Ally Bank is an acclaimed digital bank that offers a suite of competitive FDIC-insured online savings products including CDs, savings accounts, interest checking and money market accounts.
[You can read a review of Ally Bank’s money market account and its current APY here.]
In this review we’ll focus on Ally Bank’s fixed-rate, certificates of deposit. They have seven standard term CDs ranging from 3 months to 5 years that can be opened as standard CDs or IRA CDs. They also have two promotional CDs – the “Raise Your Rate CD” and the “No Penalty CD.”
The Raise Your Rate CD is beneficial in an ascending interest rate environment. This product gives you the opportunity to increase your rate once over a 2-year term or twice over a 4-year term if their rate for your term and balance tier goes up while your CD is active.
The current CD products include Ally Bank's High Yield CD, No Penalty CD, and Raise Your Rate CD. The rates and yield you earn on Ally's CDs vary but mostly depend on the term of the CD. The shortest-term CD, 3 months, currently has a yield of 0.75 percent while the longest-term CD, 60-months, has a yield of 2.15 percent. The Ally Bank High Yield CD currently offers a fixed 0.85% APY on its five-year CD. With the national average rate for a five-year CD at 0.34% APY according to the FDIC, this is nearly three times. Ally Raise Your Rate CDs. This account offers a competitive 0.7% APY that can increase over time depending on your balance and Ally’s rates. Ally No Penalty CD. If you want access to your money with a higher interest rate than a standard savings account, this option may be right for you.
The No Penalty CD, as the name implies, allows you to withdraw any amount at any time after the first six days of funding the account. You can keep the interest earned with no penalties.
For those that may not remember, Ally Bank is the rebrand of GMAC – the financial arm of General Motors. Following the financial collapse of 2008, GMAC fully rebranded to Ally Bank in 2009. Since then they’ve been recognized for numerous awards for online banking innovation, customer service, and their commitment to giving back to local communities.
As mentioned, Ally Bank has seven standard term certificates of deposit that come with no minimum opening deposit requirements. The terms range from 3 months to 5 years and come with annual percentage yields that beat the current national average by considerable margins and regularly place among the top rates for online banks nationwide.
Ally Bank CDs are FDIC insured up to $250,000 per depositor or $500,000 for joint accounts.
Ally Bank CD Rates
To give the yields above some context, the current national average for 12 month CDs and 5 year CDs sits at just 0.22% and 0.46% APY, respectively.
Ally Ten Day Best Rate Guarantee
All of Ally Bank’s CDs come with a “ten day best rate guarantee.” This means that if you fund your account within 10 days of opening it and rates go up during this time, you will get Ally’s best rate for that term and your balance tier during that time. This also applies with CD renewals.
Interest is compounded daily which gives your overall APY (annual percentage yield) a boost over bank deposits that compound less frequently like monthly or quarterly.
Tiered rates by deposit amount do exist in more favorable savings rate environments; however, Ally Bank CDs pay the same APY for each term regardless of your deposit amount currently.
Early Withdrawal Penalties
Early withdrawal penalties at Ally Bank vary by CD term. They are as follows:
- CD terms of 24 months or less will incur an early withdrawal penalty of 60 days’ interest.
- CD terms of 25 – 36 months will incur an early withdrawal penalty of 90 days’ interest.
- CD terms of 37 – 48 months will incur an early withdrawal penalty of 120 days’ interest.
- CD terms of 48 months or longer will incur an early withdrawal penalty of 150 days’ interest.
Ally Bank has a standard grace period of 10 days where you can withdraw, add or transfer funds without incurring a fee. If nothing is done during this period, the CD will renew under the same terms at the current APY.
Ally Bank Loyalty Rewards for CD Account Holders
Ally Bank has a little-known loyalty program for those that continue to open and/or renew certificates of deposit with them. Currently, they are giving a 0.05% APY bump when you renew any CD with them. Be sure to check back 30 days before your CD matures to see what the reward is at that time.
The Raise Your Rate CD offered by Ally Bank is going to be best suited for a climbing interest rate environment. Given the fact that CD rates are generally fixed throughout their duration, an opportunity to give your CD rate a bump when interest rates are on the rise, can be a huge benefit. And one that many other banks do not offer.
Ally Raise Your Rate CDs
The 2 year Raise Your Rate CD will give you the opportunity to increase your rate once over the life of the deposit.
The 4 year Raise Your Rate CD will give you the opportunity to increase your rate twice over the life of the deposit.
The Ally Bank No Penalty CD comes with only one term at the moment. The term is 11 months. You can withdraw any or all of your money from this deposit at any time after six days from funding the account.
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Ally Bank No Penalty CD Rate
As with Ally Bank’s other certificate of deposit products this APY is the same regardless of your deposit amount. In the past Ally Bank has rewarded larger deposits with higher yields; however, rates today are the same across the board for all amounts.
Ally Bank keeps their CDs simple and rewarding with no monthly maintenance fees, no opening deposit requirements and even the opportunity to open a “no penalty CD” with fee-free access to your deposited funds.
The APYs on their IRA CDs and regular CDs beat the current national average(s) handily, but pay the same yields on all terms regardless of deposit amount. There are also no differences in rates whether the CD is opened in an IRA or not.
Ally Bank’s digital interface – both online and through their IOS and android apps – are very intuitive and allow for easy deposits and account monitoring as well.
Find the latest Ally Bank CD Rates, Offers, and Promotions here.
They currently offer a 13 month CD with a 1.65% APY Rate when you qualify.
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About Ally Bank
Ally Financial Inc. is a leading digital financial services company. Ally Bank, the company’s direct banking subsidiary, offers an array of deposit and mortgage products and services. Their commitment to their customers has been at the core of who we are for 100 years. They are relentlessly focused on “Doing it Right” and being a trusted financial services provider to our consumer, commercial, and corporate customers.
Ally Bank offers a vast array of products including CD options for all of your specific financial needs. From checking and savings account to loans and CDs, you are bound to find one that works for you.
This is ideal for accounts like Certificate of Deposits. Though the rates are worth checking out, be sure to still compare them with the nation’s best using our guides: CD Rates Savings Rates.
*While Ally Bank does have competitive rates compared to traditional banks, I still recommend you take a look at Discover Bank Promotions here
|CIT BANK CD TERM||RATE||LINK|
|12-Month Term||0.30% APY||Apply Now|
|13-Month Term||0.35% APY||Apply Now|
|18-Month Term||0.30% APY||Apply Now|
|4-Year Term||0.50% APY||Apply Now|
Ally Bank CD Rates
CDs are a certificate issued by a bank to a person depositing money for a specified length of time. Usually the longer a term, the higher APY rate you make.
With no opening deposit, you can invest in a Ally Bank CD account to maximize your earnings. Compare their offers now to find the solutions that fit best with your savings goals. Be sure to also check out the CD rates below to potentially find even better rates for you!
- Minimum deposit: None
- Maximum deposit: None
- Early withdrawal penalty: Withdrawal of dividends prior to maturity will reduce earnings
Ally Cd Rates 2019
Ally Bank CD Features
- Promotional term available through 3/31/2020
- No minimum deposit to open
- Interest compounded daily
- Automatically renews into a 12-month High Yield CD
- Your deposits are insured by the FDIC up to the maximum allowed by law
Ally Bank offers you a CD rate up to a 13 month 1.65% APY rate. All you need to do is to pick your CD term and with no minimum deposit, anyone can qualify for this fantastic bonus.
This is a great opportunity to invest in a high-interest CD with a low balance from Ally Bank. However, you may want to compare them with our best CD Rates:
Ally Cd Rates Highest 1 Year
Be sure to apply as soon as you can to start your new account experience and start earning higher rates. Check back often for the latest Ally Bank CD rates!
Disclaimer: Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.