Ally Bank, an online bank, offers three flavors of CDs: traditional, no-penalty, and raise your rate CDs. Most come with a variety of terms. None has a minimum balance requirement or monthly fee.

Ally Bank earned high marks across its deposit products, including CDs, in our thorough review. Ally was also named the best bank overall as part of the 2024 Bankrate Awards.

Ally Bank CD interest rates

Here’s a closer look at Ally Bank’s CD rates. The rates on Ally’s traditional high-yield CDs are very competitive. The rates on the bump-up and no-penalty CDs are somewhat lower, but still well above the national average.

High Yield CD

Ally’s High Yield CD is a standard CD with APYs that vary with term length.

Institution Term APY Min. deposit
Ally Bank 3 months 3.00% APY $0
Ally Bank 6 months 4.40% APY $0
Ally Bank 9 months 4.45% APY $0
Ally Bank 1 year 4.50% APY $0
Ally Bank 18 months 4.45% APY $0
Ally Bank 2 years 3.75% APY $0
Ally Bank 3 years 4.00% APY $0
Ally Bank 4 years 3.75% APY $0
Ally Bank 5 years 3.90% APY $0
Note: Annual percentage yields (APYs) shown for Ally’s High Yield CD were last updated between Mar. 18 and Mar. 24, and may vary by region for some products. Ally’s two and four-year CDs are Raise Your Rate CDs. 

Raise Your Rate CD

Ally’s Raise Your Rate CD lets you increase your interest rate once in the two-year CD’s term and twice during the term of the four-year CD, should rates rise.

Account name Term APY Minimum deposit
Raise Your Rate CD 2 years 3.75% $0
Raise Your Rate CD 4 years 3.75% $0

Note: Annual percentage yields (APYs) shown for Ally’s Raise Your Rate CD are as of March 18, 2024, and may vary by region.

No Penalty CD

Ally’s No Penalty CD doesn’t charge an early withdrawal penalty if a withdrawal is made six or more days after funding the CD. Just one term is available.

Account name Term APY Minimum deposit
No Penalty CD 11 months 4.00% $0

Note: Ally offers a .05 percent loyalty reward when renewing a maturing CD. Annual percentage yields (APYs) shown for Ally’s No Penalty CD are as of March 18, 2024, and may vary by region.

How Ally Bank rates compare with top-yielding banks

Ally’s CD rates are competitive. Ally has slightly fewer options for long-term CDs than some other banks, but it’s still easy to establish a CD ladder.

Online banks such as EverBank and LendingClub offer higher rates on a one-year CD, for instance. But unlike Ally, they also have minimum deposit requirements.

Other savings options at Ally

Ally offers a highly rated online savings account if you need more flexibility with your savings. The Ally Online Savings account pays a higher yield than some of Ally’s CDs, including the three- and six-month CDs.

Ally’s money market account is another solid option that offers a competitive yield along with no monthly fees or minimum balance requirements.