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Certificates of Deposit (CDs) FAQs

  • What types of CDs do you offer?

    Ally Bank offers a variety of CD options to meet your needs:

    • High Yield CD – Choose terms that range from 3 to 60 months.
    • Raise Your Rate CD – 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 Penalty CD – 11-month term that allows you to withdraw all of your money with no penalty any time after the first 6 days of funding your CD.
  • Can I make additional deposits to my CD?

    No. You can only make an initial funding deposit into your CD. After you've made an initial funding deposit, you won’t be able to add more money until the CD reaches maturity.

    When your CD matures, you'll have a 10-day grace period, starting at the maturity date, to make any changes. Call us at 1-877-247-ALLY (2559) before your maturity date or before the end of your grace period if you would like to make changes to your CD.

  • What happens when my CD matures?

    At maturity your CD will automatically renew, and you'll have a 10-day grace period to make any of the following changes:

    • Change the term
    • Make additional deposits
    • Make withdrawals
    • Close the CD

    Interest will accrue during the grace period; however, that interest will not be paid if the funds are withdrawn during the grace period.

    Call us at 1-877-247-ALLY (2559) before your maturity date or before the end of your grace period if you would like to make changes to your CD. If you don't contact us by the end of the 10-day grace period, we’ll automatically renew your CD for the same term.

  • How do I receive my money when my CD matures?

    At maturity, you'll have a 10-day grace period to withdraw funds from your CD in one of the following ways:

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

    If you don't let us know you want to receive your funds before your maturity date or before the end of your grace period, we’ll automatically renew your CD. To make your request, call us at 1-877-247-ALLY (2559).

  • What’s the minimum opening deposit for an Ally Bank CD and are there any fees to open a CD?

    There's no minimum deposit to open a CD. There's also no monthly maintenance fees or fees to open an Ally Bank CD.

  • How do I open a CD?

    You can open a CD with no minimum deposit in one of the following ways:

    1. Online: Submit an application online at allybank.com.
    2. Phone: Call us at 1-877-247-ALLY (2559).
    3. 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 are the current rates on Ally Bank CDs?

    You can view our current rates by visiting our High Yield CD, Raise Your Rate CD or No Penalty CD product pages.

    You can also call us at 1-877-247-ALLY (2559). Rates may change frequently.

  • What happens if the CD rate goes up after I open my CD?

    With Ally Bank’s Ten Day Best Rate Guarantee, you automatically get the best rate we offer for your CD during the first 10 days starting with your open date if you fund your CD within that time. The Ten Day Best Rate Guarantee also applies at renewal, starting with your maturity date. This guarantee does not apply to interest rate increases for the Raise Your Rate CD.

    Our Raise Your Rate CD gives you the option to raise your rate once over the 2-year term and twice over the 4-year term, if our rates on these CDs go up.

    Note: The Ten Day Best Rate Guarantee does not apply when opening an Ally Bank IRA CD. However, at maturity, the Ten Day Best Rate Guarantee is applicable.

  • What’s the Ally Bank Ten Day Best Rate Guarantee and how do I get it?

    With our Ten Day Best Rate Guarantee, you automatically get the best rate we offer for your CD during the first 10 days starting with your open date if you fund your CD within that time. The Ally Bank Ten Day Best Rate Guarantee also applies at renewal. There is no minimum deposit to open a CD or get the Ten Day Best Rate Guarantee.

    Note: The Ten Day Best Rate Guarantee does not apply when opening an Ally Bank IRA CD. However, at maturity, the Ten Day Best Rate Guarantee is applicable.

  • 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
  • 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:

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

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

  • 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.