Ally Bank Raise Your Rate CD

Claimed

in CD Accounts from Ally Financial Inc. · Member FDIC

Not enough votes for recommendation

Explore a similar product

Try this top product in CD Accounts.

CIT Bank No-Penalty CD

Strongly recommended

20 reviews

Learn More

Highlights
Minimum Opening Deposit	Starting at $0
Certificate Term	2 years 4 years
APY (Annual Percentage Yield)	0.60%

Ally Bank Raise Your Rate CD Review

Ally Bank Raise Your Rate CD is offered by Ally Financial Inc., a bank founded in 2001 and based in Philadelphia, PA. Ally Bank Raise Your Rate CD is available in 50 states (and Washington, DC).

Key Takeaways

Only one CD account type available. Ally Raise Your Rate CD only offers traditional CD accounts.
Very high APY. This account offers an annual percentage yield of up to 0.60%, 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 Raise Your Rate CD only offers two CD terms. This limits your options when trying to set up a CD ladder.

Pros & Cons of Ally Bank Raise Your Rate CD

Pros	Cons
FDIC insured. Available in all 50 states. High-interest yield.	Poor selection of CD terms. There isn't a no-penalty CD option. Does not offer an IRA CD.

Ally Bank Raise Your Rate CD FAQ

Are cd accounts from Ally Financial Inc. federally insured?

Yes, your Ally Financial Inc. cd accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57803). 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 Raise Your Rate CD provides the following types of CDs.

Traditional CDs. These CDs pay a fixed interest rate i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.

What CD rates does Ally Financial Inc. offer on its CDs?

The CD rates for this account have an APY of0.60% (APY stands for annual percentage yield, rates may change).

What terms does Ally Raise Your Rate CD offer?

Ally Financial Inc. offers CD terms of the following lengths:

Ally Bank Raise Your Rate CD Rates & Terms
Description
APY (Annual Percentage Yield)	0.60%
2-Year APY	0.60%
4-Year APY	0.60%

What is the minimum deposit to open a CD account with Ally Financial Inc.?

Ally Raise Your Rate CD does not require a minimum deposit.

What is the grace period for Ally Raise Your Rate CD?

There is a 10-day grace period for Ally Raise Your Rate 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 Raise Your Rate CD 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 CD term ends.

Ally Financial Inc. does not charge an early withdrawal fee.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.