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Raise Your Rate CD FAQs

  • What’s Ally Bank's Raise Your Rate CD?

    With our Raise Your Rate CD, you have 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. There’s no fee to request this rate increase.

  • How do I raise my rate?

    If our current interest rate is higher than your interest rate for your CD term and you’re eligible for a rate increase, you can choose to raise your rate in one of the following ways:

    • Request a rate change online from your Account Details page.

    • Chat with us online.

    • Call us at 1-877-247-ALLY (2559).

    Once you request a rate increase, you’ll get the highest rate we offer for that day. Your new rate will go into effect the next business day. There’s no fee to request this rate increase.

    We’ll let you know when you can raise your rate by displaying a message at the top of your Account Details page. You can also receive customized rate alerts.

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

    Yes. The Ten Day Best Rate Guarantee gives you 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.

    This guarantee does not apply to interest rate increases for the Raise Your Rate CD. When you raise your rate, you get the highest rate we offer for your CD term on the day of your request.

  • 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