Frequently asked questions
What are the current rates on IRA certificates of deposit?
What is the minimum deposit for an Ally IRA Certificate of Deposit?
What types of IRA certificates of deposit do you offer?
What happens if the IRA CD rate changes after I open a new account?
With Ally's IRA High Yield Certificate of Deposit and IRA Raise Your Rate Certificate of Deposit, you get the best rate we offer on the day you open your CD or the day you fund — whichever is higher — when you fund within 90 days of opening the CD. With our IRA Raise Your Rate CD, you get the added ability to call us for a rate increase if our rates go up any time during the CD's term.
If your CD has not been funded after 90 days, we will close it.
Can I add additional funds to an IRA certificate of deposit?
No. Additional funds cannot be added during the initial term of any of our IRA certificate of deposit options. Once the certificate of deposit matures, however, you have the opportunity to deposit additional funds and roll over the CD into a new term. This can be done during the 10-day grace period, starting with the maturity date. Annual IRA Contribution limits may apply. Consult your tax professional for advice.
Will I be penalized for an early withdrawal from my IRA Certificate of Deposit (CD) before it reaches maturity?
We will only charge an early withdrawal penalty if you make a withdrawal before the CD matures. For all CDs, the early withdrawal penalty equals 60 days' interest. This penalty is calculated using the interest method detailed in your Deposit Agreement, and is first deducted from the interest and then — if necessary — the principal. There are a couple of exceptions: We will waive the early withdrawal fee if the depositor should pass away or be judged legally incompetent. Also, if the account holder has to make a Required Minimum Distribution (RMD) on their Ally IRA, we will waive the early withdrawal penalty for up to that amount.
Remember, your withdrawal may be subject to a 10% IRS tax penalty if made before age 59 and a half. You may want to check with the IRS or a tax professional before making withdrawals from your IRA.
Are there any fees to open or maintain an IRA certificate of deposit?
There are no opening fees and maintenance fees for an IRA certificate of deposit.