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Certificates of Deposit (CDs) FAQs

  • 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.

  • 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.

    Exceptions

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

    • Passes away
    • Is 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:

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

    Single/Joint Application (PDF)
    Custodial Application (PDF)
    Trust Application (PDF)
    Traditional-SEP IRA Application (PDF)
    Roth IRA Application (PDF)

  • 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 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 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.

  • 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.

  • What is the Ally Ten Day Best Rate Guarantee?

    The Ally Ten Day Best Rate Guarantee gets you the best rate we offer for your CD when you fund your CD within 10 days of opening or renewing your Ally account, including open or maturity date. It's just one more way we're making sure your money works hard and earns more.

  • What do I have to do to get the Ally Ten Day Best Rate Guarantee?

    Just open a CD account and fund it within 10 days to get the best rate we offer during that time.

  • Is there a minimum amount I have to deposit to get the Ally Ten Day Best Rate Guarantee?

    No, we don't require a minimum deposit open a CD or obtain the Ally Ten Day Best Rate Guarantee.

  • If the CD rate you advertise changes after I fund my account, what rate do I get?

    At Ally, we won't try to sneak anything by you. The Ally Ten Day Best Rate Guarantee gets you exactly what it says: the best rate we offer for your CD when you fund it within 10 days, starting with the open date. We just think it's the right thing to do.

  • When will I receive my CD account statement?

    If the only Ally Bank account(s) you have are CDs, the primary account holder will receive a statement each quarter. If you make an electronic transfer into or out of one of your Ally Bank CDs, the primary account holder will receive a statement for the month that the transfer is made.

    If you have additional accounts such as an Ally Bank Interest Checking, Money Market or Online Savings, you will receive a combined monthly statement.

  • When is interest posted to my CD account and how do I receive it?

    For CDs with terms of 12 months or less, we'll credit the interest earned at maturity to your CD balance unless you've chosen to receive interest disbursements monthly, quarterly or semi-annually.

    For CDs with terms of more than 12 months, we'll credit the interest earned to your CD balance annually at year end unless you've chosen to receive interest disbursements monthly, quarterly or semi-annually.

    You may elect to receive your disbursement in one of the following ways:

    • Cashier's check
    • Internal transfer to another Ally Bank account
    • External transfer to a registered non-Ally Bank account

    To make your request, call us at 1-877-247-Ally (2559).