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

Ally Bank earned 5 out of 5 stars in Bankrate’s review across its deposit products and the same score for its CDs.

Ally Bank CD rates

Here’s a closer look at Ally Bank’s CD rates.

High Yield CD

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

Account name Term APY Minimum deposit
High Yield CD 3 months 2.00% $0
High Yield CD 6 months 3.40% $0
High Yield CD 9 months 3.50% $0
High-yield CD 1 year 4.25% $0
High-yield CD 18 months 4.25% $0
High-yield CD 3 years 4.35% $0
High-yield CD 5 years 4.35% $0

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 3.30% $0
Raise Your Rate CD 4 years 3.30% $0

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 3.85% $0

Note: Ally offers a .05 percent loyalty reward when renewing a maturing CD. Annual percentage yields (APYs) shown are as of Jan. 19, 2023, and may vary by region for some products.

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.

Bread Financial (formerly Comenity Direct) and Limelight Bank and some other online banks 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 an online savings account that earned 4.9 out of 5 stars by Bankrate, if you need more flexibility with your savings. The savings account pays the same interest rate as (or better than) some of Ally’s CD terms.

Ally’s money market account is another option that offers the same rate as its savings account.

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