Compound Interest Calculator
CD 6-month Account from Ally Bank with 4.20% APY and $0 minimum deposit



Use or Change These Amounts and Rates

The product CD 6-month Account from Ally Bank with 4.20% APY and $0 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $30,179. The interest earned would be $10,179 and the tax amount on the interest earned would be approximately $3,054.

Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.

The Results for Ally Bank

Savings Boost of
$6,806 over 10 years
Cash Savings $20,000
Average Interest Earned $320

 
Ally Bank Interest Earned $7,125

 

 

See comparison detail table

This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.

Comparison Detail Table Close X

Average Rate Scenario

Rate:
0.23%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 45 32
2 20,045 45 32
3 20,091 45 32
4 20,136 46 32
5 20,181 46 32
6 20,227 46 32
7 20,273 46 32
8 20,319 46 32
9 20,364 46 32
10 20,410 46 32
TOTAL: $457 $320

Ally Bank Scenario

Rate:
4.20%
Annual
Interest
Annual Interest
(After Tax)
1 20,000 840 588
2 20,840 875 613
3 21,715 912 638
4 22,627 950 665
5 23,578 990 693
6 24,568 1,032 722
7 25,600 1,075 753
8 26,675 1,120 784
9 27,795 1,167 817
10 28,963 1,216 852
TOTAL: $10,179 $7,125

Take Action

The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.


Recent Rate Changes



Date APY
November 21, 2024 4.20%
November 17, 2024 4.30%
September 26, 2024 4.60%
August 1, 2024 4.75%
April 23, 2024 4.40%
February 12, 2024 4.75%
November 27, 2023 5.00%


Featured CD Rates

ONLINE BANKS APY? MIN?

Last change: ↑0.25% on October 28.
6 Month Jumbo CD.

Last change: ↓0.09% on October 17.
3 Month CD.

Last change: ↓0.15% on September 6.

Last change: ↑0.20% on October 28.
Early Withdrawal Penalty is 3 months interest.

Last change: ↑0.25% on November 25.



Customer Reviews for Ally Bank (58)


  • August 13, 2023

    Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there currently 15k+ at 0.25%, though I wish they would increase it to at least 0.50%+ same as Sofi.

  • August 16, 2022 |

    Online Savings Rates

    ally is still the gold standard in online banking, but the rate needs to get more competitive and the wait to speak to someone on the phone is just ridiculous.

  • November 5, 2021 |

    I opened an interest checking account with Ally after reading all the glowing comments online. My first experience with Ally was anything but glowing. The customer rep tried to charge me $15 for a debit card. When I challenged him on the charge and told him debit cards were free he backtracked and told me the charge was for expedited shipping. After I told him several times to use free standard delivery, even if it was by Pony Express, I still received my debit card via expedited delivery and was charged $15. I eventually received a refund after calling customer service to complain. This never should have happened in the first place. I guess the moral of my story is never believe everything you read.

  • September 8, 2020 | | Replies 1

    Online Savings Rates

    I have been a customer for years and have never had a bad experience. These days I really appreciate how they are keeping their savings rates competitive. .8% is lousy, but it is very competitive.

    EduardoC | Dec 12, 2020

    "keeping their savings rate competitive" - they aren't.

  • July 19, 2020 |

    Online Savings Rates

    The 11 month no penalty cd is an obvious choice here. You are guaranteed a rate over that time and have free access to your money. Plus, they gave me a 5% bonus for being a long time customer (call them) and that made the rate the same as the savings rate today. CON: Hold times to reach a representative on the phone are too long!


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