Ally Bank Bonuses

You could get a 4.60% APY by opening a new account

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Rebecca Safier
Rebecca Safier
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Rebecca has been writing about personal finance for more than seven years. Her work has been published in MarketWatch, U.S. News & World Report, and other publications, and she has contributed expert commentary to Fortune, Money, NBC, and more. 
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Updated March 16, 2023
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Hans Daniel Jasperson
Hans Daniel Jasperson
Fact checked by Hans Daniel Jasperson
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Hans Daniel Jasperson has over a decade of experience in public policy research, with an emphasis on workforce development, education, and economic justice. His research has been shared with members of the U.S. Congress, federal agencies, and policymakers in several states.
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While they say there’s no such thing as a free lunch, some bank promotions come close. Qualifying for a bank promotion could earn you extra cash or a better rate on your savings account. 

Online institution Ally Bank is currently offering special promotions on 13-month certificates of deposit (CDs). Learn more about the offers, including one for current customers. 

Since Ally is an online bank, it might not be a good choice for customers who prefer the option of banking in person at their local branch. 

Ally Bank : 13-Month Select CD - 4.60%

Ally Bank

 Ally Bank
  • Bonus Amount: 4.60% APY
  • Promotion Expiry: June 13, 2023 
  • Qualifications: No minimum deposit
Sign Up Now
How to Get the Bonus 
  1. Open a new account. You’ll get started by indicating whether you’re an existing Ally Bank customer or a new customer. 
  2. Provide your personal details. The application will ask for your name, birth date, Social Security or Tax Identification number, and a U.S. residential street address. You’ll also provide a driver’s license or other identification. 
  3. Lock in your rate. You can choose how much to deposit into your CD and will lock in the Ally Bank promotional CD rate of 4.60% APY for the next 13 months for new customers. 
Bonus Restrictions and Account Fees

Ally Bank doesn’t charge maintenance fees on its CDs, nor does it require a minimum deposit. With its 13-month Select CD, you could lock in a 4.60% APY throughout your CD term. Interest is compounded daily. 

When your CD matures, it will automatically renew into a 12-month high-yield CD. At this time, Ally Bank’s 12-month High-Yield CD has an APY of 4.50%. 

Note that you will incur a penalty if you withdraw your savings before the 13 months is up on your Select CD. Ally Bank charges a penalty equal to 60 days of interest earned on CDs with terms of 24 months or less. The only exception is Ally’s No Penalty CD, which has a term of 11 months and an APY of 4.75%.

Ally Bank : 13-Month Select CD - 4.65%

Ally Bank

 Ally Bank
  • Bonus Amount: 4.65% APY
  • Promotion Expiry: June 13, 2023 
  • Qualifications: No minimum deposit, Current customer
Sign Up Now
How to Get the Bonus
  1. Open a new account. You’ll get started by indicating whether you’re an existing Ally Bank customer or a new customer. 
  2. Provide your personal details. The application will ask for your name, birth date, Social Security or Tax Identification number, and a U.S. residential street address. You’ll also provide a driver’s license or other identification. 
  3. Lock in your rate. You can choose how much to deposit into your CD and will lock in the Ally Bank promotional CD rate of 4.65% APY for the next 13 months for current CD account customers. 
Bonus Restrictions and Account Fees

Ally Bank doesn’t charge maintenance fees on its CDs, nor does it require a minimum deposit. With its 13-month Select CD, you could lock in a 4.65% APY throughout your CD term. Interest is compounded daily. 

When your CD matures, it will automatically renew into a 12-month high-yield CD. At this time, Ally Bank’s 12-month High-Yield CD has an APY of 4.50%.

Compare Ally Bank Promotions

Promotion Bonus Amount  Promotion Expiry  Qualifications 
13-Month Select CD (new customers) 4.60% APY June 13, 2023  No minimum deposit, must have Social Security or Tax Identification number and a U.S. address 
13-Month Select CD (current customers) 4.65% June 13, 2023 No minimum deposit, must have Social Security or Tax Identification number and a U.S. address 

Frequently Asked Questions

  • Are Ally Bank Promotional Bonuses Taxable?

    The current Ally bank savings promotion of a 4.60% APY on its 13-month Select CD is taxable, because the interest you earn on CDs is taxable income in the year in which it’s paid. If you earn more than $10 in interest, Ally Bank will send you a 1099-INT statement to report on your taxes. That applies to interest you earn in CDs, savings accounts, and other interest-earning accounts.

  • Are Ally Bank Accounts Available Nationwide?

    Ally Bank accounts are available nationwide in all 50 states and Washington, D.C. You must be a U.S. citizen or resident with a physical address in the U.S. to open an account.

  • How Much Do You Need to Open an Ally Bank Account?

    Ally Bank does not have minimum deposit requirements on its checking, savings, money market, or CD accounts. You don’t need any money to open an Ally Bank account.

  • Is Ally a Good Bank?

    Ally is a top choice for online banking, as it offers competitive rates on its high-yield savings accounts, CDs, and other accounts. It also doesn’t require minimum deposits or charge maintenance fees. Along with checking and savings accounts, Ally provides a variety of loans and investing services.

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  1. Ally Bank. "Introducing Our Limited-time 13-Month Select CD." 

  2. Ally. "High Yield Certificate of Deposit (CD)."

  3. Ally. "No Penalty Certificate of Deposit (CD)."

  4. Internal Revenue Service. "Topic No. 403 Interest Received."

  5. Ally. "Opening an Account FAQs," Select "If I'm Not a U.S. Citizen Can I Still Open an Account?"

  6. Ally. "Opening an Account FAQs," Select "What Is the Minimum Deposit for Opening an Account?"