Raise Your Rate Certificate of Deposit (CD)


Features Give yourself a raise

  • Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term if our rate goes up on these CDs
  • No minimum deposit to open
  • Competitive rates
  • Grow your money faster with interest compounded daily
  • Get the best rate we offer for your CD term with the Ally Ten Day Best Rate Guarantee
  • Your deposits are insured by the FDIC up to the maximum allowed by law. Maximize your coverage
  • Protect your legacy. Open this account for a Trust. Learn more

Want to know more? Download our Straight Talk Product Guide

Managing your account is easy

Get the service you need, when you need it. Talk to a real person 24/7, and enjoy the convenience of Online Banking and Mobile Banking.


Rates Get more for your money

We offer rates that are consistently competitive.

See how we compare

2 Year
4 Year
1.20 % APY

Estimate your earnings

Annual Percentage Yield Estimated Earnings for 2 Years Estimated Total Savings

What we're showing you

Our Annual Percentage Yield (APYs) is accurate as of 9/16/2014 . The APYs for other banks are provided by mybanktracker.com and are accurate as of 9/15/2014. The APYs in this table are for the state of California. Not your state?

If you make an early withdrawal, you will pay a penalty.

Fees No hidden fees

We don’t charge any maintenance fees for your Ally Bank CD. When your CD matures, you can withdraw your money at no charge during a 10-day grace period. If you decide to renew your CD, don’t do a thing, and we’ll automatically renew it.

Early Withdrawals

Withdrawals before the maturity date are subject to penalties. Partial withdrawals aren’t allowed. Are there exceptions?

If you redeem your CD before the maturity date, the penalty we charge will depend on your CD term (see penalty schedule). How is the penalty calculated?

See the Ally Bank Deposit Agreement for full details on how we calculate the withdrawal penalty.

Raise Your Rate CDs Purchased or Renewed Before 12/07/13


60 days of interest

Raise Your Rate CDs Purchased or Renewed on or After 12/07/13.
The penalty we charge will depend on your CD term.

2 years

60 days of interest

4 years

120 days of interest

Ally Bank It's good to be different

We’re an online bank, which means we don't have physical bank locations. By eliminating the costs associated with traditional brick-and-mortar banks, we can offer great rates and outstanding customer care.

With Ally Bank, you get everything you expect from a traditional bank and more:

  • Peace of mind. No hidden fees. No maintenance fees. No minimum balance required
  • Raise your rate online. Get convenient alerts to find out when your rates go up, and easily raise your rate on your account dashboard
  • Fund your account. It's easy with Ally eCheck Deposit℠ or an ACH transfer
  • Keep track. Access your account anytime, anywhere with Ally Online & Mobile Banking
  • Ally Ten Day Best Rate Guarantee. When you renew your CD, you automatically get the best rate we offer within 10 days beginning with the CD renewal rate. Most banks offer only one rate – the one you get the day you renew.
  • Interest compounded daily. We grow your money faster with interest compounded daily. Many others compound monthly, quarterly, or even annually.

Learn more about the benefits and conveniences of Ally Bank.


Live customer care
always available


"Best Online Bank" 3 Years in a Row
MONEY® Magazine 2011, 2012, 2013

Customer Reviews Don't just take our word for it


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FAQs We have answers

  • 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.

  • 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.

  • 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.

  • What is the penalty for an early withdrawal from my CD?

    If you redeem your CD before it matures, a penalty according to the fee schedule below will apply. However, early withdrawal penalties don’t apply to Ally Bank No Penalty CDs if you withdraw all your money anytime after the first 6 days following the date you funded your account. Please keep in mind that you can only make a full withdrawal from a CD. Partial withdrawals aren't allowed.

    CDs Purchased or Renewed Before 12/07/2013
    All CD terms 60 days of interest
    CDs Purchased or Renewed on or After 12/07/2013
    The penalty we charge will depend on your CD term.
    2 years or less 60 days of interest
    3 years 90 days of interest
    4 years 120 days of interest
    5 years or longer 150 days of interest

    This penalty is calculated using the interest method detailed in the Ally Bank Deposit Agreement (PDF). It’s first deducted from the accrued 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.


    We’ll waive the early withdrawal penalty for a CD if the account owner:

    • Passes away
    • Is judged legally incompetent

Still have questions? Visit our Help Center