Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Early Withdrawal Of An Ally Bank 5-Year CD

Thursday, May 10, 2012 - 2:36 PMAlly Bank - Details
It's well known that Ally Bank's 5-year CD has a small early withdrawal penalty of only 60 days of interest. In addition to the concerns of Ally increasing the penalty on existing CDs, there has also been a concern about Ally delaying a withdrawal request. When I closed an Ally no-penalty CD early, it took 2 days from the time I requested the closure to when the money was available in my Ally savings account.

Nickel at the Five Cent Nickel blog describes his recent experience closing an Ally 5-year CD. The CSR told him it would take 5 to 7 business days for the request to be completed. However, he asked for it to be expedited and it turned out to be much quicker. It was completed in just a few hours. According to Nickel, Ally deducted 60 days of interest as was expected.
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708