Ally Bank 13-Month Select CD Promo Still Available


Deal Summary: 13-month term Select CD, 1.90% APY, no minimum balance.

Availability: Internet Bank

As I was writing this post early this morning, I was wondering how rapidly banks and credit unions will react to yesterday’s emergency Fed rate cut and cut their own rates. Let me state the obvious: CD rates will likely be unstable this week. Any rates should be verified at the financial institution’s website, since rates will probably fall quickly this week. I will be writing posts like this one to help DA readers lock into CDs before rates fall.

It was just two weeks ago when I wrote about Ally Bank’s 13-month Select CD, emphasizing the need to lock into a CD rate sooner, rather than later. Given that the Fed rate is at or near zero, it appears that later will be arriving shortly.

One important consideration when applying for CDs in this current environment is how the rate will lock. According to Ally’s CD FAQs page,

What if the interest rate on my CD increases or decreases after I open my account?

    High Yield and No Penalty CDs: These qualify for our Ten Day Best Rate Guarantee. When you fund your CD within 10 days of your opening date, you’ll get the highest interest rate we offer for your term and balance tier during that period. If you fund after the ten day period is over, you get the current interest rate for the day we receive the funds, whether it’s higher or lower than it was during the ten day period.

While the 13-month promotional term is available through March 31, 2020, there is no rate guarantee attached: two weeks ago the rate was 2.10% APY; as of 2 am EDT today, the rate was 1.90% APY. Details about the 13-month Select CD can be found on its promotional page.

Other Ally CDs that have competitive rates (as of this morning) are the 12-month High Yield CD, the No Penalty 11-month CD, and the 18-month High Yield CD. One downside with Ally’s CDs is that partial early withdrawals aren’t allowed. If you need to access some of a CD’s principal before maturity, the only option is to close the CD and withdraw the entire amount. The early withdrawal penalties are as follows:

  • 24 months or less: 60 days of interest
  • 25 months – 36 months: 90 days of interest
  • 37 months – 48 months: 120 days of interest
  • 49 months or longer: 150 days of interest

For more general information about Ally’s CDs (beneficiary, account management, etc.), please refer to my March 2, 2020 blog post.

How To Boost Your Ally CD Rate

There is one reason why you may want an Ally 3-month CD (currently 0.75% APY): there’s an easy way to use these 3-month CDs to get an extra 5 bps on any of Ally’s CDs. DA reader Cumulus describes a useful CD strategy that uses 3-month CDs in this forum post.


Headquartered in Midvale, Utah, Ally Bank is currently the 16th largest bank in the country, with assets in excess of $167 billion and just over 4 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.

Applying for an Ally account can be done using Ally Bank’s online application or by calling Ally (877-247-2559). You can fund your new account in a few different ways:

  • Transfer from an Ally or non-Ally account
  • Check (by mail or Ally eCheck Deposit)
  • Wire transfer

Bank Overview

Ally Bank has an overall health grade of "A" at, with a Texas Ratio of 4.72% (excellent) based on December 31, 2019 data. In the past year, Ally has increased its non-brokered deposits by $15.02 billion, an excellent annual growth rate of 16.5%. Please refer to our financial overview of Ally Bank (FDIC Certificate # 57803) for more details.

To review the best CD rates, both nationwide and state specific, please refer to our CD rates table.

Related Pages: Salt Lake City CD rates, 1-year CD rates, nationwide deals, Internet banks

  |     |   Comment #1
Thanks, I opened some more no penalty
  |     |   Comment #2
I was able to take advantage of the 2.10% on 13mo. CDs earlier this month and ALLY did honor the 10-day rate guarantee. It took until the end of the 10 days to show the proper rate on the CD in my account.
  |     |   Comment #3
Anyone know, if you don’t fund your cd right away, can you transfer later or is check only option at that point?
#4 - This comment has been removed for violating our comment policy.
  |     |   Comment #5
Burrows - yes you can transfer within 10 days after account opening, and can do it online. Very easy.
  |     |   Comment #6
Thank you! I receive the proceeds from the sale of my home on Friday and was waiting until then to open CDs. Just opened some at Ally, and Marcus by Goldman also has the 10 day rate guarantee and 1.6% no penalty 11 month CD.
  |     |   Comment #7
Rate dropped to 1.65% this morning.
  |     |   Comment #8
Figured it would happen
  |     |   Comment #9
All 3 no penalty tiers are down.
  |     |   Comment #10
Thought they would send email first
  |     |   Comment #11
Thinking they might drop rates as early as yesterday, I opened several No Penalty CDs on Sunday night to lock in the rates. Will fund within 10 days.
#12 - This comment has been removed for violating our comment policy.
  |     |   Comment #13
I did that as well. Should have opened another yesterday and funded later but I waited to long.
Anony LA
  |     |   Comment #14
I opened a No Penalty CD on Monday before the rate increase, and funded it Tuesday. Although the APR shows the new lower rate, on the 11th day, it would show the 3/16 higher rate under the 10-day rate guarantee. I confirmed w/a Chat representative (25 minute wait for chat!)
  |     |   Comment #15
Noticed wait times longer
  |     |   Comment #16
Heard that you get at end of 10 days as well
  |     |   Comment #17
Thought for sure rates would go down today, Friday 20. Still the same.
Ally Bank’s New 1% Cash Bonus Promotion
Deal Summary: Bonus amount ranges from $10 ($1k of new money) to $250 ($25k of new money).

Availability: Nationwide (internet bank) for new and existing customers.

This morning, Ally Bank introduced another 1% cash bonus promotion that’s similar to its 2018 payback promotion. Both new and existing customers can qualify. With interest rates falling (as they did at Ally this morning), these cash bonuses are a nice way to boost your interest earnings.

Like the 2018 promotion, this new one allows you to earn a 1% cash bonus, but the limits...

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Ally Bank Cuts CD Rates, But There Remains Two Good Deals
Deal Summary: 11-month No Penalty CD, 1.90% APY ($25k min), 1.85% APY ($5k min), 13-month Select CD, 2.00% APY (no minimum balance).

Availability: Internet Bank

As we were expecting, Ally Bank did some rate cutting this morning. Most of their CD rates went down. Surprisingly, Ally Bank didn’t cut rates on its Online Savings Account or No Penalty CD. With a 50 bp Fed rate cut last Tuesday, I’m afraid it’s only a matter of time before the Online Savings Account rate falls. That’s also the case...

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Ally Bank’s Competitive 13-Month Select CD
UPDATE 3/13/20: The Select CD rate has fallen to 1.90% APY.

Deal Summary: Select CD, 2.10% APY, 13-month term, no minimum balance.

Availability: Internet Bank

Now that we appear to be heading back into a falling interest rate environment, CDs are becoming more appealing. However, you’ll want to lock into a CD rate sooner rather than later before rates fall. Ally Bank started offering another Select CD last month, and it has become more competitive as CD rates have been falling at other banks. It...

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Ally Bank Cuts Online Savings Account Rate

Ally Bank is the first major online bank to cut its savings account rate after the Fed opened the door to rate cuts at its meeting last week. This morning, Ally Bank’s Online Savings Account APY fell from 2.20% to 2.10%. The same rate cut also took effect to the IRA Savings Account. No other rates changed at Ally Bank today.

I had not expected the online banks to cut their savings account rates before the Fed actually started to lower the federal funds target rate. Even before the...

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More CD Rate Cuts at Ally Bank and at Other Online Banks

Ally Bank is the latest online bank to lower CD rates on several terms. The 5-year term had the largest rate drop, falling 15 bps from 3.00% to 2.85% APY. Three other CD terms had rate cuts of only 5 bps. These include the 1-year (2.55% APY), 18-month (2.55% APY, $25k+), and 3-year (2.60% APY, $25k+). The 18-month and 3-year CDs have tiered rates, and rates for each tier declined by 5 bps. The same rate cuts also took effect to the IRA version of these CDs.

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