Ally Bank CD rates of March 2024 (2024)

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Banking

Tony Dong

Joel Anderson

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“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.

Hannah Alberstadt

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Overview of Ally Bank CDs

Ally Bank offers the following CD types:

Ally Bank High Yield certificates of deposit: Terms for these CDs range from three months to five years, with APYs of 3.00% to 4.50% 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 an account. It offers 4.00% APY on an 11-month term.
Ally Bank Select CDs: Ally offers two promotional CDs with terms of eight- and 14-months, paying APYs of 4.40% and 4.65%. The former automatically renews into a nine-month High Yield CD, while the latter automatically renews into a 12-month High Yield CD. Promotional terms are available through March 20, 2024.

Overview
Minimum opening deposit	$0
Term lengths	High Yield CDs: 3 months, 6 months, 9 months, 12 months, 18 months, 3 years, 5 years Raise Your Rate CDs: 2 years, 4 years No Penalty CDs: 11 months Select CDs: 8 months, 14 months
Compounding schedule	Daily
Early withdrawal penalty	Terms of less than three months: 30 days’ interest Terms of three 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

How much can you earn with an Ally Bank CD?

Savings products like CDs have thrived in the rising interest rate environment of 2022 and 2023, reaping the benefits of higher yields. Investors looking for a virtually risk-free way to earn competitive yields have an accessible way to do so via CDs.

Ally Bank’s CD rates are competitive with all yields well above the national average rates. Investors can easily mix and match various options to build their ideal CD ladder. Use our CD calculator to see exactly how much you could earn.

All rates below are for Ally’s High Yield CDs unless otherwise indicated.

CD TERMS	APY	EARNINGS ON $10,000
3 months	3.00%	$74.27
6 months	4.40%	$222.42
8 months (Select CD)	4.40%	$291.48
9 months	4.45%	$339.36
11 months (No Penalty CD)	4.00%	$388.67
12 months	4.50%	$474.90
14 months (Select CD)	4.65%	$545.14
18 months	4.45%	$674.22
2 years (Raise Your Rate CD)	3.75%	$763.72
3 years	4.00%	$1,247.87
4 years (Raise Your Rate CD)	3.75%	$1,585.77
5 years	3.90%	$2,110.52

How Ally Bank CDs compare

Ally Bank’s CD rates stack up well against both brick-and-mortar and online-only competitors. The combination of versatility in the form of No Penalty CDs and attractive yields from promotional Select CDs gives savers plenty of options to choose from in terms of flexibility and returns.

However, you should shop around before locking in a CD with Ally, as competitors may offer better promotional rates. Here’s a look at the rates offered by Capital One 360 certificates of deposit and Discover® Certificates of Deposit, compared to Ally Bank’s High Yield CD rates.

CD TERMS	ALLY BANK HIGH YIELD CD RATES (APY)	CAPITAL ONE 360 CD RATES (APY)	DISCOVER CD RATES (APY)
3 months	3.00%	N/A	2.00%
6 months	4.40%	4.35%	4.25%
9 months	4.45%	4.35%	4.25%
12 months	4.50%	4.90%	4.70%
18 months	4.45%	4.50%	4.40%
3 years	4.00%	4.10%	3.75%
5 years	3.90%	4.00%	3.75%

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 street address.
Your birth date.
Your Social Security or tax identification number.
A driver’s license or other identifying document.

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 4.35% 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 account offers access to bill pay, Zelle, spending buckets, checks and debit cards. There is a 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or greater (both yields are variable). You can use any Allpoint ATM in the U.S. for free and Ally will reimburse you 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 fees for ACH transfers, incoming wires or official/cashier’s checks.
Ally Money Market Account (MMA): This account has a variable 4.35% 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.
Individual Retirement Account (IRA): This is available as a Roth, Traditional or Simplified Employee Pension (SEP) IRA and can be in the form of a CD (Ally Bank IRA High Yield CD or Ally Bank IRA Raise Your Rate CD) or as an Ally Bank IRA Savings account. There are no monthly maintenance fees.

Frequently asked questions (FAQs)

There is no minimum deposit required to open an Ally Bank CD account.

Yes, Ally Bank CDs have early withdrawal penalties, which vary depending on the type and term. Generally speaking, you can expect the following:

Terms of less than three months: 30 days’ interest.
Terms of three 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.

However, in exchange for a lower yield, the 11-month No Penalty CD allows you to withdraw the full balance and accrued interest without penalty anytime after the first six days of funding the account.

Yes, Ally Bank CD accounts are insured by the Federal Deposit Insurance Corporation (FDIC). This means that in the unlikely event that the bank fails, the FDIC will protect your Ally Bank deposits up to $250,000 per depositor, per qualifying account ownership category. This protection provides peace of mind for depositors.

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

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Tony Dong

BLUEPRINT

Tony Dong is a freelance financial writer with bylines in U.S. News and World Report, the NYSE, the Nasdaq, The Motley Fool and Benzinga. He lives in Vancouver, Canada and is an avid watch collector.

Joel Anderson

BLUEPRINT

Joel Anderson is a business writer who has been living and working in Los Angeles for over a decade. His work has appeared on sites like MSN.com, GoBankingRates and Equities.com, writing about subjects ranging from basic investing knowledge to tech start-ups. He’s focused on spreading financial literacy with his work, helping more people learn how to make their money work for them.

Hannah Alberstadt

BLUEPRINT

Hannah Alberstadt is the deputy editor of investing and retirement at USA TODAY Blueprint. She was most recently a copy editor at The Hill and previously worked in the online legal and financial content spaces, including at Student Loan Hero and LendingTree. She holds bachelor's and master's degrees in English literature, as well as a J.D. Hannah devotes most of her free time to cat rescue.