During retirement, you may find yourself pursuing goals that have long been put off. Whether you have travel plans, hobbies to take up or a big purchase you've wanted to make, certificates of deposit (CDs) can be a valuable way to make your money work for you.
Don't settle for great rates alone.
Finding the best possible rate is important, but you should also consider other terms and conditions, such as minimum deposit requirements, restrictions and fees. Also, make sure your deposit is insured by the Federal Deposit Insurance Corporation (FDIC). At Ally Bank, you can open and fund your account with any amount and deposits are always insured by the FDIC up to the maximum allowed by law.
Do some comparison shopping.
It's smart to compare term lengths as you consider different CDs. Generally, the longer the term on the CD, the better interest rate you will receive. You can close a CD before the term ends, but you typically will pay an early withdrawal penalty for doing so. The Ally Bank No Penalty CD, however, allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account.
Get updates on rates.
Instead of constantly searching online to find great long-term CD rates, consider taking advantage of Really Simple Syndication (RSS) feeds. You can easily subscribe to the RSS feed from Allybank.com, for example, with quick setup for some of the most popular RSS readers. If you don't already have an RSS reader, there are various free options available online. Once you have that set up, you'll start getting timely updates on our rates delivered to your reader.
CDs can be a great way to reach your financial goals. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC