Raise Your Rate CD FAQs
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:
- Log in to online banking and raise your rate on your account details page
- Chat with us online
- 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.
The penalty depends on your term.
For all CDs purchased or renewed before 12/7/2013, this table shows the penalty you could be charged, depending on your CD term, if you withdraw from your CD early.
All CDs Purchased or Renewed Before 12/07/2013 All CD terms 60 days of interest
For all CDs purchased or renewed on or after 12/7/2013, this table shows the penalty you could be charged, depending on your CD term, if you withdraw from your CD early.
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 online banking and choose Manage CDs to select Early Withdrawal.
The Ten Day Best Rate Guarantee gives you the best rate we offer for your Raise Your Rate CD during the first 10 days starting from your open date, if you fund your CD within that time. The guarantee also applies at renewal.
However, the Ten Day Best Rate Guarantee does not apply should you choose to raise your rate during the CD term. Instead, you'll receive the highest rate we offer for your CD term on the day of your request.
With our Raise Your Rate CD, you have the option to raise your rate once over the 2-year term and twice over the 4-year term, if our rates on these CDs go up. There’s no fee to request this rate increase.