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Certificates of Deposit (CDs) FAQs

  • 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.

  • 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.

  • What happens when my CD matures?

    At maturity your CD will automatically renew, and you'll have a 10-day grace period to make any of the following changes:

    • Change the term
    • Make additional deposits
    • Make withdrawals
    • Close the CD

    Interest will accrue during the grace period; however, that interest will not be paid if the funds are withdrawn during the grace period.

    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. If you don't contact us by the end of the 10-day grace period, we’ll automatically renew your CD for the same term.

  • How do I withdraw funds from my CD at maturity?

    You can submit a transfer request up to one year before your CD matures or during your 10-day grace period in online banking.

    • Log in to your account
    • Go to the Main Menu , then Manage CDs
    • Select Make Changes
    • Choose Withdraw partial amount 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 to another Ally Bank account, a verified non-Ally Bank account or we can send you a check.

  • 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.

  • How do I open a CD?

    You can open a CD with no minimum deposit in one of the following ways:

    • Online: Submit an application online at allybank.com
    • Phone: Call us at 1-877-247-2559
    • Mail: Download the application that's right for you and mail it to the address on the application

    Single/Joint Application (PDF)
    Custodial Application (PDF)
    Trust Application (PDF)
    Traditional-SEP IRA Application (PDF)
    Roth IRA Application (PDF)

  • What are the current rates on Ally Bank CDs?

    View our current rates by visiting our High Yield CD, Raise Your Rate CD or No Penalty CD product pages.

    You can also view our current rates in online banking:

    • Log in to your account
    • Go to the Main Menu 
    • Select Explore Products & Rates

    You can also call us at 1-877-247-2559. Rates are variable and subject to change.

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

    Non-IRA CDs include our 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. Our 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.

    For IRA CDs, When you fund your 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.

    Note: The Ten Day Best Rate Guarantee also applies at renewal, starting with your maturity date. This guarantee does not apply to interest rate increases for the Raise Your Rate CD.

  • What's the Ally Bank Ten Day Best Rate Guarantee?

    When you fund your non-IRA 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.

    There is no minimum deposit to open a CD or get the Ten Day Best Rate Guarantee, but you may get a higher rate with a higher opening deposit.

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

    The penalty depends on your term.

    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.
    3, 6, 9, 12, 18 month and 2 year 60 days of interest
    3 year 90 days of interest
    4 year 120 days of interest
    5 year or more 150 days of interest
    11 month (No Penalty CD) You can withdraw funds without penalty any time after the first 6 days following the date you fund your account.

    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
  • When is interest posted to my CD account?

    To see where and how often your interest is paid, go to your account details page in online banking. Unless you make changes, this setting will automatically default to the interest disbursement option associated with your CD term.

    12 month or less – interest is credited to your CD at maturity

    More than 12 months – interest is credited to your CD at year's end (annually)

    You can change how often and where your interest is paid on your current term in online banking.

    • Log in to your account
    • Go to the Main Menu , then Manage CDs
    • Select Interest Disbursement

    If you have questions about interest disbursement options, give us a call at 1-877-247-2559.

  • When will I receive my CD account statement?

    If the only Ally Bank account(s) you have are CDs, the primary account holder will receive a statement each quarter. If you make an electronic transfer into or out of one of your Ally Bank CDs, the primary account holder will receive a statement for the month that the transfer is made.

    If you have additional accounts such as an Ally Bank Interest Checking, Money Market or Online Savings, you will receive a combined monthly statement.