Everybody wants their money to earn the highest interest rates possible. After all that's one of the primary reasons you open a certificate of deposit (CD). However, while shopping for the best CD rate is a start, it's not the place to stop. That's because neither all banks nor all rates are created equal.
Some banks reserve their best certificate of deposit interest rates for depositors with the highest balances whose money is deposited for the longest time, so that great rate you find may not be yours unless you meet the terms and conditions. At Ally Bank, you can open and fund a CD with any amount and still earn the same great competitive rate as someone who deposits more.
Be sure to look for any other conditions hidden in the fine print—high early withdrawal penalties, etc.—that can eat away at your return. And when you're comparing interest rates between banks:
- Make sure you're comparing annual percentage yield (APY) to APY (not to APR)
- Pay attention to how the interest is compounded
Finally, do some homework on the bank itself. Explore the bank's website and see how to get around. Then start looking at other factors such as how long they’ve been in business. Can you find any positive press coverage about them? Do they offer other products and services you could use? Finding the highest interest rates is important, but so is your peace of mind.
With rates that are consistently among the most competitive in the country and a commitment to customer service, Ally Bank may be the bank you've been looking for.
Check out our great CD options by visiting AllyBank.com today or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, Member FDIC