If you are looking to grow your savings, a certificate of deposit (CD) may be right for you. It's not only easy to get a CD—and convenient when you open your CD online—but it can help you build savings to use for short- or long-term goals.
What Are CDs?
CDs are time deposits. When you open a CD, you agree that you will not withdraw the funds until the maturity date, which could be anywhere from a few months to several years after you open the account, depending on the term you choose. You can close a CD before the term ends, but you typically will pay an early withdrawal penalty for doing so.
One exception to this is the Ally Bank No Penalty CD. With it, you get a CD that allows you to withdraw all your money, including interest earned, without a penalty, any time after the first six days following the date you fund your account.
How Do I Open a CD?
Opening a CD is easy and convenient, especially with an online bank like Ally Bank. We offer CDs with various terms to meet your needs and you can open and fund any Ally Bank CD with any amount and get our advertised rate.
Is Opening a CD a Smart Choice?
Opening a CD is a good option when you want a fixed return and you know you can leave the money deposited for the term of the CD. While the stock market is in a constant state of flux, CDs provide a safe, stable way to grow your money. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC