Saving money in a certificate of deposit (CD) can be a smart way to keep yourself from dipping into it prematurely. It’s like putting a lock on the cookie jar to keep you from being tempted. But one catch with traditional CDs is that fixed interest rates may cause you to miss out—if CD rates rise before your account is mature.

At Ally Bank, we believe in giving you as many opportunities as possible to help your money perform smarter. At the end of the day, we want that cookie jar to be as full as it can be. That’s why we offer our Raise Your Rate CDs. With these CDs, you 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 CDs. Here’s what you can expect as an Ally Bank customer.

Start strong with a top-notch rate.

You want to make sure you have a great rate, and we want to offer you the best we can. Our Ten Day Best Rate Guarantee promises you that if you fund your new CD within 10 days of opening your account, you’ll get the best rate we offer (for your term and balance tier) if our rate goes up during that time. We also offer this guarantee to customers who want to renew at the end of their term.

Then, give yourself a raise.

The Raise Your Rate CD does exactly what it says it does. Start with a great rate and you’ll 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 CDs.

We know you have better things to do than watch CD rates. Don’t worry. We will post rate changes on your Account Details page, or you can set up rate alerts that will automatically notify you when any rate changes occur.  Learn more about how our alerts and notifications can help you stay in the know.

No hidden fees, anywhere.

At Ally Bank, we take transparency seriously. The Raise Your Rate CD has no monthly maintenance fee. And if you decide to withdraw your money during the 10-day grace period after your CD has matured, there isn’t a withdrawal fee, either. (An early withdrawal penalty will apply if you withdraw your money before your CD matures.)

You’ll grow your money in less time.

When you keep your money with Ally Bank, we make sure it’s performing smart for you. Interest is compounded daily, which means that interest is added to the balance so that the interest itself also earns interest. Basically, that’s just a fancy way of saying that you’ll make more in interest over the long haul. And if you don’t withdraw your funds during the grace period, the Raise Your Rate CD will automatically renew when it matures, ensuring that your money keeps growing.

Little savings? No problem.

Don’t forget, with CDs you can only deposit money during account opening or at renewal. That’s why your starting balance is really important because it impacts what you’ll earn. However, we know everyone needs to start somewhere. That’s why our CDs, including our Raise Your Rate CDs, have no minimum deposit requirements, so you can open an account at any point and save as much or as little money as you choose. Need help getting into the money-saving mindset? Check out Are You Really Saving? Watch Your Funds Grow With These 7 Hacks.

More money? We got you.

Of course, if you’re someone who has built up a nice, healthy savings fund already, you’re one step closer to reaching your savings goals. Now, you need to consider where you want to store it—and the best place for it to grow. The Raise Your Rate CD is a great way to give it an extra boost.

If you’re looking for maximum bang while still maintaining plenty of flexibility, CD Laddering is an effective strategy to consider. This combines the benefits of short-term CDs, which give you more frequent access to your money, with the benefits of long-term CDs, which offer higher earning power. Learn more about CD laddering here.


We’re always available to help.

As your relentless ally, you can always get in touch with us—for any reason, at any time. You can access online resources at, but we also understand the value of talking to a real person, so specialists are ready to help 24/7.

We aim to make saving as easy as possible for our customers. Tell us how we can continue to help in the comments below.

Open a Raise Your Rate CD Account