Raise Your Rate Certificate of Deposit (CD): Overview

Relax. You've got options.

Get more flexibility and earning power with our 2 year and 4 year CDs. Enjoy a great rate now, plus have the option of increasing your rate once with our 2 year CD or twice with our 4 year CD if the rate goes up for your CD's term.

  • No minimum deposit to open
  • No monthly maintenance fees
  • You can change your rate after your account is opened — if our rate on this CD goes up, yours can too
  • One interest rate increase with the 2 year term
  • Two interest rate increases with the 4 year term
  • Personalized Raise Your Rate alerts to let you know when rates go up
  • Extra peace of mind with the Ally Ten Day Best Rate Guarantee
  • Daily compound interest for maximum earnings
  • View your account on the go with Mobile Banking
  • FDIC insured to the maximum allowed by law. Maximize your coverage
  • Automatic renewal at maturity. If you make an early withdrawal, you will pay a penalty.
  • Ally's Raise Your Rate CD rates are accurate as of 6/10/2013. See rates

Step up your savings

Learn how to combine long term earnings with more frequent access to a portion of your money using our CD Ladder tool.

The Ally Difference

With our Raise Your Rate CD, you can increase your rate once (for a 2 year CD) or twice (for a 4 year CD) if our rates go up any time during your CD's term.

Plus, when you fund your CD within ten days of opening (including your open date) or when your Ally CD renews, you automatically get the best rate we offer during those ten days with our Ally Ten Day Best Rate Guarantee. This guarantee does not apply to interest rate increases for the Raise Your Rate CD.

We grow your money faster by compounding interest daily. Many others compound monthly, quarterly, or even annually.

We don't require a minimum deposit to open your account. Most banks do. Always be sure to check their fine print before choosing the right product for you.


Frequently asked questions

  • What happens if the CD rate changes after I open a new account?

    The Ally Ten Day Best Rate Guarantee lets you take advantage of some of the most competitive rates you'll find. So you can be sure that when you open an Ally CD (High Yield CD, Raise Your Rate CD, or No Penalty CD) and fund it within the 10 days, you automatically get the best rate we offer during those 10 days, starting with your open date. With our Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our Raise Your Rate 4 year CD you can increase your interest rate twice.

  • Does Ally's Raise Your Rate CD come with the Ally Ten Day Best Rate Guarantee?

    All Ally CDs come with the Ally Ten Day Best Rate Guarantee. When you fund your CD within 10 days of opening, or when you renew your CD, you automatically get the best rate we offer during those 10 days that start with your open or maturity date.

    With our Raise Your Rate CD, you get the option of increasing your interest rate any time during your CD's term. With our Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our Raise Your Rate 4 year CD, you can increase your interest rate twice. The Ally Ten Day Best Rate Guarantee does not apply when you raise your rate.

  • What are the current rates on certificates of deposit?

    You can view our current rates by visiting our High Yield Certificate of Deposit, Raise Your Rate Certificate of Deposit or No Penalty Certificate of Deposit pages. You can also call the Automated Telephone Banking System at 1-877-247-ALLY (2559). Rates may change frequently.

  • What is Ally's Raise Your Rate Certificate of Deposit?

    Our 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 Raise Your Rate 2 year CD, you have the option to increase your interest rate once; with our Raise Your Rate 4 year CD you can increase your interest rate twice.

  • What is the minimum deposit for an Ally Certificate of Deposit?

    There is no minimum deposit to open our High Yield Certificate of Deposit, Raise Your Rate Certificate of Deposit or No Penalty Certificate of Deposit.

  • What types of certificates of deposit do you offer?

    We offer three types: a High Yield Certificate of Deposit with terms of 3, 6, 9, 12, 18, 36, and 60 months; 2 year and 4 year Raise Your Rate Certificate of Deposit that let you raise your rate during your term if our rates go up; and a No Penalty Certificate of Deposit with an 11 month term that has no early withdrawal penalty.

  • Can I make additional deposits to a Certificate of Deposit (CD)?

    No. Additional deposits cannot be made during the term (initial and renewals) of any of our certificate of deposit options. However, once the certificate of deposit matures, you have the opportunity to deposit additional funds and roll over the CD into a new term during the 10 day grace period, starting with the maturity date.

  • How do I receive my money when my Certificate of Deposit (CD) matures?

    We make it easy for you to receive your funds. Just let us know by phone, chat, or regular mail before your certificate of deposit matures. You also have a grace period of 10 days starting with the maturity date to make a withdrawal without being charged a penalty. If you don't let us know you want to receive your funds, we will automatically renew your certificate of deposit. Please do not send your maturity request via secure email — just call us and we'll be happy to help.

  • Will I be penalized for an early withdrawal from my Certificate of Deposit (CD) before it reaches maturity?

    For all Ally CDs, except the No Penalty CD, you will be charged an early withdrawal penalty equal to 60 days' interest if you withdraw your money before the CD matures. 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. For our Raise Your Rate CD, the penalty is calculated using the interest rate in effect on your account on the day you request the early withdrawal.

    There are a couple of exceptions: We will waive the early withdrawal penalty if the depositor should pass away or be judged legally incompetent.

  • Are there any fees to open or maintain a certificate of deposit?

    There are no fees to open or obtain the APY on a certificate of deposit.

  • How do I open a certificate of deposit?

    There are three ways:

    1. Online: Submit an application online at allybank.com
    2. Phone: Call us at 877-247-ALLY (2559)
    3. Mail: Download the application that's right for you and mail it to the address on the application

  • How do I raise my rate?

    When our current interest rate is higher than your interest rate, you can log in to your account and choose "raise now" on the Account Details page, chat with us online or call us at 1-877-247-ALLY (2559) to raise your rate.

    Since rates may change, be sure to take action the same day you see the rate you want. You can log into your account and raise your rate online, or simply call us and we'll be happy to help you. Please do not send your rate increase request via Ally Secure Email.

  • Talk to a real person
  • Online security guarantee
  • No minimum to open