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There's no minimum deposit to open an IRA CD, but you may get a higher rate with a higher opening deposit.

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’ll receive the highest rate and annual percentage yield (APY) offered for the balance tier and term of your IRA CD on either the day you open it or the day you fund it.

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.

Keep in mind, 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

You can view our current rates in online banking by choosing Accounts and then selecting Explore Products & 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).

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.