Which savings and CD accounts does Ally Bank offer?

Updated

Ally Bank lists five deposit products for money you want to set aside: a Savings Account, a Money Market account, a High Yield CD, a Raise Your Rate CD, and a No Penalty CD. They sit alongside the Ally Bank Spending Account, which is the checking-style account for day-to-day spending. The right pick depends on how soon you need the money and whether you want the rate to stay fixed or be able to move it.

The savings-side accounts

These are the accounts for money you want to keep accessible rather than lock away.

Savings Account

The standard place for money you're setting aside. Ally's site pairs it with the Spending Account in its "Spending and Saving" framing: "Whether you're saving or spending, we've got the right place for your money." Use it for an emergency fund or a named goal you're building toward.

Money Market account

A second savings-style option listed alongside the Savings Account. The site groups it with the other deposit products rather than describing distinct features, so treat it as an alternative savings bucket to compare against the Savings Account when you open an account.

Spending Account (for contrast)

Not a savings product, but worth knowing because Ally markets the two together. The site describes it as "Checking made smarter," with pay up to two days sooner and no hidden fees, and notes Ally was "one of the first banks to eliminate overdraft fees." Money you don't need this month can move to a savings account.

The CD accounts

Certificates of deposit trade access for a fixed term. Ally lists three, and the difference between them is how much flexibility you keep.

CD type What it's for Key trade-off to check
High Yield CD Earning a fixed rate for a set term Money is locked for the term; early withdrawal typically costs a penalty
Raise Your Rate CD Wanting to move up if rates rise You can request a rate increase during the term, subject to the terms
No Penalty CD Needing an exit without a penalty Usually a lower rate in exchange for penalty-free withdrawal

The site does not publish current rates or term lengths on the page reviewed, so confirm the rate, term, minimum, and any withdrawal rules on the specific product page before opening.

How to choose

  • Need the money within weeks or months: Savings Account or Money Market account.
  • Can leave it untouched for a fixed period and want a locked rate: High Yield CD.
  • Want a locked rate but room to move up: Raise Your Rate CD.
  • Want a CD but may need out early: No Penalty CD.

What to verify before opening

The page confirms the product lineup but not the numbers. Before you commit, check each account's current rate, minimum opening deposit, term options, and withdrawal or penalty rules on Ally's site. If you're comparing against another bank, use the same four items so the comparison is like for like.