When considering your retirement savings goals, it's as important as ever to get the best possible return over time. And with all the financial tools available, one that often plays an important role in many retirement savings strategies is the certificate of deposit (CD). 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 Because the funds in a CD can only be withdrawn at a certain time, they generally offer a higher interest rate than traditional savings or checking accounts.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.

But to get the best CD rates, you should look beyond your community bank on the corner. Online banks, such as Ally Bank, don't have the overhead that comes with maintaining branch banks, so we're able to pass the savings on to you in the form of great rates.

Comparing rates from different financial institutions can help you make sure you're getting the best certificate of deposit for your needs, but be sure to compare a few other factors that can affect your return:

  • Some banks require a large minimum opening deposit to get their best rates. By contrast, we offer great rates to everyone, and you can open and fund your account with any amount.
  • We compound interest daily to help your money grow faster, while some banks compound weekly, monthly or even annually.
  • Early withdrawal penalties vary by financial institution, so be sure you compare these penalties on any CDs you consider.

When you're saving for retirement, the best CD is the one that creates the most favorable combination of benefits for your specific goals. Take a look at what Ally Bank has to offer, including:

  • Raise Your Rate CDs. With these CDs, you have the option of a one-time rate increase if our Ally 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our Ally 4-Year CD rate goes up.
  • No Penalty CDs. These CDs allow 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.
  • High Yield CDs. CDs with a fixed rate for a fixed term.

Explore your options and learn more at AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

Ally Bank, Member FDIC

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