Ally Bank Raise Savings Rate to 2.00% and No-Penalty CD to 2.25% [Update]

[Update 11/20/18: They’ve now raised the no-penalty CD to 2.25% (previously 2.20%). Updated below]

A lot of us did the Ally Payback promotion which offered up to $1,000 bonus for moving funds over to Ally, and have a large deposit with Ally. Good news is that Ally raised their rates:

  • Savings updated yesterday to 2.00% APY (up from 1.90%).
  • No-Penalty CD updated a couple of weeks ago to 2.25% APY (up from 2.10%).

My Ally savings already shows the updated 2.00% rate. For my no-penalty CD, I reached out to Ally chat to ask if they can upgrade my rate without breaking the CD. They replied they can’t do that, and I’d have to break the CD and open a new one to get the higher rate.

I then asked them if this will negatively affect my Ally Payback rate, and they replied that so long as the funds remain with Ally it won’t affect it at all. Just be sure to break the CD into your Ally checking or savings account and then open a new one at the higher rate, and it won’t affect your Payback rate since the funds remained the entire time with Ally. Others have gotten the same reply. You can chat on your own account to confirm this as a precaution if you’d like.

In related news, American Express savings also increased from 1.90% to 2.00% APY. Also, some people have a DCU account which offered 5.12% APY on your first $1,000; that rate has now been increased to 6.17%.

We’ve updated our resource: Best High Yield Savings Accounts – up to 5% APY to reflect all these changes.

(Thanks to the readers who shared these updates.)

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62 Comments
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Sheng
Sheng (@guest_707676)
January 17, 2019 11:38

The saving rate increased from 2.00% to 2.20% APY this morning.

YK3
YK3 (@guest_684601)
December 4, 2018 11:16

I’ve found over the past year or two that whenever Ally raises rates, Goldman Sachs Marcus one ups them by 0.05%. I have accounts at both banks. Marcus rate is current 2.05%.

Schmekel
Schmekel (@guest_695672)
December 23, 2018 17:13

As of 4 days ago, no penalty CDs are now 2.30% APY.

Tomas
Tomas (@guest_676228)
November 21, 2018 09:49

Amex is matching and also providinf 2%

Mikey
Mikey (@guest_675837)
November 20, 2018 15:55

If we assume the maximum $100K deposit is it worth the few dollars additional interest earned for the next 7 weeks vs. risking the hassle of waiting until February, getting agitated at not seeing the $1000 bonus and then fighting for weeks to get it? It wouldn’t matter to me what a rep says. Don’t touch the money, collect your bonus with no drama, and then move the funds at that time to the best opportunity.

anon
anon (@guest_675835)
November 20, 2018 15:51
ben
ben (@guest_675818)
November 20, 2018 15:09

Here is what they told me. I am still a bit nervous about proceeding.

B: I signed up for a bonus whereby I opened up … for a …. bonus. if i break the CD, move money to my savings and then move money from my savings into a new breakable cd you are now offering with a higher rate than my current breakable cd,will I still get the …. bonus or would I be violating the terms and conditions to get the bonus?

A: Qualifying funds must remain in the eligible account(s) from 11/05/18 until 01/15/19. Any withdrawals prior to 01/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.

B: It wouldn’t be a withdrawal from the Ally bank. Just movement between accounts as described above. Are you saying the bonus would or would not be impacted by my proposed transaction?

A: As long as the new deposits brought during the funding period are transferred to an eligible account, and retained through 1/15/19, they will be counted towards the bonus.

A: Please note, fluctuations in any eligible account during the retention period may impact the bonus amount.

B: Am I OK? They are all eligible accounts?

A: If there is no fluctuations, you are fine.

A: Yes, you are okay.

B: OK so the transactions I described above would not be considered fluctuations?

A: Correct. I am stating those facts for your information.

Yu
Yu (@guest_675758)
November 20, 2018 13:30

rate up again to 2.25% for 11-month cd

Anon
Anon (@guest_675836)
November 20, 2018 15:51
  Yu

Chuck, FYI
Ally raised their 11 month from 2.10 to 2.20 about 2 weeks ago. They raised it from 2.20 to 2.25 today.

Blake
Blake (@guest_675754)
November 20, 2018 13:23

Rate is now up to 2.25%

blue-paper
blue-paper (@guest_675413)
November 19, 2018 20:04

I messaged them today on chat and got this response
“It is correct that if money stays within Ally, in an account that was already open when the promotion started, or in an account that was open during the promotion, then it remains eligible for the Payback promotion. But if you open a new account, the new account is not eligible.”

Schmekel
Schmekel (@guest_675422)
November 19, 2018 20:30

I take that to mean this rep is stating that the bonus will be lost if new account opened and money deposited for the bonus is moved into the new account.

Seems to be enough confusion there that I may not open the new account.

Yu
Yu (@guest_675781)
November 20, 2018 14:13

This is different from what I got. I contacted Ally via SM and phone call, in both case they confirmed it’s OK to close and reopen CD as long as funds stay with Ally all time. They also put the notes in my profile. Now I have proof from secure message, notes in case needed in the future.

Bruce
Bruce (@guest_675806)
November 20, 2018 14:51
  Yu

Yu

Good to know. I called and they told me the same as you. I asked them to make a note on my account.

Derek
Derek (@guest_674332)
November 17, 2018 13:23

I opened an Ally Checking and Savings account while enrolling in the Payback bonus. When the Savings yields changed to 2.00%, I opened an Ally 2.20% No-Penalty CD and funded it with my Ally Savings.
Ally rep just said this new CD does not qualify for the Payback bonus because the CD account was not enrolled in the bonus.

Yu
Yu (@guest_674646)
November 18, 2018 15:08

You should ask the rep to check with his/her supervisor. Some rep has no clue how the bonus works. I am sure you will get a different and correct answer. Please report back what you get.