Certificates of deposit (CDs) can be a great way to save for the future. When you compare CDs, you should determine how much you want to deposit and how long you want to commit that deposit to a CD. Those two factors can help you compare CD rates accurately.
It's important to be aware that banks have expanded CD offerings over the years to include various features. When you compare CDs, consider factors such as the minimum deposit to open and the penalties involved for early withdrawals. Also consider CDs such as the Ally Bank No Penalty CD, which allows you to withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your account.
Some banks offer CDs with the option of rate increases, which can be important if rates rise during the life of the CD. At Ally Bank, we offer a Raise Your Rate CD. 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. The bottom line is to do your research so you know the terms, benefits, features and penalties of each CD you consider.
Ally Bank makes it easy and straightforward to save money with CDs. We offer 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 Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.