While the interest rate is a good place to start, there are several other things to consider when shopping for a certificate of deposit (CD).
Know minimum deposit requirements. Make sure you look into the minimum amount required to open your CD and whether it will automatically renew at maturity. At Ally Bank, you can open and fund your CD with any amount. We have automatic renewal so you can continue to keep your deposit and earned interest working hard.
Find out about the bank. As the Federal Deposit Insurance Corp. (FDIC) reports, "Not all companies with bank-sounding names are actually banks or are insured by the FDIC." At Ally Bank, all of your accounts are FDIC-insured up to the maximum allowed by law.
Consider your financial goals. Consider how much money you can afford to put into a CD, and how long you want to commit your deposit to a CD. It should all start with your personal goals, says Ted George, president of George Financial Advisors in Scott's Valley, California. We asked him to explain how he approaches the subject with his clients. "The point of saving is to achieve some financial goals," says George. "So as financial planners, we first try to identify those goals, . . . once you have that in place, you can determine what kind of risk you can handle."
Take a look at our Ally Bank CDs and see which best suits your needs. Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC