People today know the importance of maximizing their earnings especially now that the economy is experiencing downsides. Aside from earning more, a smart move would be to increase your savings through investments such as certificates of deposits. This is the most convenient means for people or individuals to save their own money especially when they will choose the longer terms. The longer the time of the deposit, the higher the interest will be, making your savings increase through time. Now the question is, where can avail of the right CD with good rates?
Almost all financial companies offer certificate of deposit accounts but the company that offers some of the best rates is Ally Bank. Ally Bank has been a reliable banking partner to many especially with their competitive CD rates. But what makes their certificate of deposits or CDs different?
One thing about their CDs is that when individuals fund their account within ten days which includes the opening date, they will get the biggest or largest rates during the chosen term. They call this the Ally Ten Day Best Rate Guarantee. No other bank or financial institution offer this kind of service. Another reason why they have the best is that they have the compounding interest daily which will make the savings grow faster. And lastly, they don’t have a minimum deposit for one to open an account. This will then make it very easy for interested individuals to have a CD account.
For their fixed CD rate, there will be no monthly fees or maintenance fees. Account holders will be able to check their account anytime because of Ally Bank’s mobile banking service. All accounts are also FDIC insured which will definitely make the account owners feel safe and secured. In terms of their current rates, the latest which was last updated on July 17, 2012 are the following. Those who will choose the 3 months term will have an interest rate and an APY of 0.34%. For the six months term, the APY and interest rate is 0.74%. While for the 12 month term, the APY is 1.02% with an interest rate of 1.01%. And the last is the three years term which has an interest rate of 1.29% with an APY of 1.30%.