Certificates of deposit (CDs) mature when their terms end. You'll often hear of a CD coming due, which simply means the term has ended. The length of time the CD accrues interest is the term, and CD term lengths vary from a few months to several years. Interest rates vary on different types of CDs. At maturity, you have a few options:
- Renew your CD and let the funds roll over into the same term to continue earning interest. This is a popular strategy with those using a CD laddering strategy. Just be sure you can afford to not have access to your money until the new CD maturity date.
- Withdraw the money and open a new CD somewhere else. If you're shopping around, consider Ally Bank. According to Bankrate.com, our CD rates are among the most competitive in the country.
- Withdraw the money and use it for something else. Perhaps you were saving for a purchase, or maybe you have an unexpected expense to tackle. Either way, once the CD maturity date arrives, the money is yours to do with as you wish.
Ally Bank offers CDs in a wide range of terms to help you reach your savings goals. There's no minimum deposit to open and all of our CDs are backed by the Ally Bank Ten Day Best Rate Guarantee. Whether you're interested in our High Yield CD, No Penalty CD or Raise Your Rate CD, you'll get rates that are among the most competitive in the country and customer service that makes managing your CDs as simple as possible. Learn more at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.