Ally presents a wide array of variety when it comes to investment and retirement products. Their lineup of certificates of deposit (CDs) includes investment periods of 3 months all the way up to 5 years, giving you the ability to access your money on a more regular basis than most other banks will allow. As Ally is an online bank that specializes in savings accounts, their CDs are superior in rates returned when compared to many other online banks. Ally’s site has an option that allows potential customers to browse the major banks that are competing with Ally as far as CD investments go. Typically, Ally outmatches them all.
Ally also offers you the opportunity to open a CD with no minimum deposit. Where other banks will only offer their high interest CDs to customers with $100,000 or more, Ally’s services are targeted toward smaller investors. If you wish to open a CD, there is absolutely no amount that is too small for you to begin with.
Interest in Ally CDs is compounded daily, allowing you to earn interest much more quickly. There are also no fees paid by you on these investment products. The interest rate advertised is what you get; there are no hidden costs incurred.
Another thing to take into consideration is that if you do nothing, your investment will automatically be renewed for you. If you need this money for any reason, you need to make sure that you let Ally customer service know not to renew the CD.