Online banks have greatly expanded the choices available for certificates of deposit (CDs), and you'll often find the best rates for CDs are from online banks. Because operating costs are lower, online banks usually can offer higher rates of return than their brick-and-mortar counterparts, according to rates published by Bankrate. So with all the choices available, where do you start when comparing the best rates for CDs? See below for some factors to consider as you research your CD options.

Interest Rates
Ally Bank offers CD rates that are consistently among the most competitive in the country. We offer the same great rate to everyone—you can open and fund your account with any amount. Plus, the Ally Ten Day Best Rate Guarantee gives you the best rate we offer for your CD during the first ten days starting with your open date if you fund your CD within that time.

You can see the difference for yourself when you use a check-and-compare online service such as You also can see how our rates stack up against the competition right on our site by clicking “compare our products” from the main Ally Bank savings and CDs page.

Compounding Interest
The more frequently a financial institution compounds interest, the faster your balance grows. Some banks compound interest on a monthly, quarterly or even annual basis. At Ally Bank, we compound interest daily. So be sure to check the annual percentage yield (or APY) when comparing rates—it reflects both the interest rate and the frequency of compounding interest.

Minimum Amount to Open
Ally Bank CDs have no minimum opening deposit requirement. Many banks do have such minimums, which can be more than $1,000 and in the case of jumbo CDs, a great deal more.

Your deposits in CDs at most U.S. banks—including Ally Bank—are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.

Flexibility also can be an important part of your decision to open a CD. The Ally Bank Raise Your Rate CDs, for example, give you an APY that's among the most competitive in the country. You have the option of a one-time rate increase if our 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our 4-Year CD rate goes up.

Learn more by visiting or call live, 24/7 customer care at 877-247-ALLY (2559) today.

Ally Bank, Member FDIC

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