Choosing a CD

Why It Is Essential to Compare CD Rates

March 2015

When opening a certificate of deposit (CD), you will no doubt want to find a product with a good interest rate to help your money grow. Obviously, high-interest CDs help you build up your savings faster. Since interest rates vary from bank to bank, it is wise to compare CD rates before purchasing a CD. But don’t stop there. Be sure to research the bank and all the terms of each CD you consider.

You can start by first deciding how you want to bank. You’re familiar with your local brick-and-mortar bank branch, but it may be a good idea to consider an online bank like Ally Bank. Online banks typically offer more competitive interest rates on CDs according to Bankrate.com. Plus, with us, you can even compare CD rates offered by other banks.

Once you've found a CD rate that fits your needs, consider other benefits the bank has to offer. Can you easily manage your account? Can you get in touch with a customer service representative quickly? Is there a minimum balance requirement? How often does the bank compound interest?

Ally Bank helps make banking simple with a secure, robust and industry-leading online banking experience. And when you need us, you can also contact a customer service representative any time—via chat, email or phone. We even post the current wait-time on our site. At Ally Bank you can open and fund a CD with any amount and earn among the highest interest rates in the country.

Remember, comparing CD rates is essential, but so is finding the right bank. Learn more at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, Member FDIC

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