Ally Bank High Yield Certificate of Deposit (CD)

There are no fees to open or obtain the APY on a certificate of deposit.

There's no minimum deposit to open a CD, but you may get a higher rate with a higher opening deposit.

No. Once you open and fund your CD, you can't add funds again until your CD matures, but you can schedule a transfer up to one year before the maturity date. When your CD matures, you'll have a 10-day grace period -- starting on your maturity date — to transfer funds or make other changes.

To add funds to your CD online: Log in and choose Manage CDs.

To add funds to your CD from the Ally Mobile App: Log in, choose after the Current Balance, select Manage CDs and then choose Make Changes.

If you schedule a transfer prior to maturity, we'll usually initiate that transfer on your maturity date. You can transfer money from another Ally Bank account, Ally Invest account or a verified account you have at another institution.

Because rates can change daily, we won't know your new rate until the last day of your 10-day grace period. That's when we calculate your rate to make sure it reflects our best rate, plus the loyalty reward you get for renewing with us. On day 11, you can go to your account details to see your new rate.

Check current rates on ally.com, or learn more about your CD rate at renewal.

You don't have to do anything to get the loyalty reward.

It's automatically added when your CD, including IRA CDs, renew. Want to change terms? No problem. Your loyalty reward will be added to any term you choose for your CD, including IRA CD, at renewal. Check back 30 days before your CD matures to see what the reward is at that time.

To change terms or add funds online: Log in, choose Manage CDs. From there, you can make changes or add funds to your balance.

To change terms or add funds from the Ally Mobile App: Log in, choose ... after the Current Balance, select Manage CDs and then choose Make Changes.

The penalty depends on your term.

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. Keep in mind, you can't make an early partial withdrawal.

For Raise Your Rate CDs, the penalty is calculated using the interest rate in effect on your account on the day you request an early withdrawal.

If the account owner passes away or is judged legally incompetent, we'll waive the early withdrawal penalty.

We offer a variety of CD options to meet your needs: High Yield CD - terms range from 3 to 60 months. Raise Your Rate CD - 2 and 4-year terms available. 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 for your term and balance tier goes up. No Penalty CD - 11-month term that allows you to withdraw all of your money any time after the first 6 days following the date you funded the account, and keep the interest earned with no penalties. Select CD - take advantage of promotional terms featuring all the benefits of a High Yield CD. We're currently offering 7-month and 14-month terms.

You’ll have a 10-day grace period starting on your maturity date to do one (or more) of the following:

• Change the term

• Make additional deposits or withdraw funds

• Close the CD

If you're looking to renew your CD, you don't need to do anything. After your 10-day grace period, your CD will automatically renew into the same term. There are Select CDs that don't renew into the same term; instead, they renew into the term defined when the CD was opened.

To give us your renewal instructions online, go to Manage CDs online or in the Ally app.

To give us your renewal instructions for your IRA CDs, give us a call at 1-877-247-2559.