Should I Auto-Renew my Bank Certificate of Deposit?

Great Rates Now. Consistently Great Rates.

September 2012

A bank certificate of deposit, or CD, can be a helpful tool when it comes to saving money. It offers the kind of security that you can only get with an FDIC-insured product coupled with a competitive interest rate that you usually can't find attached to a regular savings or money market account.

Having a bank certificate deposit usually involves giving up access to your money until the product's term has ended. At that point, many people find it's best to renew their bank certificate of deposit and continue earning interest on that money. What many people don't know is that you can automatically renew your CD, making saving that much easier.

On the other hand, if the rate offered on the CD isn't as competitive as you like, it might make more sense to move that money to Ally Bank, where our CD rates are consistently among the most competitive available in the country, according to rates as published by Bankrate. And we compound interest daily for maximum earnings.

At Ally Bank, if your bank certificate of deposit matures and we don't hear from you, we'll automatically renew it to make sure your money is secure and working for you. It's just another way we do right by our customers.

If you're thinking about putting your money into a bank certificate of deposit, take a look at what we have to offer. The automatic-renewal option attached to all of our CDs is only one of the many benefits you can take advantage of. According to rates as published by Bankrate, all of our savings products regularly have some of most competitive interest rates out there. Plus, they can be opened with any amount.

All of your funds in our CDs are insured by the FDIC to the maximum amount allowed by law. In addition, we offer three types of CDs to help you save: a High Yield CD, a Raise Your Rate CD, and a No Penalty CD. That's three different ways to make your money work for you. Learn more at Allybank.com or call us 24/7 and talk to a live customer care representative at 877-247-ALLY (2559).

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