Ally Bank’s CD features three products: the High Yield CD, the Raise Your Rate CD and the No Penalty CD. The APYs currently available range from 0.75% to 2.25%, depending on your opening deposit and term length. All accounts have no minimum balance requirement, though rates will vary depending on the term and amount deposited.
All of Ally Bank’s CDs have a Ten Day Best Rate Guarantee. If their rate goes up within 10 days and you make a deposit within 10 days of account opening, you may get the better rate. This rate also applies when you renew your CD account. Interested is compounded daily with all accounts and your account will be automatically renewed when your CD matures. If you choose to close a CD account, you have a 10-day grace period after the maturity date.
Ally Bank’s CD rates are lower than some of its competitors. You can easily find a 12-month CD at 1.65% APY and three-year at 2.00% APY with only a $500 minimum, as of the date of publishing this review. Other banks also offer higher APYs but require minimum deposits, often $2,000.
Ally Bank’s IRA CDs come in terms from three months to five years. Accounts are available as a Traditional, Roth of SEP IRA and interest is compounded daily. When the IRA CDs mature, you have a 10-day grace period to withdraw your money or it’ll be automatically renewed. You also have the option to do a rollover to Traditional or Roth IRAs. Both IRA CDs will offer the best rate within 90 days after account opening, or when you fund your account.
As listed on our site, other banks offer higher rates, some as high as 1.62% APY with a $5,000 minimum, as of date of publishing. However, there are no minimums at Ally Bank.
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Source: https://www.magnifymoney.com/blog/reviews/ally-bank-review769935640/