In a personal finance plan, certificates of deposit (CDs) can provide a stable, predictable place to keep some of your money, according to Carl Friedrich, managing principal of Friedrich Wealth Management in Syosset, New York, who spoke with Ally Bank.

People often use CDs as a way to set aside money for a house, a car or an emergency fund. To determine how CDs can work for you, Friedrich recommends thinking ahead. “The question we always start with,” he says, “is when do you need the money?"

That's important, because you don't want to find yourself withdrawing money before the CD matures. Doing so usually will incur an early withdrawal penalty. CDs fit particularly well with an overall personal finance plan, because "you know exactly what you're getting. The maturity is [fully disclosed]," explained Friedrich. Once you know the time frame that will work, you can decide on a CD that fits into your financial plan.

Get the scoop on the Ally Bank line of CD products—including the Ally Bank No Penalty CD—at or call live, 24/7 customer care at 877-247-ALLY (2559).

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