is an online-only alternative to traditional brick-and-mortar banks. It was founded in 2009 and is a full-service bank offering consistently competitive rates on all deposit accounts. A high-yield CD can earn an annual percentage yield, or APY, of as much as 4.10%. Ally offers three types of certificates of deposit, or CD, accounts: High-Yield, Raise Your Rates and .
All Ally CDs are insured by the Federal Deposit Insurance Corporation for up to $250,000 per person. This makes the CDs a low-risk, fixed-rate interest earning.
Every CD account Ally provides has competitive rates, no minimum deposit requirement to open and compounds daily. The High-Yield CDs offer the highest rates available, but also impose the highest early withdrawal penalties if you need to access funds before the maturity date. Ally also offers a 0.05% APY loyalty reward increase when you allow your CDs to automatically renew after the term ends.
Ally: At a glance
|Type||Minimum deposit||Term||Compounding schedule||Early withdrawal penalty||Grace period|
|High-Yield||$0||3 months to 5 years||Daily||60 to 150 days of interest||10 days|
|Raise Your Rate||$0||2-year and 4-year||Daily||60 to 120 days of interest||10 days|
Ally's CD rates
Ally consistently offers CD rates at the top end of the spectrum. The 1-year CD rates are competitive with most other banks and credit unions on the market.
Raise Your Rate CDs
No Penalty CDs
Note: Annual percentage yields (APYs) shown are as of Nov. 4, 2022. CNET's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products.
How much can you earn with Ally's CDs?
If you had $10,000 to invest in an Ally CD, the following table will help you understand how much the APY will impact your money's overall growth.
Interest earned on a $10,000 CD
|High-Yield, 3 month||1.50%||$37.29|
|High-Yield, 6 month||2.75%||$136.57|
|High-Yield, 9 months||2.85%||$213.00|
|High-Yield, 12 months||3.75%||$375|
|High-Yield, 18 months||4.00%||$605.96|
|High-Yield, 3 years||4.05%||$1,264.87|
|High-Yield, 5 years||4.10%||$2,225.13|
|Raise Your Rate, 2 years||3.00%||$609.00|
|Raise Your Rates, 4 years||3.00%||$1,255.09|
|No Penalty CD||3.10%||$283.80|
How does Ally's CD rates compare?
CD rates at Ally range from five to eight times higher than the average CD rates nationally. For example, the average one-year CD earns 0.71% APY versus Ally's one-year APY on a High-Yield CD earning 3.75%.
Additional savings options at Ally
- Online savings: Ally's online savings account earns 2.75% APY, doesn't charge any monthly maintenance fees and has no minimum deposit requirement.
- Money market account: Ally's money market account earns a competitive 2.75% APY, accepts eCheck deposits and rebates $10 in out-of-network ATM rebates per month.