High Yield Certificate of Deposit (CD)

 

Features Maximize your earnings. Period.

Want to know more? Download our Straight Talk Product Guide

Managing your account is easy

Get the service you need, when you need it. Talk to a real person 24/7, and enjoy the convenience of Online Banking and Mobile Banking.

 

Step up your savings

Learn how to combine long-term earnings with more frequent access to a portion of your money using our CD Ladder tool.

Rates Get more for your money

We offer rates that are consistently competitive.

See how we compare

3 Month
6 Month
9 Month
12 Month
18 Month
3 Year
5 Year
1.05 % APY

Estimate your earnings

Annual Percentage Yield Estimated Earnings for 12 Months Estimated Total Savings

What we're showing you

Our Annual Percentage Yield (APY) is accurate as of 3/2/2015 . The APYs for other banks are provided by mybanktracker.com and are accurate as of 3/2/2015. The APYs in this table are for the state of California. Not your state?

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

Fees No surprises

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.

High Yield CDs Purchased or Renewed Before 12/07/13

All

60 days of interest

High Yield CDs Purchased or Renewed on or After 12/07/13
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 longer150 days of interest

Ally Bank It's good to be different

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 renew your CD, you automatically get the best rate we offer within 10 days beginning with the CD renewal date. Most banks offer only one rate – the one you get the day you renew.
  • 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.

Customer Reviews Don't just take our word for it

 
 

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FAQs We have answers

  • 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’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.

  • 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.

  • 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 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

Still have questions? Visit our Help Center