Ally Bank CD rates

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for

Ally Bank offers three flavors of CDs: traditional CDs, no-penalty CDs, and raise your rate CDs. Each type of CD comes with a variety of terms. None have a minimum balance requirement or monthly fee.

Ally Bank earned 4.4 out of 5 stars in Bankrate’s review across its deposit products.

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 basic CD with no frills.

Account name Term APY Minimum deposit
High Yield CD 3 months 0.20% $0
High Yield CD 6 months 0.40% $0
High Yield CD 9 months 0.50% $0
High-yield CD 12 months 0.65% $0
High-yield CD 18 months 0.70% $0
High-yield CD 36 months 0.75% $0
High-yield CD 60 months 1.00% $0

Raise Your Rate CD

Ally’s Raise Your Rate CD lets you increase your interest rate, once for the 24-month CD and twice for the 48-month CD, if market rates rise during your CD’s term.

Account name Term APY Minimum deposit
Raise Your Rate CD 24 months 0.70% $0
Raise Your Rate CD 48 months 0.70% $0

No Penalty CD

Ally’s No Penalty CD doesn’t charge an early withdrawal penalty if you make a withdrawal six or more days after opening the CD.

Account name Term APY Minimum deposit
No Penalty CD 11 months 0.60% $0

Currently, Ally offers a .05 percent loyalty reward if you renew a CD at the bank.

Note: The APYs (annual percentage yield) shown are as of Oct. 14, 2020. The APYs for some products may vary by region.

How Ally Bank rates compare with top-yielding banks

Ally’s CD rates are competitive. One drawback is that Ally has slightly fewer options for long-term CDs than some other banks, but you can still easily establish a CD ladder.

There are some other banks, like Marcus by Goldman Sachs or Limelight Bank that offer higher rates on some CD terms. Remember that some banks may have minimum deposit requirements, which Ally does not.

Other savings options at Ally

Ally offers a great online savings account if you need more flexibility with your savings. In fact, the savings account pays the same (or better) interest rate than some of Ally’s CD terms.

Ally also offers a money market account, but it pays half the rate that the bank’s savings account does.