CD?
You can open and fund an Ally Bank CD with any amount. Simply make your deposit within 10 days of opening the account to obtain the highest rate Ally Bank offers during that 10 day period. As a general rule of thumb, the longer the term of the CD, the higher the interest rate. While some banks require a minimum deposit in order to get the very best CD return, at Ally Bank, everyone gets the same great, highly competitive rate - regardless of how much you deposit.
Where Can I Find the Highest CD Rate?
Generally, the best CD return can be found with an CD from an online bank because online banks like Ally Bank have lower operating costs and can pass the savings onto customers in the form of competitive rates.
Opening a CD Online
Opening a CD online at Ally Bank is convenient, and we'll guide you every step of the way. Explore your options at allybank.com or call live, 24/7 customer service at 877-247-ALLY (2559) today.