Ally Bank certificate of deposit (CD) rates are some of the best CD rates available right now—but CDs weren’t a product the digital bank always offered. Ally Bank was founded in the early 1920s as an auto dealer financier and only became the Ally Bank we know today in 2009.
Today, Ally has 11 million customers and $193 billion in total assets. If you’re curious about its CDs, this review covers Ally’s current CD rates and how they compare to the competition.
All rates and fees are current as of July 24, 2024, and are subject to change.
Ally Bank CD rates and products
Ally Bank provides a wide range of CDs, including standard CDs, bump-up CDs, no-penalty CDs, and individual retirement account (IRA) CDs. All of these CDs offer automatic renewal at maturity, interest compounded daily, and a 10-day best-rate guarantee. Also, none of them require a minimum opening deposit, but you do have to fund your account within 60 days (or 90 days for an IRA CD) to keep it open. We’ll go over the pros and cons of each to help you decide which CD product might best benefit your needs.
Ally's standard high-yield CDs offer above-average annual percentage yields (APYs) across seven term lengths. These aren't a ton of term lengths, especially when compared to a bank like Bank of America which has over 100 term options. However, several short-term and long-term CDs give most investors enough options.
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Bump-up CDs
If Ally's CD rates go up in the middle of your term, its Raise Your Rate CDs allow you to change your CD rate without penalty. There are two term lengths: two years and four years. With the two-year CD, you have the option to bump up your rate once. The four-year CD lets you bump your rate twice. This can be a good option if you think rates will rise but you don't want to risk waiting to find out.
To prevent you from having to log in to check rates daily, Ally can send you a personalized alert automatically whenever its rates rise to the number you're looking for.
Ally Bank bump-up CD rates
| Term length | APY | Minimum deposit |
|---|---|---|
| 2 Jahre | 3.75% | $0 |
| 4 years | 3.75% | $0 |
| 2 Jahre | |
|---|---|
| APY | 3.75% |
| Minimum deposit | $0 |
| 4 years | |
| APY | 3.75% |
| Minimum deposit | $0 |
No-penalty CDs
A no-penalty CD allows you to withdraw funds without paying an early withdrawal fee. They still have a set term and a fixed interest rate. Ally only has an 11-month term for this type of CD. You can withdraw your principal and any interest earned after the first six days of having the account funded. Overall, this CD might work best if you anticipate having an upcoming expense but want to earn a high fixed APY in the meantime.
IRA CDs
Ally Bank gives you the option of high-yield IRA CDs or Raise Your Rate IRA CDs. Both are available as a Roth, simplified employee pension (SEP), or traditional IRA. IRA CDs work like standard CDs—you buy them with funds from your IRA instead. They offer a more predictable, fixed return rather than the volatility of the stock market.
While there are no minimum deposit requirements, there are maximum deposit limits based on federal law. You can only contribute $7,000 to an IRA if you're 50 or under—that limit goes up to $8,000 if you're over 50.
Like with its other CDs, Ally charges an early withdrawal fee for removing your principal before the term is over. But that might not be the only penalty you pay. If you remove funds and don't reinvest them back into your IRA, the IRS might charge you for taking an early distribution.
Compare Ally Bank to top competitors
Ally Bank CD rates are far above the market average, especially when compared to traditional big banks. But they're not the highest you can get. Several online banks offer higher APYs that can earn you more.
 Ally Bank |  Capital One |  Discover |
|---|---|---|
| 6 Monate | 6 Monate | 6 Monate |
| 4.75 | 4.25 | 4.25 |
| 12 months | 12 months | 12 months |
| 4.50 | 5.00 | 4.70 |
| 18 months | 18 months | 18 months |
| 4.25 | 4.45 | 4.40 |
| 24 months | 24 months | 24 months |
| K.A. | 4.00 | 4.00 |
| 36 months | 36 months | 36 months |
| 4.00 | 4.00 | 3.75 |
| Mehr erfahren | Mehr erfahren | Mehr erfahren |
| Read our review Ally Bank | See more CD rates from Capital One | Read our review Discover |
Learn more about Ally Bank
In addition to its CDs, Ally Bank also offers checking accounts, savings accounts, and money market accounts (MMAs). All offer above-average APYs and no monthly fees, meaning you'll earn more without having to pay for it.
The checking account (called a Spending account) comes with early direct deposit, no overdraft fees, and a free debit card with access to the Allpoint ATM network. The Savings account includes buckets to help you save up for specific goals while the Money Market account comes with unlimited ATM withdrawals.
Additionally, Ally offers several credit cards, investing and retirement services, mortgages and refinancing, and vehicle financing. Learn more about all this bank has to offer in our full Ally Bank review.
About the contributors
Kristy Snyder has more than a decade of experience writing about personal finance, including bank accounts, credit cards, mortgages, and personal loans. Since earning her bachelor of arts degree in English from Allegheny College, Kristy's work has been featured in Forbes Advisor, Newsweek, and U.S. News & World Report.
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