Certificate of deposit (CD) rates change as a matter of course. And when searching for the best rates for certificates of deposit, you'll find that they vary over time, as well as from bank to bank. You may wonder if you are checking rates frequently enough to take advantage of the best opportunities. But there are some strategies you can use to put your mind at ease.

Choose wisely.
CDs have a built-in incentive to stay the course in that they usually carry a penalty if you should withdraw your funds before your CD matures. It's ideal to let your money remain on deposit for the full term so that you maximize your earnings. So when you've chosen a solid CD, you may not need to check rates until the time comes for opening a new CD.

If you're still worried about ensuring that you don't miss an opportunity to get a better rate, consider the Ally Bank Raise Your Rate CDs. With Ally Bank Raise Your Rate CDs, you have the option of increasing your rate once over the 2-year term or twice over the 4-year term if our rate for your term and balance tier goes up on these CDs.

Build a good ladder.
A CD ladder consists of a series of CDs with different term lengths, which can range from just a few months to several years—whatever terms work for your needs. This lets you take advantage of the higher interest rates that usually come with CDs with the longest maturity dates, while maintaining some flexibility with the shorter-term CDs. As each “rung” of your CD ladder matures, you can redeposit that money into a new CD. And with a gradual maturing of various CDs at different times, you won't have to miss out on any higher rates that may become available.

Use convenient tools.
Ally Bank offers rates for certificates of deposit that are consistently among the most competitive in country. Our user-friendly website provides an online rate calculator and we even post our competitors' rates for comparison. Taking advantage of tools like these can help you build the type of sound strategy that suits you best.

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're sure to find a CD that fits your financial goals. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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