When it comes to bank certificates of deposit (CDs), there are a lot of options. At times, it may be hard to understand how one CD differs from another. But an understanding of some of the key features—as illustrated by the Ally Bank line of products—can help you determine which bank certificates of deposit will best suit your needs.

Interest Rates
Ally Bank offers CD rates that are consistently among the most competitive in the country. We offer the same great rate to everyone—you can open and fund your account with any amount. Plus, the Ally Ten Day Best Rate Guarantee gives you the best rate we offer for your CD during the first ten days starting with your open date if you fund your CD within that time.

You can see the difference for yourself when you use a check-and-compare online service such as Bankrate.com. You also can see how our rates stack up against the competition right on our site by clicking the "compare" tab on any CD product page.

Compounding Interest
The more frequently a financial institution compounds interest, the faster your balance grows. Some banks compound interest on a monthly, quarterly or even annual basis. At Ally Bank, we compound your interest daily. So be sure to check the annual percentage yield (or APY) when comparing rates—it reflects both the interest rate and the compounding interest.

Minimum Amount to Open
Ally Bank CDs have no minimum opening deposit requirement. Many banks do have such minimums, which can be more than $1,000 and in the case of jumbo CDs, a great deal more.

Your deposits in CDs at U.S. banks—including Ally Bank CDs—are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.

Flexibility also can be an important part of your decision to open a CD. The Ally Bank Raise Your Rate CDs, for example, give you an APY that's among the most competitive in the country. 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.

Overall, it's a good idea to explore all the features that different bank certificates of deposit offer.

Check out the full line of Ally Bank CDs by visiting AllyBank.com today or call live, 24/7 customer care at 877-247-ALLY (2559).

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