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Compare Ally Bank IRAs.

Ally Bank IRAs grow your money for retirement without getting you into the market. They provide the tax benefits of an IRA, and deposits are FDIC insured. 

View a side-by-side comparison of our Ally Bank IRA accounts.

Start by choosing the account type that best suits your situation.

IRA High Yield CD

  • Best for: Maximum savings at a fixed rate when you lock in funds for the term length.

AVAILABLE TERMS

Annual Percentage Yield

  • Maximum savings with a fixed rate

  • Available as Roth, SEP or Traditional IRA

  • Your deposits are insured by the FDIC  up to the maximum allowed by law

  • Early withdrawal penalty may apply

IRA Raise Your Rate CD

  • Best for: Retirement savings with the ability to raise your CD rate.

AVAILABLE TERMS

Annual Percentage Yield

  • 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

  • Available as Roth, SEP or Traditional IRA

  • Your deposits are insured by the FDIC up to the maximum allowed by law

  • Early withdrawal penalty may apply

IRA Online Savings

  • Best for: Building your IRA over time with unlimited deposits up to your annual contribution limits.

Annual Percentage Yield

% on all balance tiers

  • Six withdrawal limit per statement cycle.  See why

  • Available as Roth, SEP or Traditional IRA

  • Rate is variable and may change after the account is opened

  • Your deposits are insured by the FDIC up to the maximum allowed by law

  • Fees may reduce earnings

Annual Percentage Yields (APYs) displayed are accurate as of .

For IRAs, an additional IRS tax may also apply; please consult your tax professional.

View All IRA Rates

Features offered with every account. 

Interest compounded daily.

Our interest rate is more than 5x the national rate. Interest compounds daily , meaning your money grows faster. 

Your money, FDIC insured.

Deposits are insured by the  FDIC  up to the maximum allowed by law.

Online safety and account protection.

Our Online & Mobile Security Guarantee and free security software let you bank with peace of mind.

Award-winning support, available 24/7. 

Ask to speak with an IRA specialist—all calls and questions are handled with care.

Compare IRA plans.

After choosing your IRA account type, decide on a plan. The plan you choose affects your IRA account’s contribution, distribution, and funding options, as well as tax deductions and advantages. 

Traditional IRA

  • Best if: You prefer your money to grow tax-deferred until you withdraw it in retirement. In many cases, your contributions are tax-deductible in the year they are made.

Roth IRA

  • Best if: You're interested in both  tax-free growth  and withdrawals. Roth IRA contributions are not tax-deductible.

SEP IRA

  • Best if: You're a business owner, self-employed, or you're an employee of a business with a SEP IRA.

Traditional IRA

Contribution Eligibility

Any age with taxable compensation

Contributions can also be made through direct and indirect rollovers and trust-to-trustee transfers.

Contribution Limits for 2021

  • $6,000 if under age 50

  • $7,000 if age 50 or older

Income levels do not affect contribution limits for Traditional IRAs; however, your income may affect the amount you can deduct.

Annual deadline for contributions

You may make current-year contributions at any time of the year. IRS Tax Filing day is the deadline for making prior-year contributions.

Contribution Limits for 2020

Roth IRA

Contribution Eligibility

Any age with taxable compensation

Contributions can also be made through direct and indirect rollovers and trust-to-trustee transfers.

Contribution Limits for 2021

  • $6,000 if under age 50

  • $7,000 if age 50 or older

These contribution limits apply to Single filers with income of $125,000 or less or Joint filers with income of $198,000 or less.

As income levels increase above these limits, tax deductions for eligible contributions may be reduced. Consult with your tax professional.

Annual deadline for contributions

You may make current-year contributions at any time of the year. IRS Tax Filing day is the deadline for making prior-year contributions.

Contribution Limits for 2020

SEP IRA

Contribution Eligibility

Anyone whose employer invites them to participate in a SEP. Please note that employees cannot make personal contributions to a SEP IRA.

Contribution Limits for 2021

  • Employer contributions that are lesser of 25% of employee’s compensation, or $58,000

  • For self-employed individuals the limit is generally 20% of net earnings

Annual deadline for contributions

The employer's deadline for filing its annual tax return, including any extensions.

Contribution Limits for 2020

The IRA comparison information we’re providing is not tax advice.

Visit IRS.gov or consult a tax professional for questions regarding taxes.

Ally Bank IRA funding options.

In addition to standard contributions, you can move funds from existing retirement accounts to a Traditional or Roth IRA through a transfer, rollover, or conversion.

Transfers

A trustee-to-trustee transfer is a movement of funds from one IRA to another IRA of the same plan type. The money is transferred directly from one financial institution to another on your behalf. Transfers can take place as often as you like, and they are not taxable. 

Rollovers

A rollover is a movement of funds from one retirement account or plan, such as an IRA, Roth IRA or 401K, to a new or established IRA account of the same plan type. Rollovers may be subject to federal income tax.

Find out why .

Conversions

A conversion involves tranfering funds from a Traditional IRA or 401(k) into a Roth account. 

Here are some things to consider

Looking for Other Retirement Options?

See what Ally Invest has to offer.

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