No. You can only make an initial funding deposit into your IRA CD. After you've made an initial funding deposit, you won't be able to add more money until the CD reaches maturity. You'll have a 10-day grace period, starting at the maturity date, to make any changes.
Annual IRA contribution limits may apply. Consult your tax professional for advice.
You can view our current rates in online banking by choosing Accounts and then selecting Explore Products and Rates, or call us at 1-877-247-2559. Rates are variable and subject to change.
If you redeem your IRA CD before it matures, a penalty according to the fee schedule below will apply. Please keep in mind that you can only make a full withdrawal from a CD. Partial withdrawals aren't allowed – unless taking a Required Minimum Distribution (RMD).
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.
2 years or less
60 days of interest
3 years
90 days of interest
4 years
120 days of interest
5 years or longer
150 days of interest
This 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.
For our IRA Raise Your Rate CD, the penalty is calculated using the interest rate in effect on your account on the day you request the early withdrawal.
Exceptions
We’ll waive the early withdrawal penalty for an IRA CD if the account owner:
Passes away
Is judged legally incompetent
Takes RMD – we’ll waive the early withdrawal penalty for partial withdrawals up to the RMD amount
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 a withdrawal from your IRA CD.
