Image by Adobe Stock; Illustration by Tiffany Herring
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 Apr. 15 and Apr. 21, 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 April 16, 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 April 16, 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.
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