Raise Your Rate CD FAQs
FAQs
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With our Raise Your Rate CD, you have the option to raise your rate once over the 2-year term and twice over the 4-year term, if our rates on these CDs go up. There’s no fee to request this rate increase.
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We'll let you know when you can raise your rate by displaying a message at the top of your Account Details page. You can set up a custom rate alert in online banking.
If the current rate we offer for your term and balance tier is higher than your interest rate and you're eligible for a rate increase, you can raise your rate in one of the following ways:
- Log in to online banking and raise your rate on your account details page
- Chat with us online
- Call us at 1-877-247-2559
Once we receive your request, you'll get the highest rate we offer for your term and balance tier that day, and your new rate will go into effect the next business day. There's no fee to request this rate increase.
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The Ten Day Best Rate Guarantee gives you the best rate we offer if you fund your Raise Your Rate CD on the same day you open it or within the next 9 days. The guarantee also applies at renewal.
However, the Ten Day Best Rate Guarantee does not apply if you choose to raise your rate during the CD term. Instead, you'll receive the highest rate we offer for your CD term on the day of your request.
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The penalty depends on your term.
CD or IRA CD Term Early Withdrawal
Penalty (Days’ Loss of Interest)Less than 3 months 30 days 3 months - 24 months 60 days 25 months - 36 months 90 days 37 months - 48 months 120 days 49 months or longer 150 days 11 months (No Penalty CD) You can withdraw funds any time after the first 6 days from funding. This penalty is calculated using the interest method detailed in the Ally Bank Deposit Agreement (PDF). It's first deducted from the accrued interest and then - if necessary - the principal. Keep in mind, you can't make an early partial withdrawal.
For Raise Your Rate CDs, the penalty is calculated using the interest rate in effect on your account on the day you request an early withdrawal.
If the account owner passes away or is judged legally incompetent, we'll waive the early withdrawal penalty.