Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
4.55%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $0
Certificate Term
11 months
Ally Bank No Penalty CD Review
Ally Bank No Penalty CD are offered by Ally Financial, Inc., a bank founded in 1919 and based in Detroit, MI. Ally No Penalty CD are available in 50 states and Washington, DC.
Key Takeaways
- Small selection of CD account types. Ally No Penalty CD only offers liquid and traditional CDs.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.55%, which is much higher than the national average for a CD account.
- No minimum initial deposit. There is no minimum balance required to open an account.
- Limited selection of CD terms. Ally No Penalty CD only offers one CD term. This limits your options when trying to set up a CD ladder.
Pros & Cons of Ally Bank No Penalty CD
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Ally Bank No Penalty CD FAQ
Are CD from Ally Bank federally insured?
Yes, your Ally Financial, Inc. CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does Ally Financial, Inc. offer?
Ally No Penalty CD provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.
- liquid CDs. Liquid CDs, often called risk-free or breakable CDs, are a type of no-penalty CD that allows you to take out your money before the CD matures without paying a penalty.
What rates does Ally Financial, Inc. offer on its CDs?
The CD rates for this account have an APY of4.55% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1.6% APY for 12-month CDs.
What terms does Ally No Penalty CD offer?
Ally Financial, Inc. offers CD terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term | 11 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11-Month APY | 4.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 4.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a CD account with Ally Financial, Inc.?
Ally No Penalty CD does not require a minimum deposit.
What is the grace period for Ally No Penalty CD?
There is a 10-day grace period for Ally No Penalty CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Ally Financial, Inc. charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.
Ally Financial, Inc. charges an early withdrawal fee.
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Hours of Operation
Sunday
12:00AM - 12:00AM
Monday
12:00AM - 12:00AM
Tuesday
12:00AM - 12:00AM
Wednesday
12:00AM - 12:00AM
Thursday
12:00AM - 12:00AM
Friday
12:00AM - 12:00AM
Saturday
12:00AM - 12:00AM