Why Save Money in a Certificate of Deposit?

Find out how a CD, a time deposit account, can help you reach your goals.

January 2015

A certificate of deposit, or CD, is a time deposit. When you open a CD, you agree that you will not withdraw the funds until the maturity date, which varies from a few months to several years after you open the account, depending on the term you choose. You can close a CD before the term ends, but you typically will pay an early withdrawal penalty for doing so. CDs generally offer higher annual percentage yields (APYs) than regular savings accounts. CDs are a great way to save money, particularly for long-term goals.

Moreover, Ally Bank offers several CD products to meet your financial needs:

  • High Yield CD: A CD with a fixed rate for a fixed term.
  • No Penalty CDs: This CD allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account.
  • Raise Your Rate CDs: With these CDs, you have the option of a one-time rate increase if our 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our 4-Year CD rate goes up.

Ally Bank can help you open a CD in just a few easy steps. Check out our competitive interest rates and start saving smart today. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, Member FDIC

High Yield CD

No Penalty CD

Raise Your Rate CD

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