"I've got plenty of time to save money and 6-month CD interest rates aren't that high. Why should I buy a CD today? There's no rush."

There may be few things that concern financial planners more than hearing excuses for delaying saving, especially if the delay is based on the notion that anyone can time financial markets to take advantage of higher interest rates later. "Trying to time interest rates or predict interest rates is simply a losers' game," says Nicholas LaVerghetta, a certified financial planner with NCM Capital Management, LLC, in Ramsey, New Jersey, in an interview with Ally Bank. "The longer you wait," he says, "the faster rates have to go up for you to catch up."

And there's a powerful reason for their impatience with reluctant consumers: LaVerghetta and other financial planners point out that compound interest means starting early can have a geometric effect on your savings, even when you're talking about a 6-month CD.In other words, if you start saving sooner rather than later, you're likely to have more when you're ready for a big purchase like a home or even retirement.

Let's say you're trying to decide whether to drive your perfectly serviceable car for another year or two, or buy a new model. If you calculate what you'd earn if you deposited $30,000 in an Ally Bank 6-month CD, you can quickly see that the current annual percentage yield (APY) gives you better results than just sitting on the cash without earning any interest. You can explore how rates impact your money using our online CD interest calculator.

You can fund an Ally Bank CD with any amount and earn interest at a rate which is among the most competitive rates in the country, all with the security of knowing your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.

Visit AllyBank.com today or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, Member FDIC

View CD Rates