When you compare certificates of deposit (CDs) from different banks, you may be surprised to learn that, although the Annual Percentage Yield (APY) is an important factor, there are other things to consider before you make a deposit.

  • Early Withdrawal Penalties — Although the point of a CD is to let it mature so you can collect the interest, it's a good idea to know what the early withdrawal penalty is before you open the account—just in case you unexpectedly need access to your money.
  • Restrictions — Sometimes banks offer what seems like a great rate when compared with certificates of deposit rates from other institutions. The fine print, however, may contain surprising restrictions. Be sure to study account terms carefully.
  • Requirements — Some banks may require a large opening deposit or other requirement to get their best rates. At Ally Bank, we offer great rates to everybody, period, with no minimum deposit required to open.

It pays to compare certificates of deposit based on more than the APY. At Ally Bank, we have a straightforward approach: we offer competitive rates (as published by Bankrate.com) on a full line of CD products designed to meet a wide variety of needs. And the Ally Bank Ten Day Best Rate Guarantee for CDs gives you the best rate we offer for your CD term during the ten days starting with your CD open date, provided you fund your CD within that time. (If you do not make your deposit within the ten days, your rate will be the rate on the day you fund and at the time the funds are deposited to your account.)

Ready to enjoy straightforward banking with us? Get started at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

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