How do you shop for the best certificate of deposit (CD) rates? After all, if your money is going to be tied up for a fixed period of time, shouldn't you be getting the best rate of return on that money while it's not easily accessible to you?Of course, the answer is that finding the best CD rates is important. It's the first step in making your money work hard toward your goals. But, there are other factors to consider:
- Term: Generally speaking, the longer term CD you choose, the greater the yield on your money. If you can commit to a longer-term CD, you'll likely earn a higher rate on your CD.
- Early withdrawal penalty: Be sure you know just what it'll cost you if you need to withdraw your money before the CD matures.
- Minimum opening deposit requirements: Sometimes banks only give you their very best CD rates if you agree to make a minimum deposit.
- The bank's reputation: Most banks are members of the Federal Deposit Insurance Corporation (FDIC). Be sure to find a bank that has excellent customer service, too. At Ally Bank we've won our share of awards and recognition for great customer service, but we know that keeping our customers happy is our true success.
Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC