What is a certificate of deposit (CD)? 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. Because the funds for a CD can only be withdrawn at a certain time, they generally offer a higher interest rate than traditional savings or checking accounts. CDs with longer term lengths usually will have higher rates.
With rates among the most competitive in the country, and a variety of CDs to choose from, Ally Bank has what you need to start saving with CDs now. See which one works best for you.
Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC