Ally Bank CD Rates: 18-Month CD Rate at 5.00% APY

Ally Bank offers several different types of certificates of deposit, all with really competitive interest rates. The best CD rate right now at Ally Bank is on their 18-month CD at 5.00% APY. Ally Bank's 5.00% rate puts in in the select few banks offering a 5.00 percent rate on a CD account. Other short-term CDs from Ally Bank, include a 9-month CD with a current rate of 3.50 percent and a 12-month CD with a rate of 4.25% APY. You can see a complete list of Ally Bank CD rates below.

Ally Bank, an online-only bank, offers higher CD rates than traditional brick and mortar banks. CDs are available in a variety of terms and some CD accounts have unique features, like the ability to have the interest rate increased after opening the account.

Ally Bank's CDs come with a variety of features that make them attractive to investors. One of the most important features is the ability to open a CD with no minimum deposit. This means that investors can start earning interest on their money with as little as $0.01. This feature makes CDs accessible to investors of all income levels.

Ally Bank Current CD Rates Include:

High Yield CD

• 3-Month CD Rate 2.00% APY
• 6-Month CD Rate 3.40% APY
• 9-Month CD Rate 3.50% APY
• 12-Month CD Rate 4.25% APY
• 18-Month CD Rate 5.00% APY
• 36-Month CD Rate 4.25% APY
• 60-Month CD Rate 4.25% APY

Raise Your Rate CD

• 24-Month CD Rate 3.30% APY
• 48-Month CD Rate 3.30% APY

No Penalty Rate CD

• 11-Month CD Rate 4.00% APY

Open an Ally Bank CD Account

Ally Bank CD Account Features

One important feature of Ally Bank's CDs is the option to receive interest payments on a monthly basis. This allows investors to receive a steady stream of income from their investment. Alternatively, investors can choose to have the interest paid at maturity, which means they will receive a lump sum payment when the CD reaches maturity.

Ally Bank's CDs also offer penalty-free withdrawals for certain circumstances. If an investor needs to withdraw funds from their CD before the term is up, they can do so without incurring a penalty in the case of death or disability. Additionally, Ally Bank offers a one-time option to withdraw funds penalty-free for a "Raise Your Rate CD" and an "Ally No Penalty CD". The Raise Your Rate CD allows investors to increase their interest rate once during the CD term, and the No Penalty CD allows investors to withdraw their funds at any time after the first six days of account opening with no penalty.

Ally Bank History

Ally Bank, formerly known as GMAC Bank, was established in 1919 as a division of General Motors Acceptance Corporation (GMAC). In 2010, the bank was rebranded as Ally Bank and became an online-only bank. Since then, Ally Bank has grown to become one of the largest online banks in the United States, with over 2 million customers and $174 billion in assets as of 2021. Ally Bank is known for its competitive rates on CDs, savings accounts, and other financial products.

Benefits of Ally Bank CDs

There are several benefits of investing in Ally Bank CDs. One of the biggest benefits is the safety and security of your investment. Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that deposits up to $250,000 are insured by the FDIC. This provides investors with peace of mind knowing that their investment is protected against loss.

Another benefit of investing in Ally Bank CDs is the flexibility they offer. With a range of terms and interest rates to choose from, investors can find a CD that suits their needs. Additionally, the ability to open a CD with no minimum deposit makes CDs accessible to all investors.

Finally, Ally Bank offers a variety of online tools and resources to help investors manage their CDs. These tools include online account management, automatic renewal options. You can open any type of CD account here: https://www.ally.com/bank