Deal Summary: 13-month CD, 1.25% APY, no minimum deposit
Ally Bank is again offering a select CD which features a limited-time promotional rate and term (1.25% APY 13-month). This is a small improvement to Ally’s last select CD in October which had the same rate but a 15-month term. This is also the same rate as the 11-month No Penalty CD special that Ally was offering in December and early January. That No Penalty CD rate is back down to 0.87%. This new select CD is now the best deal at Ally for a term around one year.
Below are the details of this new select CD:
- 1.25% APY, 1.24% interest rate
- 13-month Select CD available for a limited time.
- No minimum opening deposit or maximum balance cap.
- Early Withdrawal Penalty is 60 days of interest.
- At maturity, the account rolls over into a 1-year term unless you provide alternate renewal instructions.
Headquartered in Midvale, Utah, Ally Bank is currently the 23rd largest bank in the country, with assets in excess of $114 billion and over 2.2 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 the 13-month select CD 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
Ally Bank (FDIC Certificate # 57803) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.51% (excellent) based on September 30, 2016 data. In the past year, Ally has increased its deposits by $10.38 billion, an excellent annual growth rate of 16.23%. Please refer to our financial overview of Ally Bank for more details.
How the CD Compares
When compared to 90 similar length-of-term CDs offered by internet banks tracked by DepositAccounts.com, only six banks offer a higher rate than Ally’s 13-month select CD rate. The table below shows how Ally’s 13-month select CD compares to two of the top 1-year CDs from internet banks:
|Interest Rate||CD Length of Term||Internet Bank|
|1.36% APY||1 Year Yield Pledge CD ($5k min)||EverBank|
|1.35% APY||1 Year CD ($2.5k min)||Live Oak Bank|
|1.25% APY||13-Month Select CD (no min)||Ally Bank|
The above rates are accurate as of 2/13/2017.