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Ally Bank is a leader in online banking. With multiple deposit accounts available, along with attractive interest rates, Ally is one of the top choices in the field. Not only does it have personal banking solutions covered, it also offers a wide array of services, including auto loans, home loans, and investment options.
- Pros & Cons
- Company Overview
No monthly fees on deposit accounts
High rate on savings and CD accounts
No balance requirements
Large fee-free ATM network
No physical locations
No cash deposits
Low rate on money market accounts
- Year Founded 2009
- Official Website www.ally.com
- Banking Products Offered Savings, checking, CDs, MMA
- Customer Service 24/7 Phone: 1-877-247-2559
- No monthly fees on deposit accounts – Ally doesn’t charge any monthly maintenance fees on its online savings, checking, money market, or certificate of deposit (CD) accounts.
- High rate on savings and CD accounts – Ally’s online savings account earns a 4.25% annual percentage yield (APY), a higher interest rate than found at many traditional banks. Its no-penalty CD account option also earns better rates than CDs from most brick-and-mortar banks.
- No balance requirements – None of Ally’s bank accounts have minimum balance requirements.
- Large fee-free ATM network – Ally customers have access to more than 43,000 fee-free AllPoint ATMs across the U.S.
- No physical locations – As an online-only bank, customers don’t have access to in-person services from local bank branches. If you prefer brick-and-mortar banking service, you’ll have to look elsewhere.
- No cash deposits – Ally doesn’t accept traditional cash deposits. Your only options are remote check deposit, online transfers, direct deposit, wire transfers, and sending a check through the mail.
- Low rate on money market accounts – Ally’s money market account doesn’t offer competitive rates the same way that other top online banks do.
Who Is Ally Bank Best For?
Ally Bank should appeal to individuals looking for a full-service online bank. It’s an especially good fit for consumers who are looking to:
- Earn competitive rates on savings accounts and CDs
- Have access to ATMs without paying fees
- Bank without worries of minimum balances and monthly fees
- Reach a real customer service representative 24/7
What Does Ally Bank Offer?
As a full-service online bank, Ally offers a variety of banking accounts and services.
- Savings account
- Checking account
- Money market account
Ally’s online savings account is a high-yield savings account that offers 4.25% APY regardless of your account balance. Having an online savings account is a great way to save money to reach financial goals. Other highlights of the savings account include:
- No monthly maintenance fees
- No minimum balance requirements
- Postage-paid deposit envelopes
- Automatic recurring transfers (to accelerate savings)
Select withdrawals and transfers are limited to a combined total of six per statement period. Ally Bank charges a $10 charge per transaction over the limit.
|Ally Bank Savings Accounts|
|Account Name||Min Opening Deposit||Monthly Fee||APY|
Ally offers a way to earn interest with its interest checking account. There are no minimum opening deposit or ongoing balance requirements, but rates are based on your account balance.
- Minimum daily balances under $15,000 – 0.10% APY
- Minimum daily balances of $15,000 and higher – 0.25% APY
Ally’s online checking accounts come with a free debit card and checks, along with fee-free access to AllPoint ATMs across the U.S. Ally Bank also reimburses up to $10 per statement period for fees from other ATMs.
Interest checking accounts give Ally customers access to free online bill pay capabilities.
|Ally Bank Interest Checking|
|Account Name?||Min Opening Balance?||Monthly Fee||APY|
|Interest Checking?||$0||$0||0.10% if
Money Market Account
Ally’s money market account offers better rates than those found at traditional banks, but they are similar to other online banks. All balances currently earn a 4.40% APY.
Money market accounts have no minimum opening deposit and no monthly fees. Customers also have access to a debit card and the AllPoint ATM network for free. Ally even reimburses charges from out-of-network ATMs, up to $10 per statement cycle. There are no limits on ATM withdrawals, but there is a limit of six additional monthly transactions, with a $10 fee for each transaction over the limit. Check writing privileges also come with Ally money market accounts.
|Ally Money Market Accounts|
|Account Name||Min Opening Deposit?||Monthly Fee||APY|
Ally Bank has three different CD offerings:
- High Yield CDs
- Raise Your Rate CDs
- No Penalty CDs
High-Yield CDs offer a range of terms, from three months to five years. Customers can earn up to 5.00% APY depending on chosen terms. There is no minimum deposit requirement, and there are no monthly fees. Early withdrawals are subject to penalties, up to 150 days of interest.
|Ally Bank High Yield CDs|
Raise Your Rate CDs give customers the ability to increase earnings if Ally’s rates increase. You can raise your rate once for two-year CDs and twice with four-year CDs. Currently, rates for these CDs sit at 3.75% APY. There are no monthly maintenance fees charged, and there is no minimum opening deposit requirement. Raise Your Rate CDs are also subject to early withdrawal penalties, up to 150 days of interest.
|Ally Bank Raise Your Rate CDs|
No Penalty CDs, which earn up to 4.55% APY. Account holders are free to withdraw both interest and principal funds any time, starting six days after funding an account, with no penalties. All No Penalty CDs have 11-month terms, no minimum opening deposit requirement, and no monthly fees.
|Ally Bank No Penalty CDs|
|11 Month||Less than $5,000||4.55%|
|11 Month||$5,000 to $24,999||4.55%|
Other Financial Products Offered by Ally Bank
Ally Bank also offers a wide range of other products and services:
- Auto loans
- Purchase mortgages
- Refinance mortgages
- Individual retirement accounts (IRAs)
- Self-directed trading
- Managed investment portfolios
Ally Bank Customer Service
Ally Bank offers several ways to get support when needed. Phone support is available 24 hours a day, seven days a week. Customers can also log into their online account to send secure messages.
For immediate service, Ally also offers chat support through its website. You can also send general correspondence by mail to:
Ally Bank Customer Care
P.O. Box 951
Horsham, PA 19044
How to Bank With Ally Bank
To open an account with Ally Bank, you can apply online at Ally.com. You’ll need to choose the account option you want, enter some personal information, and then choose your funding option. Ally will email you if and when your account is approved. Ally Bank also offers options to open an account over the phone 24/7 or by downloading an application form and mailing it in.
Ally Bank offers full-service online banking for customers who want to earn a higher APY than found at a local bank. If in-person banking isn’t a requirement, choosing Ally gives you a chance to build up savings more quickly through mostly competitive rates. Although its money market and checking accounts don't offer spectacular rates, as a whole Ally Bank delivers. It offers enough options to meet the needs of most people looking for a top-notch online bank.
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