Ally Bank CD Rates 2023: How They Compare

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Ally Bank’s rates on certificates of deposit are some of the most competitive among banks and credit unions. And there’s no minimum deposit required.
Ally Bank CD rates
Unlike some online banks, Ally has several types of CDs:
Standard CDs (or what it calls "High Yield CD"): These CDs have fixed rates and early withdrawal penalties. Learn more about high-yield CDs.
Bump-up CDs ("Raise Your Rate CD"): These CDs have early withdrawal penalties, but one special perk: You can request a rate increase (once for two-year and twice for four-year) if Ally raises the rate for new CDs with the same term and balance tier as your CD. Learn more about bump-up CDs.
No-penalty CDs: These CDs have fixed rates, and one unusual perk as well: You can withdraw the full balance after the first six days without incurring the penalties that standard CDs and bump-up CDs charge. See the best no-penalty CDs.
Promotional CDs (“Select CD”): Ally sometimes offers a high-yield CD with a rate offering that has a predetermined expiration date. Learn more about promotional CDs.
3-month CD (High Yield CD) | 2.00% APY. |
6-month CD (High Yield CD) | 3.40% APY. |
9-month CD (High Yield CD) | 4.15% APY. |
11-month CD (No Penalty CD) | 4.75% APY. |
1-year CD (High Yield CD) | 4.50% APY. |
13-month CD (Select CD) | 4.60% APY (expires 6/13/23). |
18-month CD (High Yield CD) | 5.00% APY. |
20-month CD (Select CD) | 5.00% APY (expires 4/11/2023). |
2-year CD (Raise Your Rate CD) | 3.75% APY. |
3-year CD (High Yield CD) | 4.25% APY. |
4-year CD (Raise Your Rate CD) | 3.75% APY. |
5-year CD (High Yield CD) | 4.25% APY. |
» Want more options? See the best CD rates
Compare CD rates: Ally vs. Synchrony vs. Marcus
If you’re considering high-yield, no-penalty and bump-up CDs, there are three online banks that have them all: Ally Bank, Synchrony Bank and Marcus by Goldman Sachs. See how they differ based on three CDs each:
High-yield CDs | |
Marcus’ 1-year CD | 4.50% APY (annual percentage yield) as of 02/14/2023. |
Synchrony’s 1-year CD | 4.50% APY. |
Ally’s 1-year CD | 4.50% APY. |
No-penalty CDs | |
Marcus’ 13-month CD | 3.85% APY. |
Synchrony's 11-month CD | 3.90% APY. |
Ally’s 11-month CD | 4.75% APY. |
Bump-up CDs | |
Marcus’ 20-month Rate Bump CD | 4.35% APY. |
Synchrony’s 2-year Bump-Up CD | 3.70% APY. |
Ally’s 2-year Raise Your Rate CD | 3.75% APY. |
More details about Ally Bank CDs
Minimum deposit | None. |
Monthly fee | None, which is common for CDs. |
Range of CD terms | 3 months to 5 years. |
Bonus rate feature | 10-Day Best Rate Guarantee: If you fund your CD within the first 10 days of opening your account, Ally will offer you the best rate available for that term within those 10 days. So if Ally raises its 5-year CD rate six days after you fund a 5-year CD, your rate will match the new one offered. This feature also applies for the first 10 days after CDs renew. |
Compounding period | Daily. (This detail helps you estimate what you can earn using a CD calculator.) |
Early withdrawal penalty |
*The penalty can include more than actual interest earned if the withdrawal occurs early enough. |
Grace period | 10 days, starting at the CD's maturity date. Ally Bank CDs automatically renew, so this 10-day window is the only time to withdraw without getting hit by a penalty. |
POD designation available? | Yes, Ally CDs can be “payable on death” accounts, meaning an account owner can choose individuals as beneficiaries to receive funds in the event of the owner’s death. The availability of this type of account ownership may vary based on state laws. |
Ally Bank IRA CDs available? | Yes, compare the best IRA CD rates. |
What to consider when opening CDs
Interest rates are fixed. If you open nearly any Ally Bank CD today, its annual percentage yield will stay the same until the CD expires. This enables you to lock in a CD if rates are relatively high, though there is a risk of losing out if rates continue to rise. It’s hard to know when CD rates will go up, but they are trending upward, thanks to multiple Fed rate increases since March 2022. Here’s a quick look at historical CD rates. Or, if you want a sample of rates each month, see current CD rates. Ally also has two bump-up CDs, with two-year and four-year terms, which let you raise your rate once or twice before the CD matures.
Be aware of two common rules with CDs, including Ally CDs: You can’t make partial withdrawals or add additional funds after making a deposit into a CD.
You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into almost any Ally CD before it expires, there’s an early withdrawal penalty, which means losing some or all of the interest you earned. There is one exception: an 11-month no-penalty CD. (Compare this with other no-penalty CDs.)
» Unsure about CDs? Consider the best high-yield savings accounts instead
More about Ally Bank
Ally Bank is one of the largest digital-only banks in the U.S. with accounts and loans you can find at traditional banks, such as checking and savings accounts and CDs, auto loans for refinancing, investing accounts, mortgages and home improvement loans. Banking customers also have free access to more than 43,000 free ATMs nationwide. Savings and CD rates are competitive and there are no monthly fees on deposit accounts. The main downside is an inability to deposit cash, which some online banks allow. See more about checking, savings and CDs on our Ally Bank review.

Member FDIC
Marcus by Goldman Sachs High-Yield 10-Month CD

5.05%
10 months

Member FDIC
CIT Bank No-Penalty CD

4.15%
11 months
How do CDs work?
Learn more about the journey of choosing, understanding rates, opening and closing CDs.
For choosing CDs:
For understanding CD rates:
For opening CDs:
For closing CDs:
See CD rates by term and type
Compare the best rates for various CD terms and types:
See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
