No Penalty Certificate of Deposit (CD)

We offer rates that are consistently competitive.

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Our Annual Percentage Yield (APY) is accurate as of 04/22/2021. The APYs for other banks are provided by mybanktracker.com and are accurate as of 04/10/2018. The APYs in this table are for the state of North Carolina.

There are no maintenance fees for the No Penalty CD.

With our No Penalty CD, you will not be charged a penalty for early withdrawal. You can withdraw your full balance and interest any time after the first 6 days following the date you funded the account.

If you decide to renew your CD, don’t do a thing, and we’ll automatically renew it.

We're an online bank, which means we don't have physical bank locations. By eliminating the costs associated with traditional brick-and-mortar banks, we can offer great rates and outstanding customer care.

With Ally Bank, you get everything you expect from a traditional bank and more:

• Peace of mind. No hidden fees. No maintenance fees. No minimum balance required
• Fund your account. It's easy with Ally eCheck Deposit℠ or an ACH transfer
• Keep track. Access your account anytime, anywhere with online and mobile banking
• Ally Ten Day Best Rate Guarantee. When you fund your CD within 10 days of your open date, you'll get the best rate we offer for your term and balance tier if our rate goes up within that time. The Ally Ten Day Best Rate Guarantee also applies at renewal.
• Interest compounded daily. We grow your money faster with interest compounded daily. Many others compound monthly, quarterly, or even annually.

Learn more about the benefits and conveniences of Ally Bank.

Average rating 4.5

• Can I add funds to my CD at any time?

  No. Once you open and fund your CD, you can’t add funds again until your CD matures, but you can schedule a transfer up to one year before the maturity date. When your CD matures, you'll have a 10-day grace period -- starting on your maturity date – to transfer funds or make other changes.

  To add funds to your CD online: Log in and choose Manage CDs.

  To add funds to your CD from the Ally Mobile App: Log in, choose after the Current Balance, select Manage CDs and then choose Make Changes.

  If you schedule a transfer prior to maturity, we'll usually initiate that transfer on your maturity date. You can transfer money from another Ally Bank account, Ally Invest account or a verified account you have at another institution.

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• Are there any fees to open or maintain a certificate of deposit?

  There are no fees to open or obtain the APY on a certificate of deposit.

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• What's the minimum opening deposit for a CD?

  There's no minimum deposit to open a CD, but you may get a higher rate with a higher opening deposit.

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• What types of CDs do you offer?

  We offer a variety of CD options to meet your needs:

  High Yield CD – terms range from 3 to 60 months.

  Raise Your Rate CD – 2- and 4-year terms available. Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term if our rate for your term and balance tier goes up.

  No Penalty CD – 11-month term that allows you to withdraw all of your money any time after the first 6 days following the date you funded the account, and keep the interest earned with no penalties.

  Select CD - Occasionally we’ll offer a promotional term that features all the benefits of a high-yield CD, but is available for a limited time.

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• How do I withdraw funds from my CD at maturity?

  You can submit a transfer request up to one year before your CD matures or during your 10-day grace period in online banking. Log in and choose Manage CDs. Select Make Changes to choose Withdraw partial amount under Transfer Funds.

  If you schedule a transfer prior to maturity, we'll usually initiate that transfer on your maturity date. You can transfer funds to another Ally account, a verified account you have at another institution or we can send you a check.

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• What do I need to do to get the loyalty reward?

  You don’t have to do anything to get the loyalty reward.

  It's automatically added when your CD, including IRA CDs, renew. Want to change terms? No problem. Your loyalty reward will be added to any term you choose for your CD, including IRA CD, at renewal. Check back 30 days before your CD matures to see what the reward is at that time.

  To change terms or add funds online: Log in, choose Manage CDs. From there, you can make changes or add funds to your balance.

  To change terms or add funds from the Ally Mobile App: Log in, choose after the Current Balance, select Manage CDs and then choose Make Changes.

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