Here are New Ally Bank CD Rates for June 2024

It can be difficult to know which bank accounts are the most suitable for your personal financial needs, considering the wide range of products and services that banks offer. Understanding the details of different types of accounts, such as certificates of deposit, savings accounts, and checking accounts, can help you make better financial decisions and improve your overall financial situation.

Ally Bank CD Rates

Ally Bank has different options for CD term lengths, all of which are insured by FDIC. The term lengths range from three months to five years. The annual percentage yield (APY) will change based on different factors, like how long the CD account lasts and the type of CD account you have. Here are the current CD rates for Ally Bank.

3-month CD 3.00%
6-month CD 4.40%
9-month CD 4.25%
11-month No Penalty CD 4.00%
12-month CD 4.50%
18-month CD 4.25%
2-year Raise Your Rate CD 3.75%
3-year CD 4.00%
4-year Raise Your Rate CD 3.75%
5-year CD 3.90%

Are Ally Bank CDs Right for You?

Ally Bank CDs are a great option for people who want to save more money. If you have some money that you want to save and are looking for an account that offers higher interest rates, Certificates of Deposit (CDs) are a good choice. Each CD (Certificate of Deposit) has a set interest rate. If you choose a high rate, it will remain the same throughout the entire term until it reaches maturity.

Just remember that once you put money into the CD, you won’t be able to access it until the CD has reached the agreed-upon term length. If you withdraw money early, you may have to pay penalties and you will no longer earn interest on the account. If you decide to invest in a CD, make sure you are using money that you won’t need to access for a few months or even years.

Pros and Cons of Ally Bank CDs

Before you open an Ally Bank CD account, it’s important to consider the advantages and disadvantages.


  • Interest rates are fixed
  • No minimum deposit requirement
  • No monthly fees


  • No partial withdrawals
  • Early withdrawal penalties
  • Can’t add funds after making the initial deposit, except during 10-day grace period after maturity

Also Read: How Much Does the Average Generation Xer Have in Savings?

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