Updated
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
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 April 23, 2024
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
| APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | |
|
| APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | |
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
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.
Who is an Ally Bank CD right for?
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.
Rates as of April 23, 2024
APY = Annual Percentage Yield
Ally High Yield CD
Bottom Line
Ally High Yield CDs are notable for saver-friendly features like no minimum deposits and lower-than-average withdrawal penalties (though you're still better off holding through your CD term!). The rates are generally not at the very top of the market, but they tend to not be far off.
MINIMUM DEPOSIT $0
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 3 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|
| 3.00% | 4.40% | 4.45% | 4.65% | 4.45% | 4.00% | 3.90% |
Other Ally Bank CD accounts
Ally Bank also offers the following CD accounts:
- Raise Your Rate CD
- No Penalty CD
Keep reading about Ally Bank:
Our CDs methodology
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
See our full Ratings Methodology here.
FAQs
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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.
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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.
Our Banking Expert
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
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