Frequently asked questions
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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.
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Does Ally's IRA Raise Your Rate CD come with your Ten Day Best Rate Guarantee?
With our Ally Ten Day Best Rate Guarantee, when you renew your IRA CD you automatically get the best rate we offer within ten days beginning with the CD renewal date. Most banks offer only one rate — the one you get the day you renew. This guarantee does not apply to interest rate increases for the Raise Your Rate CD.
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What are the current rates on IRA certificates of deposit?
You can view our current rates by visiting our IRA High Yield Certificate of Deposit and IRA Raise Your Rate Certificate of Deposit pages. You can also call us at 1-877-247-ALLY (2559). Rates may be updated daily.
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What is Ally's IRA Raise Your Rate Certificate of Deposit?
Our IRA Raise Your Rate Certificate of Deposit is a high interest CD that gives you the flexibility of increasing your rate to our current interest rate if it goes up during your term.
With our IRA Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our IRA Raise Your Rate 4 year CD, you can increase your interest rate twice.
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What is the minimum deposit for an Ally IRA Certificate of Deposit?
There is no minimum deposit to open our IRA High Yield Certificate of Deposit or IRA Raise Your Rate Certificate of Deposit.
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What types of IRA certificates of deposit do you offer?
We offer 2 types of IRA CDs: an IRA High Yield Certificate of Deposit with fixed rate terms of 3, 6, 9, 12 and 18 months, and 3 and 5 years; and IRA Raise Your Rate Certificates of Deposit for 2 year and 4 year terms that let you raise your rate during your term if our rates go up.
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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.
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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.
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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.
