Ally Bank CD rates of August 2024

Ally Bank certificates of deposit (CDs) are an excellent choice for savers who are comfortable with digital banking. It features competitive yields and a variety of CD types and terms savers can enjoy, along with no minimum deposits or maintenance fees.

As it’s an online-only bank, however, you’ll need to be comfortable with digital means of account control. Ally does not have a brick-and-mortar presence.

Account details and annual percentage yields (APYs) are accurate as of Aug. 1, 2024.

Overview of Ally Bank CDs

Ally Bank offers the following CD types:

• Ally Bank High Yield certificates of deposit: These CDs have terms ranging from three months to five years, with APYs of 3.00% to 4.85%, depending on the term.
• Ally Bank Raise Your Rate CDs: These CDs come in two- and four-year terms with a 3.75% APY on both terms and offer investors the ability to increase their rate once over a two-year term or twice over a four-year term if Ally’s rates go up.
• Ally Bank No Penalty CD: This CD offers flexibility by allowing savers to withdraw their balance and accrued interest anytime after the first six days of funding the account. It offers a 4.00% yield.

All three offer a 0.05% Loyalty Reward. If you renew your CD, the reward increases whatever the current yield is.

Overview
Minimum opening deposit	$0
Term lengths	High Yield CDs: 3, 6, 9, 12 , 18 months, 3 years, 5 years Raise Your Rate CDs: 2, 4 years No Penalty CDs: 11 months
Compounding schedule	Daily
Early withdrawal penalty	Terms of less than 3 months: 30 days’ interest Terms of  3 months to 24 months: 60 days’ interest Terms of 25 months to 36 months: 90 days’ interest Terms of 37 months to 48 months: 120 days’ interest Terms of 49 months or more: 150 days’ interest You can withdraw the full balance and accrued interest from No Penalty CDs without penalty anytime after the first six days of funding an account
Grace period for penalty-free withdrawals after maturity	10 calendar days

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How much can you earn with an Ally Bank CD?

The details of a CD, including its yield, minimum deposit requirements, interest payment schedule, and fees, depend on the issuer and whether you purchase it new. The available yields are listed in the table below.

CD TERMS	APY
Three months	3.00%
Six months	5.00%
Nine months	4.85%
11 months (No Penalty CD)	4.00%
12 months	4.50%
18 months	4.25%
Two years (Raise Your Rate CD)	3.75%
Three years	4.00%
Four years (Raise Your Rate CD)	3.75%
Five years	3.90%

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With our CD calculator below, you can run the numbers to see how much you’d earn.

How Ally Bank CDs compare

Ally Bank’s CD rates stack up well against both brick-and-mortar and online-only competitors.

But before locking in a CD with Ally, you should shop around. Some competitors may offer better promotional rates. Here’s a look at how Ally compares to other big bank players, like Capital One 360 certificates of deposit and Discover® Certificates of Deposit.

CD TERMS	ALLY BANK HIGH YIELD CD RATES (APY)	CAPITAL ONE 360 CD RATES (APY)	DISCOVER CD RATES (APY)
Three months	3.00%	N/A	N/A
Six months	5.00%	4.25%	4.25%
Nine months	4.85%	4.25%	5.10%
12 months	4.50%	4.50%	4.70%
18 months	4.25%	4.25%	4.40%
Three years	4.00%	3.75%	3.75%
Five years	3.90%	3.75%	3.75%

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How to open an Ally Bank CD account

You can open an Ally Bank CD account in one of the following ways:

• Online: Submit an application at allybank.com.
• By phone: Call 1-877-247-2559.
• By mail: Download an application and mail it to the listed address.

Documents you’ll need

You must provide the following information to open an Ally Bank CD account:

• Your name.
• Your residential street address.
• Your birth date.
• Your Social Security or tax identification number.
• A driver’s license or other government-issued ID.

Other savings options at Ally Bank

As a full-service online bank, Ally Bank offers a variety of banking and savings products beyond CDs, including the following:

• Ally Bank Savings Account: This account, which offers a variable 4.20% APY on all balances, allows you to organize and maximize your savings using buckets and boosters. There are no monthly maintenance fees or minimum balance requirements, but you are limited to 10 withdrawals per statement cycle.
• Ally Bank Spending Account: This checking account offers access to bill pay, Zelle, spending buckets, checks and debit cards. The yield is 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or greater. You can use any Allpoint ATM in the U.S. for free, and Ally reimburses up to $10 per statement cycle for fees charged at other ATMs. There are no monthly maintenance, overdraft or low balance fees. Ally also doesn’t charge for ACH transfers, incoming wires or official/cashier’s checks.
• Ally Money Market Account (MMA): Here you can earn a variable 4.20% APY on all balance tiers. You will receive checks and a debit card and can make unlimited ATM withdrawals, but Ally limits certain types of withdrawals and transfers to 10 per statement cycle. There are no monthly maintenance fees, overdraft fees, ACH transfer fees, incoming wire fees or minimum balance requirements — all of which helped it make our list of the best money market accounts.
• Retirement options: You could open an Ally CD or savings account as part of a Roth, Traditional or Simplified Employee Pension (SEP) individual retirement account (IRA).

Learn more: Interested in making Ally Bank your financial home base? Here’s our Ally Bank review.

Frequently asked questions (FAQs)