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Raise Your Rate CD FAQs

  • 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 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 Ally's 2 Year CD?

    Our 2 Year CD gives you a great rate when you fund your CD and the flexibility to lock in a better rate during the CD term. If you see our 2 Year CD rate go higher than what you have once during your term, you can give us a call to lock in that higher rate for the remainder of the term. It's one more way we help you grow your money faster.

  • 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.

  • Is there a cost to me if I ask for the higher rate during the term of my 2 Year CD?

    No, it won't cost you a thing. And there are no strings attached. Just call us to lock in the higher rate, and you'll enjoy the benefit of the higher rate for the remainder of your CD term.

  • 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