How a Certificate of Deposit (CD) Account Helps You Save Money
What are the Benefits of Opening a CD account?
Certificates of deposit, or CDs, are sometimes called "CD savings accounts" even though CDs and savings accounts are two different kinds of accounts. But regardless of what you call them, CDs have long been seen as a solid way to save money. In a world where people play close attention to the Dow Jones Industrial Average, CDs can play an important role in any well-thought out financial strategy.
"Most portfolios—except for the very aggressive ones—are going to have some percentage of their portfolio in cash, said Ted George in a recent interview with Ally. George is president of George Financial Advisors in Scott's Valley, California. George points out that consumers can, "use CD savings accounts in order to make sure that they can get some consistency."
He adds that CD accounts are often appropriate "if there are short-term to medium-term needs for cash outside of the investment portfolio."
In many ways, the current economic landscape may be making CDs even more important than usual. Ally understands the importance of making good decisions about saving. That's why we offer a variety of CDs each tailored to our customers needs. Take a look and see which one works best for you.