Ally Bank CD Rates: How They Compare

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 has a high-yield CD with a rate offering that has a predetermined expiration date. Learn more about promotional CDs.

» 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, three online banks have them all: Ally Bank, Synchrony Bank and Marcus by Goldman Sachs. See how they differ based on three CDs each:

More details about Ally Bank CDs

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.