Saving money for the future can be tough to do on any salary. The temptation to simply spend money as fast as you make it isn't always easy to ignore, even when you know that saving is important. However, choosing a good saving method, such as a certificate of deposit (CD), may help you save more money in the long run. Consider the following ways a CD can be a sensible savings solution:
- Higher Interest Rates–Bank CD rates are typically higher than what you get with other saving products. Plus, online banks like Ally Bank generally offer higher interest rates than brick-and-mortar banks according to Bankrate.com. Bank CD rates aren't always set in stone, either. For instance, with the Ally Bank Raise Your Rate CD, 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.
- More Flexibility–Finding a bank that doesn't require a hefty opening deposit gives you an incentive to start saving right away. At Ally Bank you can open and fund any CD with any amount and still earn a great rate.
- Low Risk–To help you save with peace of mind, your funds at FDIC-member banks like Ally Bank are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.
Saving money may be a challenge, but it's worth considering a CD from Ally Bank, which can help you make the most of every dollar you earn. And regardless of your financial situation, we can help you find a way to save that fits your budget. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC