Ally Bank CD Rates: What To Know Before You Open One in 2025
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
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Ally Bank offers regular certificates of deposit (CDs), a No-Penalty and Raise Your Rate CDs for its customers. Take a look at this chart to find what CD works best for you.
| Term | APY | Minimum Deposit |
|---|---|---|
| 3-month | $0 | |
| 6-month | $0 | |
| 9-month | $0 | |
| 11-month No Penalty CD | $0 | |
| 12-month | $0 | |
| 18-month | $0 | |
| 2-year Raise Your Rate CD | $0 | |
| 3-year | $0 | |
| 4-year Raise Your Rate CD | $0 | |
| 5-year | $0 |
Pros and Cons of Ally Bank CDs
When considering an Ally Bank CD, it can help to weigh the pros and cons:
Pros
- No minimum deposit: There is no minimum deposit required for Ally Bank CDs.
- Competitive rates: CDs have rates from to .
- Variety of CDs are available: Choose from regular CDs, Raise Your Rate CDs and a No-Penalty CD.
Cons
- Early withdrawal penalties: Early withdrawal penalties apply to CDs.
- Not a liquid investment: You cannot easily access cash with a CD.
- No physical branches: You cannot visit a physical branch of Ally Bank.
How Much Can You Earn With an Ally Bank CD?
The amount you earn from a CD depends on a few factors, such as:
- Your initial deposit amount.
- The term length, or how long your money stays in the CD.
- The rate that you are earning, called annual percentage yield (APY).
Here’s a simple example showing estimated earnings with Ally Bank CDs:
| Deposit Amount | Term Length | APY | Estimated Interest Earned* |
|---|---|---|---|
| $1,000 | 1-year | $38.50 | |
| $2,000 | 9-month | $58.22 | |
| $10,000 | 3-year | $1,087.18 | |
| $5,000 | 5-year | $938.43 |
How To Open an Ally Bank CD in 3 Steps
Opening an Ally Bank CD is quick and straightforward. Here’s how you can do it:
- Visit Ally Bank: Head to their website or mobile app.
- Pick your CD: Choose the type and term that fit your savings goals.
- Fund your account: Transfer money electronically — no minimum deposit is required.
Good To Know
Keep these tips in mind when opening your Ally Bank CD:
- Consider your financial goals to pick the right term.
- If you’re worried about locking in a rate, consider the Raise Your Rate CD for added flexibility.
Ally Bank CD Rates vs. Other Banks
Ally Bank CD rates are competitive and well above the national average. But how do they compare to CD rates from other banks? Here’s a quick comparison:
| Bank | 6-Month CD | 1-Year CD | Minimum Deposit |
|---|---|---|---|
| Ally | $0 | ||
| Discover | $0 | ||
| Capital One* | $0 | ||
| Synchrony | $0 |
Is an Ally Bank CD Right for You?
You will have to analyze your personal situation to decide whether an Ally Bank CD is right for you.
Ideal for:
- If you have limited funds: Ally Bank requires no minimum deposit for its CDs, which makes this investment accessible to all.
- People who prefer online services: Ally Bank doesn’t have physical branches.
- Those who want variety in types of CDs: Ally Bank offers regular CDs, Raise Your Rates CDs and a No-Penalty CD.
Not great for:
- In-person banking: Ally Bank has no physical locations, so if you prefer branch services, this financial institution likely isn’t a good fit for you.
- Those seeking higher APYs: There may be competitors that offer higher rates.
4 Quick Tips for Getting the Best CD Rate
- Consider comparison shopping. Some credit unions and banks offer higher APYs if you have an existing relationship with the bank or have multiple accounts.
- Compare multiple terms. Look at similar CD terms and different banks to find the best APY for your funds.
- Look for promotional or limited-time offers. Banks offer promotional rates. Keep your eye out for limited-time offers throughout the year.
- Use a CD laddering strategy if liquidity matters. If you need cash quickly, consider a CD laddering strategy.
Ally Bank CD Rates FAQ
Here are answers to some frequently asked questions about Ally Bank CD rates and account details.- What is the minimum deposit for an Ally Bank CD?
- There is no minimum deposit requirement at Ally Bank.
- Do I need an Ally Bank account to open a CD?
- You do not need an existing account to open a CD at Ally Bank.
- Can I open a CD online?
- Yes, you can open a CD online at Ally Bank.
- What happens if I withdraw before the term ends?
- Typically you will incur a penalty if you withdraw early from your CD, unless you have the No-Penalty CD.
- Are Ally Bank rates competitive in 2025?
- Rates at Ally Bank range from 3.00% to 3.90% APY.
Caitlyn Moorhead contributed to the reporting for this article.
*Capital One interest rates accurate as of Oct. 6, 2025. See website for all current rates.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 6, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
