Here on the Ally Bank Straight Talk Blog, we talk a lot about CDs and how they could benefit you financially. Many people have savings goals that are focused on the long-term, and some consider CDs to be the ideal vehicle to help them get there. A recent post at Bargaineering talks about the benefits of what they call “bump up CDs,” and they even talk about the Ally Bank Raise Your Rate 2-Year CD.

The major benefit of this kind of certificate of deposit is that it allows you the one-time option to raise your interest rate to a higher one if the bank’s rates rise at some point during the life of your CD. This offers a level of flexibility that many people enjoy. After all, who doesn’t want to take advantage of a better rate if one should come along?

Author Jim Wang says only you can decide which type of CD is best for you, but points out that CDs have a lot of appealing traits for the serious saver, two of them being predictability and protection.

Have you considered putting money into a Raise Your Rate CD? Do you plan on following Jim Wang’s example and laddering your CDs?