High Yield Certificate of Deposit (CD)

We offer rates that are consistently competitive.

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What we're showing you

Our Annual Percentage Yield (APY) is accurate as of 09/25/2016. The APYs for other banks are provided by mybanktracker.com and are accurate as of 09/23/2016. The APYs in this table are for the state of California.

If you make an early withdrawal, you will pay a penalty.

We don't charge any maintenance fees for your Ally Bank CD. When your CD matures, you can withdraw your money at no charge during a 10-day grace period. If you decide to renew your CD, don't do a thing, and we'll automatically renew it.

Early Withdrawals

Withdrawals before the maturity date are subject to penalties. Partial withdrawals aren't allowed. Are there exceptions?

If you redeem your CD before the maturity date, the penalty we charge will depend on your CD term (see penalty schedule). How is the penalty calculated?

See the Ally Bank Deposit Agreement for full details on how we calculate the withdrawal penalty.

We're an online bank, which means we don't have physical bank locations. By eliminating the costs associated with traditional brick-and-mortar banks, we can offer great rates and outstanding customer care.

With Ally Bank, you get everything you expect from a traditional bank and more:

• Peace of mind. No hidden fees. No maintenance fees. No minimum balance required
• Fund your account. It's easy with Ally eCheck Deposit℠ or an ACH transfer
• Keep track. Access your account anytime, anywhere with online and mobile banking
• Ally Ten Day Best Rate Guarantee. When you fund your CD within 10 days of your open date, you’ll get the best rate we offer for your term and balance tier if our rate goes up within that time. The Ally Ten Day Best Rate Guarantee also applies at renewal.
• Interest compounded daily. We grow your money faster with interest compounded daily. Many others compound monthly, quarterly, or even annually.

Learn more about the benefits and conveniences of Ally Bank.

Average rating 4.4

• Can I add funds to my CD at any time?

  No. Once you open and fund your CD, you won’t be able to add funds again until your maturity date. You can request to add funds up to one year before your CD matures. 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:

  • Log in to your account
  • Go to the Main Menu , then Manage CDs
  • Select Make Changes
  • Choose Add funds to balance under Transfer Funds

  If you schedule a transfer prior to maturity, we’ll usually initiate that transfer on your maturity date. You can transfer funds from another Ally Bank account or verified non-Ally Bank account.

  If you don’t see the transfer method you’re looking for, give us a call at 1-877-247-2559.

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• 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.

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• What's the minimum opening deposit for a CD?

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

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• What types of CDs do you offer?

  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.

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• How do I withdraw funds from my CD at maturity?

  You can submit a transfer request up to one year before your CD matures or during your 10-day grace period in online banking.

  • Log in to your account
  • Go to the Main Menu , then Manage CDs
  • Select Make Changes
  • Choose Withdraw partial amount under Transfer Funds

  If you schedule a transfer prior to maturity, we'll usually initiate that transfer on your maturity date. You can transfer funds to another Ally Bank account, a verified non-Ally Bank account or we can send you a check.

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• What is the penalty for an early withdrawal from my CD?

  All 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 depends on your term.
  24 month or less	60 days of interest
  25 month – 36 month	90 days of interest
  37 month – 48 month	120 days of interest
  49 month or longer	150 days of interest
  11 month (No Penalty CD)	You can withdraw funds any time after the first 6 days from funding.

  The 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 a partial early 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.

  To make an early withdrawal:

  • Log in to your account
  • Go to the Main Menu , then Manage CDs
  • Select Early Withdrawal

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