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0.6%
1-year APY
0.65%
3-year APY
0.85%
5-year APY
Minimum deposit to open | $0.01 |
---|---|
Interest compounding | Daily |
3-month APY | 0.2% |
6-month APY | 0.25% |
9-month APY | 0.3% |
1-year APY | 0.6% |
18-month APY | 0.6% |
3-year APY | 0.65% |
5-year APY | 0.85% |
Early withdrawal penalty | 60 days interest for terms of 1 to 24 months 90 days interest for terms of 25 to 36 months 120 days interest for terms of 37 to 48 months 150 days interest for terms of 49 + months |
Review by
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
Ally Bank’s CDs are best for those looking to keep their savings locked away for a year or more. Depending on your term, you have the potential of earning up to 0.85% APY. You have a variety of CDs to choose from with flexible terms making it easy to find a product that suits your financial needs.
However, it doesn’t have any branches, meaning you can’t visit a teller to make a deposit or get help with your account.
Ally makes it easy to open an account online, by phone or by mail:
Call 877-247-2559 to have a representative walk you through the process.
Find and print the application you prefer from Ally’s site, fill it out and mail it to the address on the form. Your application options include single or joint, custodial, trust, traditional-SEP IRA and Roth IRA.
To open a CD with Ally, you’ll need to meet the eligibility requirements:
During the application process, you’ll be asked for the following information:
During or after your application, you’ll need to fund your account. You can use the following methods:
Regardless of which FDIC-insured certificate of deposit you choose, you’ll get competitive rates, around-the-clock support, easy online access and several other benefits:
Ally has a lot of strengths, but there are still a few potential drawbacks to be aware of:
If you prefer in-person banking, you’ll want to keep looking. As always, compare your options when choosing a CD.
Once your CD reaches its maturity date, you’ll have a 10-day grace period to decide between the following five options:
If you don’t make a decision, your CD will automatically renew at the end of the 10-day grace period.
If you need to withdraw your funds before the maturity date, it’s important to be aware of the early withdrawal penalties:
You can withdraw your full balance plus interest any time after the first six days of opening your account and won’t be charged any fees.
Ally makes it easy to get in touch with customer service if you have any questions, concerns or issues: