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  Ally Bank Raise Your Rate CD
Ally Bank Raise Your Rate CD
in CD Accounts from Ally Financial Inc. · Member FDIC
Claimed

Ally Bank Raise Your Rate CD

Claimed
in CD Accounts from Ally Financial Inc. · Member FDIC
Net Recommendation Score +100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
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APY (Annual Percentage Yield) 3.30%
(Verified 02/13/2023)
Minimum Opening Deposit Starting at $0
Certificate Term
  • 2 years
  • 4 years

Ally Bank Raise Your Rate CD Review

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

Key Takeaways

  • Raise your rate. If Ally's rate for your term and opening balance goes up, you'll have the opportunity to raise it once for the 2-Year term or twice for the 4-Year term.
  • Only one CD type available. Ally Raise Your Rate CD only offers traditional CD accounts.
  • Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.30%, 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
  • 0.05% Loyalty Reward when you renew your CD
  • 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 from Ally Financial Inc. federally insured?

Yes, your Ally Financial Inc. CDs 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 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.

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

The CD rates for this account have an APY of3.30% (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% APY.

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) 3.30%
2-Year APY 3.30%
4-Year APY 3.30%

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 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. 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.

Message From Ally Raise Your Rate CD

We reward you when you renew. We’re currently giving a 0.05% Loyalty Reward when you renew your CD to any CD with us. Check back 30 days before your CD matures to see what the reward is at that time. If our rate goes up, you can raise yours. There’s no minimum deposit required to open your account, and you’ll always start with a great rate. Plus, you’ll have the opportunity to raise it once for the 2-Year term or twice for the 4-Year term, if our rate goes up for your term and opening balance amount. Interest is compounded daily. Manage your CD online. We make it easy to manage your CD online. When it’s time to renew, don’t do a thing and we’ll renew it automatically.

Contact

Hours of Operation

  • Sunday 12:00pm - 12:00pm
  • Monday 12:00pm - 12:00pm
  • Tuesday 12:00pm - 12:00pm
  • Wednesday 12:00pm - 12:00pm
  • Thursday 12:00pm - 12:00pm
  • Friday 12:00pm - 12:00pm
  • Saturday 12:00pm - 12:00pm

Other Services by Ally Financial Inc.

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View all cd accounts offered by Ally Financial Inc.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Opening Deposit Starting at $0
APY (Annual Percentage Yield) 3.30%
(Verified 02/13/2023)
2-Year APY 3.30%
4-Year APY 3.30%
Certificate Term
  • 2 years
  • 4 years
CD Accounts Traditional
Grace Period for Account Changes 10 days

Ally Bank Raise Your Rate CD Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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