Raise Your Rate Certificate of Deposit (CD)

Features

Give yourself a raise

  • 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 on these IRA CDs
  • Competitive rates
  • Grow your money faster with interest compounded daily
  • Get the best rate we offer for your CD term with the Ally Ten Day Best Rate Guarantee
  • Your deposits are insured by the FDIC up to the maximum allowed by law. Maximize your coverage
  • Protect your legacy. Open this account for a Trust. Learn more

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.

Raise your rate online

When rates go up, sign into your account, and give yourself a raise.

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 Yields (APYs) are accurate as of 05/01/2016. The APYs for other banks are provided by mybanktracker.com and are accurate as of 04/22/2016. The APYs in this table are for the state of California.

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

      Fees

      No hidden fees

      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.

      Raise Your Rate CDs Purchased or Renewed Before 12/07/13
      All
      60 days of interest
      Raise Your Rate CDs Purchased or Renewed on or After 12/07/13
      The penalty we charge will depend on your CD term.
      2 years
      60 days of interest
      4 years
      120 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
      • Raise your rate online. Get convenient alerts to find out when your rates go up, and easily raise your rate on your account dashboard
      • 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.

      24/7
      Live customer care
      always available

      5 Years
      "Best Online Bank" 5 Years in a Row
      MONEY® Magazine 2011-2015

      Customer Reviews

      Don't just take our word for it

      Average rating 4.4

      Most Recent

      Most Helpful

      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 1-877-247-2559 before your maturity date or before the end of your grace period if you would like to make changes to your CD.

      • 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.

      • 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.

      • 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.

      • How do I raise the rate on my Raise Your Rate CD?

        We'll let you know when you can raise your rate by displaying a message at the top of your Account Details page. You can set up a custom rate alert in online banking.

        If the current rate we offer for your term and balance tier is higher than your interest rate and you're eligible for a rate increase, you can raise your rate in one of the following ways:

        1. Log in to online banking and raise your rate on your account details page
        2. Chat with us online
        3. Call us at 1-877-247-2559

        Once we receive your request, you'll get the highest rate we offer for your term and balance tier that day, and your new rate will go into effect the next business day. There's no fee to request this rate increase.

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

        All CDs purchased or renewed before 12/07/2013 – 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

      Still have questions? Visit our Help Center.