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 1.50% $0
High Yield CD 6 months 2.75% $0
High Yield CD 9 months 2.85% $0
High-yield CD 1 year 3.75% $0
High-yield CD 18 months 4.00% $0
High-yield CD 3 years 4.05% $0
High-yield CD 5 years 4.10% $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 3.00% $0
Raise Your Rate CD 4 years 3.00% $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 3.10% $0

Note: Ally offers a .05 percent loyalty reward when renewing a maturing CD. Annual percentage yields (APYs) shown are as of Nov. 9, 2022, 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 Savings (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 also earned 5 out of 5 stars by Bankrate, if you need more flexibility with your savings. The savings account pays the same (or a better) interest rate 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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