Ally Bank is an online bank that offers various banking products, loans, and other financial services for consumers. Some of the banking products they offer include checking and savings accounts, money market accounts, different certificates of deposit accounts, home loans, personal loans, and retirement accounts.
Not having physical branches allows Ally Bank to offer better rates and lower fees than many traditional brick-and-mortar banks. Some of its accounts come with no monthly maintenance fees or minimum balance too. So if you are looking for a solid online bank that is an FDIC member and offers competitive rates on checking and savings account options, Ally Bank may be an option for you.
What is Ally Bank?
Ally Financial Inc. is a digital financial services company employing over 9,700 people across its offices in the U.S. Ally Bank is its direct banking subsidiary, an FDIC member headquartered in Utah. Since its foundation over 100 years ago, the team is committed to doing the right thing for its customers while making banking smarter and simpler.
Since Ally Bank is a member of the FDCI, your deposits at Ally accounts are FDIC-insured up to the approved amounts per depositor by the FDIC.
A Digital Banking Experience
Ally Bank is a US-based bank that offers banking, mortgages, loans, and investing services. They offer competitive interest rates and have no minimum deposit requirements. Ally Bank is not just a bank but a “one-stop” financial services company that offers competitive rates on a variety of banking products.
Ally Bank offers a simple banking experience with no monthly maintenance fees and no fees for incoming wire transfers. There are no fees for standard or certified checks, and Ally doesn’t charge for using an ATM.
As a top-rated bank, Ally Bank offers some of the best technology to make banking easy. The bank’s robust mobile app has a voice-enabled assistant and allows customers to check their balances and complete tasks using Amazon’s Alexa.
Ally Bank does not have any physical branches and instead allows customers to access their accounts via the internet. With your debit card can control their funds and set daily limits, as well as access their cash through more than 43,000 ATMs nationwide with no fees.
As a customer, you can reach out to an Ally representative 24/7. You can also tell how long the wait time for the phone is before you call. You can also use the live chat feature for assistance.
Ally Bank is a bank that anyone looking for a full-service bank can trust for their needs. People looking to save money and prefer higher interest rates, lower fees, and no minimum deposit requirements will enjoy the many benefits that Ally Bank has to offer.
Ally Mobile App
Ally Bank’s mobile app is easy to use, available for Windows, Android, and iOS. The app provides a comprehensive set of tools to help customers manage their finances, including bill pay, deposit checks, check balances of your accounts, manage transfers, and use Ally Assist.
Zelle allows you to transfer money for free through both Ally accounts and external bank accounts, as well as to make personal payments to friends or family. Through the mobile app, you can also transfer money, hear recent transactions and get the current rates on Ally Bank’s products.
Ally has even created a skill for Alexa, Amazon’s voice-activated digital assistant. This means customers with an Alexa-enabled device can use voice commands to perform tasks like checking balances on your checking, savings, money market, and CD accounts.
Finally, the mobile app has an ATM locator that shows you nearby locations for easier free Allpoint ATM access.
Ally Bank Interest Checking Account
Ally Bank offers an interest checking account if you want to keep your money in one place and earn interest on it. Higher interest is paid depending on your minimum daily balance. Interest is compounded daily, so your money will grow faster. You won’t have to worry about a minimum balance requirement or monthly service charges. However, Ally Bank does charge a small overdraft fee.
The interest checking account also comes with free checks with unlimited check writing, a free debit card with access to over 43,000 fee-free ATMs, and a free bill pay service.
To make deposits, you can easily use Ally’s online funds ACH transfer service. This service allows you to link to an unlimited number of external bank accounts to make transfers outside of Ally. You can also snap a picture of a check to deposit it from your mobile phone. You can use any of the no-fee ATMs to locate in the mobile app for money withdrawals.
If you have an Ally Online Savings Account, you can also set up your app to round up your transactions to the nearest dollar amount and send the spare change to your savings accounts automatically to help you keep up with your savings goals.
Ally Bank Online Savings Account
Ally Bank offers a high-interest savings account with no monthly maintenance fees or minimum balance requirements. The account is compounded daily, which means that interest is earned daily and usually earns you a bit more money than if the interest was compounded monthly. Since the account has no monthly fees, there is no need to worry about the bank taking a chunk out of your savings. The annual percentage yield or APY on Ally’s online savings account is higher than the national U.S. average across all balance tiers.
A cool featured on the Online Savings Account is that you can organize your savings in up to 10 different buckets to save towards other goals. For example, a home renovation or a future trip, and see how your savings are doing on each bucket.
Suppose you have your Ally Interest Checking Account linked to your Savings Account. In that case, you can easily set up automatic transfers and round up your purchases to the nearest dollar to help you with meeting your savings goals.
Ally Bank Money Market Account
Ally Bank offers an online money market account with no minimum balance requirement, no monthly service charges, and a set APY on all balance tiers. Ally Bank also offers free online banking to manage all your accounts, including the money market account. Ally Money Market Account comes with checks and a debit card, but withdrawals are limited to six per month, based on federal regulations.
The Ally Money Market Account is best for you if you have money saved and may not need access to it and you want to earn a higher interest rate than your checking or savings account.
Ally Bank Certificate of Deposit Accounts
Ally Bank offers three different types of Certificate of Deposit Accounts (CDs), including a High-Yield CD, a Raise your Rate CD, and a No Penalty CD, all with. There’s no minimum deposit requirement for any of these certificates of deposit, though rates may vary depending on your balance and the length of the term of your CD account.
- High-Yield CD: With terms from 3 months to 5 years, the APYs vary for low- to high-interest based on the length of your CD.
- Raise Your Rate CD: This CD account with 2 and 4 years term length lets you bump up your APY once or twice, depending on the term length, to the rate currently on offer for new CDs.
- No Penalty CD: A CD account with an 11-month term and no early withdrawal penalty if you may need your money sooner.
Other Financial Products
As a full-service financial institution, Ally Bank also offers a range of products outside of traditional checking and savings accounts, like home loans, auto loans, personal loans, and retirement products, like Traditional IRAs, Roth IRAs, and Rollover IRAs.
Ally Invest also offers investment services like managed portfolios, self-directed trading, and forex.
How To Get Started
If you are looking for a solid online bank that has been around for over 100 years, with access to 24/7 customer service despite the lack of actual branches, Ally Bank may be a good option for you.
The opening process is all completed online, in a few minutes in 3 easy steps:
- Provide your personal information like your address, contact information, and social security number.
- Add funds to your account, and remember there is no minimum opening deposit.
- You will get access to free online banking straight away to start managing your bank accounts.