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Ally Bank CD Rates for August 2022

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Customers looking for a way to maximize their savings should look at the Ally Bank CD rates. These are among the best CD rates around, and they come with extra perks like a best rate guarantee, rewards for renewing, and more. Learn more about Ally Bank CD rates, how they compare to other banks, and whether or not Ally Bank CDs are right for you.

Ally Bank CD rates

Ally High Yield CD
  • 1 Year APY: 2.30%
  • 3 Year APY: 2.70%
  • 5 Year APY: 2.90%
Rates as of Aug. 16, 2022
Term
Ally High Yield CD
1 Year
2 Year
3 Year
4 Year
5 Year
2.30%
--
2.70%
--
2.90%

Compare Ally Bank CD rates

Ally Bank CD rates tend to be competitive with online banks offering the highest rates, but it's worth comparing CD rates to find the right CD for your needs. Here's a quick side-by-side comparison of other high-yielding CDs to consider.

Rates as of Aug. 16, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
2.30%
2.60%
2.70%
2.80%
3.20%
$2,500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
2.40%
2.80%
2.90%
3.00%
3.25%
$500
Yes

Ally Bank CD review

If you're looking for a place to earn interest on your savings, an Ally CD may be right for you.

Ally High-Yield CD

PROS

  • No monthly maintenance fees
  • No minimum deposit requirement
  • If you fund your CD within 10 days of opening, you're guaranteed the highest rate during that time period
  • Loyalty reward for renewing your Ally CD

CONS

  • Early withdrawal penalties
  • No cash deposits

Ally Bank's High-Yield CDs have multiple term lengths. These range from three months to five years. With Ally's primary CD offering, there's no minimum deposit requirements and no monthly maintenance fees. Ally Bank ensures customers get the best rates possible through its 10-Day Best Rate Guarantee. Additionally, customers who plan to renew their CD upon maturity will earn an extra bonus. But be careful: There are early withdrawal penalties of up to 150 days interest if you decide to pull out your money before the account reaches maturity.

Other Ally Bank CD accounts

Ally Bank also offers the following CD accounts:

  • Raise Your Rate CD
  • No Penalty CD

FAQs

  • An Ally Bank CD is perfect for customers who want competitive CD rates without having to worry about making a substantial initial deposit requirement. They're also great for people who prefer online banking.

  • Ally Bank CDs are a great way to build up your savings at a higher rate than traditional savings accounts, especially if you don't need access to your funds right away.

  • Yes, Ally Bank CDs are worth the investment. There's little downside to opening a CD account through Ally as long as you can deposit money and leave it alone. Customers can use a CD ladder strategy to build in more flexibility with their money.

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