If you're looking for a reliable way to grow your savings, Certificates of Deposit (CDs) like the ones offered by Ally Bank may be a good way to go. CDs are savings products that often offer competitive interest rates.
When you open a CD, you agree that you will not withdraw the funds until the maturity date, which varies from a few months to several years after you open the account, depending on the term you choose. At Ally Bank, this could be three months to five years. The bank may add interest to your account on a fixed schedule. At the end of the CD term, you can choose to renew your CD or receive your original deposit amount in addition to the interest earned over the life of the term.
Usually if you withdraw your money before your CD matures, you will pay an early withdrawal penalty. But with an Ally Bank No Penalty CD you can withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD.
At Ally Bank, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) to the maximum allowed by law, meaning your money is always safe. And since we're an online bank, we're able to offer great rates. In fact, our CD rates are consistently among the most competitive in the country.
Take a look at some of the great benefits of our CDs and see which one works best for you. To learn more visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC