You've decided to put some of your savings into certificates of deposit (CDs). But now you're comparing CDs from various financial institutions and realizing it's not quite as simple as you thought. There's no need to pull your hair out: A CD calculator can help you make the right choice, letting you see what you'll earn by putting your money into a specific CD for a given length of time.
Knowing what to expect from the money you save and invest is critical to your budgeting process in retirement. With that knowledge, you can try on different strategies before committing to those that will work for you. And while you can't always forecast your expenses, the ability to predict your interest income may lead to more informed strategic financial decisions in the long run.
Online banking calculators are available on many websites, and some are easier to use than others. The Ally Bank online CD calculator lets you see exactly how your money will grow at various rates of return over various amounts of time. Simply type in your opening deposit amount, then select your term length. The annual percentage yield (APY) and your expected earnings will be displayed.
You can also compare Ally Bank rates with those of other banks. You’ll soon see that Ally Bank has great rates on all our CD products. In fact, according to Bankrate.com, rates for our CDs are consistently among the most competitive nationwide.
Learn more about the full line of Ally Bank CDs at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, member FDIC