When shopping for a bank certificate of deposit (CD), one of the most important things to examine is the annual percentage yield (APY). Ally Bank and other online banks tend to operate with lower overhead costs and are usually able to offer better rates.
It's also important to look at how often interest is compounded: Banks might compound CD interest on a daily, monthly, quarterly or even annual basis—the more frequently they do so, the greater your return. At Ally Bank, your interest compounds on a daily basis, meaning you're getting the best possible rate of return.
Lastly, always consider making sure your deposits are covered by the Federal Deposit Insurance Corporation (FDIC). This is the best way to make sure your money is safe while it collects interest. At Ally Bank, all deposits are insured up to the maximum allowed by law.
See which CD works best for you. Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC