Ally Bank Offers Another Limited-Time Select CD


Availability: Internet Bank

It’s not only Columbus Day, but it’s also National Online Bank Day. This was a day that Ally Bank first promoted last year to highlight the benefits of internet banks. Most brick-and-mortar banks are closed for Columbus Day, but many internet banks (including Ally) are open with customer service taking calls.

To celebrate the occasion, Ally Bank is offering a new Select CD, which features a limited time promotional rate and term (1.25% APY 15-month).

Features of this 1.25% APY 15-month Select CD include :

    Promotional rate and term available through 11/07/2016

    There is no minimum opening deposit or maximum balance cap.

    The Early Withdrawal Penalty is 60 days of interest.

    At maturity, the account rolls over into a 1-year term.

Select CDs are becoming a common occurrence at Ally. Last month Ally Bank offered a 30-month Select CD (ended on September 15).


Headquartered in Midvale, Utah, Ally Bank is currently the 3rd largest internet bank and the 22nd largest bank in the country, with assets in excess of $114 billion and over 2.1 million customer accounts. Ally offers its services and product line to individuals 18-years or older, who have a valid Social Security number and a U.S. mailing address. Opening the 15-month Select CD can be done online or by phone (877.247.2559).

Bank Overview

Ally Bank (FDIC Certificate # 57803) has an overall health grade of "A+" at, with a Texas ratio of 1.51% (excellent) based on June 30, 2016 data. In the past year, Ally has increased its total deposits by $10.89 billion, an excellent annual growth rate of 17.61%. Please refer to our financial overview of Ally Bank for more details.

How the CD Compares

From a competitive point of view, this new 15-month Select CD is a little disappointing. Popular Direct is offering 1.30% APY for its 12-month internet CD and 1.35% APY for its 18-month CD. EBSB Direct is offering a 16-month CD with a 1.41% APY, and Synchrony Bank is offering 1.25% APY for its 12-month CD.

A 15-month term is a little harder to compare since fewer banks and credit unions offer this term. When compared to 15-month CDs tracked by that require a similar minimum deposit and are available nationwide, Ally Bank’s 15-month Select CD ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
1.50% APY15-Month Special CD ($1k min)Veridian Credit Union
1.45% APY15-Month Share Certificate Special ($5k min)NASA FCU
1.26% APY15-Month Money Market Certificate ($1k min)PenFed Credit Union
1.25% APY15-Month Select CD (no min)Ally Bank

The above rates are accurate as of 10/10/2016.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.

Anonymous   |     |   Comment #1
Ally and Penfed are no longer the rate leaders. No longer have funds inAlly. Just closed a big CD with Penfed.
RJM   |     |   Comment #3
I wish their rates were a little higher but as long as they are close, its more convenient to stick with them rather than chase marginally higher rates and then have to deal with yet another form at tax time. Not to mention opening a new account elsewhere. (They know this Im sure)
I maintain accounts at Ally, Penfed and LMCU and would prefer to stick with those 3 if their rates are reasonably competitive.
I continue to long for the day that banks & credit unions will "match" another institutions rates the way walmart will match other stores ads. (I understand that walmart has stopped that in some markets)
Anonymous   |     |   Comment #5
I agree it's a pain to open CD's with new institutions. I'm trying to take advantage of longer term CD deals. When I see a rate far above average I will go with a new institution. The last one I took advantage of was NWFCU for 3%. I'm not seeing many offers like that now. On 11/1 I have a substantial CD with Penfed that I'm closing. I still have some CD's with Penfed but they just ate not competitive. I'll see who is giving the best offer or look at Muni's to see where I can get the best rates of return. Or it will sit in my GS savings account earning 1.05% until another CD offer comes along.
RJM   |     |   Comment #6
Well, how much will savings & CD rates rise when interest rates rise ?  Do we expect a .25% move when they do raise rates ?
Im at 1% for the bulk of my savings. If rates go up .25%, I would imagine it would take at least 3 months before we see even an equal rise in savings or CD accounts. So even money locked in for a year or 15 months at 1.25% isnt that much of a risk. Unless you think they will raise rates by .5% or more.
Anonymous   |     |   Comment #7
You can get a better rate at NASA CU for 15 months at 1.45%.  Easy membership CU.  It's up to you if it's worth the work.  Looks like Penfed and other institutions aren't offering those special rates that are much higher than average.  That's what I'm looking (hoping) for rather than what the Fed is doing..  It's easy to open a CD with NASA FCU.  The only thing is that I had to mail them a check.  You have to decide what you want to do and what is comfortable for your situation.
Sylvia   |     |   Comment #8
#7, NASA FCU is part of shared branch network.  If there's a location close to you, that's another option for check deposit.
Anonymous   |     |   Comment #9
Thanks for the info Wished they had ACH
DCGuy (anonymous)   |     |   Comment #10
Before the banking deregulation in the 1980s which allowed banks to compete with money market mutual funds, rates for passbook savings was the same across all S & L.  You got 5.25% per annum regardless of which financial institution you went to. With deregulation, you can compete or not compete with each other.
RJM   |     |   Comment #2
My concern with these select CDs, and I opened one a few weeks ago, is that when they mature, they automatically roll over to a 1 year (non-select CD).
Will we still get an email or a notice by mail to remind us ? Can we override it at that time ?
MidAtlantic   |     |   Comment #4
Yes, they send e-mail notices and yes you can stop the roll-over and withdraw the funds or invest in something else at maturity.
Ally Bank Adds Limited-Time 30-Month Select CD
Availability: Internet Bank

It’s Labor Day Weekend – summer is winding down, the now-downgraded Hurricane Hermine is somewhere in the Atlantic, college football season has begun. In other words, I really wasn’t expecting any good deals to pop up during this holiday weekend; I was wrong.

DA’s guest contributor, Charles Rechlin (aka ChasR) posted in the Forum about Ally Bank’s (Ally) limited-time 30-month Select CD (1.50% APY).

I did a Live Chat to confirm the details and learned that:

    The 30-month Select CD is available through September 15, 2016.

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