So you've accumulated some savings, and you're ready to open a certificate of deposit (CD.) Which kind of CD is best for you? That all depends on your savings goals. A website like Bankrate.com can help you compare the rates and terms offered by several banks, and a CD interest calculator can help you figure out what kind of yield to expect based on different rates.
It's important to understand the variety of CDs available. Consider the details of the CDs offered by Ally Bank to help you determine which ones are right for you:
- High Yield CD: A CD with our highest fixed CD rate for a fixed term—anywhere from three months to five years.
- No Penalty CDs: The Ally Bank 11-month No Penalty CD allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account.
- Raise Your Rate CDs:With our Raise Your Rate CDs, you have the option of a one-time rate increase if our Ally 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally 4-Year CD rate goes up.
Once you've determined which CD is right for you, use the Ally Bank CD interest calculator to project your earnings over a specific time period. Simply select the amount you want to deposit, select your term, and our CD interest calculator will instantly show you exactly how your interest will accumulate.
All Ally Bank CDs have rates that among the most competitive in the country and your deposits are insured by the FDIC up to the maximum amount allowed by law. There is no minimum to open and fund your account, and with an Ally Bank CD, you get the Ally Bank Ten Day Best Rate Guarantee at opening and renewal. Plus, your interest is compounded daily, to help your money grow faster. Learn more by visiting Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.