Choosing a CD

Why it is Essential to Compare CD Rates

September 2012

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 at just rate comparison. Know what you're getting, and with whom you're trusting your money because some banks are just more customer-friendly than others.

You can start your search by first deciding how you want to bank. Do you prefer traditional banks with local branches or do you enjoy the convenience of banking online? While both have merit, online banks like Ally Bank typically offer more competitive interest rates on CDs according to Bankrate.com. Plus with us, you can even compare CD rates offered other banks.

Once you've found a CD rate that fits your needs, consider the other benefits the bank has to offer. Can you easily manage your account? Can you get in touch with a customer service representative quickly when you need assistance? How much of an initial deposit is required to open a CD? These are questions you may want to ask yourself before you settle on a bank.

Ally Bank helps make banking simple with a secure, robust and industry-leading online banking experience. And when you need us, you can also get in contact with a customer service representative any time, 24/7 - via chat, email or phone. We even post the current wait-time on our site so you know how soon you'll be talking with someone.

Finally, one of the most important things to look into before opening a CD is the initial deposit requirement. Some banks require a hefty sum to open a CD account, but you can open and fund any Ally Bank CD with any amount and still earn the same great rate as someone who deposits more.

Remember, comparing CD rates is essential, but so is finding a bank that respects your time and money. Check out Ally for yourself at AllyBank.com or call live, 24/7 support at 877-247-ALLY (2559) today.

Related articles: