IRA High Yield Certificate of Deposit (CD)

Features

More for your retirement

  • Competitive rates
  • Grow your money faster with interest compounded daily
  • If you fund your IRA CD within 90 days, you'll get the best rate we offer for your term and balance on either the day you open or the day you fund your account
  • Flexible funding options, including rollover to Roth and Traditional IRAs
  • Available for Roth, SEP and Traditional IRAs. Find the IRA for you
  • Your deposits are insured by the FDIC up to the maximum allowed by law. Maximize your coverage

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.

Looking for IRA forms?

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

    Estimate your earnings

    Opening Deposit
    CD Term
    Annual Percentage Yield APY
    Estimated Earnings
    for 12 months

      What we're showing you

      Our Annual Percentage Yield (APY) is accurate as of 07/27/2016. The APYs for other banks are provided by mybanktracker.com and are accurate as of 07/22/2016. The APYs in this table are for the state of California.

      If you make an early withdrawal, you may pay a penalty. An additional IRS tax may also apply; please consult your tax professional.

      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.

      IRA High Yield CDs Purchased or Renewed Before 12/07/13
      All
      60 days of interest
      IRA High Yield CDs Purchased or Renewed on or After 12/07/13
      The penalty we charge will depend on your CD term.
      24 months or less
      60 days of interest
      25 months – 36 months
      90 days of interest
      37 months – 48 months
      120 days of interest
      49 months or longer
      150 days of interest

      Your withdrawal may be subject to an additional 10% Internal Revenue Service (IRS) tax if it's made before you reach age 59½. You may want to check with a tax professional before making withdrawals from your IRA CD.

      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
      • 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.

      FAQs

      We have answers

      • 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.

      • What happens if the rate goes up after I open my IRA CD?

        When you fund your IRA CD within 90 days, you'll get the best rate we offer for your term and balance tier if our rate goes up within that time.

        Our IRA Raise Your Rate CD also gives you the option to raise your rate once over the 2-year term and twice over the 4-year term if our rate goes up for your term and balance tier.

        Note: For IRA CDs, our Ten Day Best Rate Guarantee only applies at renewal, starting on your maturity date. This guarantee doesn't apply to interest rate increases for the IRA Raise Your Rate CD.

      • What types of IRA CDs do you offer?

        We offer IRA CD options to meet your needs.

        IRA High Yield CD -- terms range from 3 to 60 months.

        IRA Raise Your Rate CD – 2- and 4-year terms available. You have the option to raise your rate once over the 2-year term and twice over 4-year term if our rate goes up for your term and balance tier.

      Still have questions? Visit our Help Center.