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Ally Bank Reviews

7.3

bestfor-icon Competitive interest rates and minimal fees

stevenwalters
Written by Steven Walters

About Ally Financial | Read More

8.1

LS Score

6.5

Credibility

7

Support

7.4

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Sun 24/7
Contact Information Contact Information drop-down-btn
  • 1-877-247-2559
  • Headquarters: Ally Bank 200 West Civic Center Dr Sandy, UT 84070
  • Ally Financial Inc: Ally Detroit Center 500 Woodward Ave Detroit, MI 48226
Social Media Social Media drop-down-btn
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Ally Financial Online Banking Review

Because Ally Bank is all online with no physical branches, it has very little overhead compared to brick-and-mortar banks. Rather than keeping these savings as profits, it passes them along to its customers through higher interest rates on savings accounts and no or reduced fees for overdrafts, monthly maintenance, and low balances. Ally has no minimum balance requirements. Customers should be somewhat familiar with online technology when dealing with Ally, as nearly all transactions are made online, on the Ally mobile app, or at one of the 75,000+ no-fee ATMs; opening an account via phone is possible. 

Ally Financial Online Banking Highlight

No minimum

Min Deposit

75,000+ Nationwide

ATM Network

Yes

Other Fees

Online Banking Savings

No minimum

Min Deposit

Min 4.20%

Min APY Savings

Online Banking Checking

No minimum

Min Deposit

0.10-.25%

Min APY Checking

Business Online Banking

No minimum

Min Deposit

Pros & Cons

drop-down-btn
  • con-icon No maintenance fees on some accounts
  • con-icon Earn more with excellent APYs
  • con-icon Multiple options to fund accounts
  • con-icon No physical branches
  • con-icon Some negative reviews
  • con-icon No way to conduct cash deposits

Account types

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  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)
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APY's

Online Savings

Ally Bank offers a high-yield savings account with a generous 4.20% APY on all balance tiers and no minimum account balance. Ally advertises that the APY of their savings account is more than 5x the national average. 

Account Type Key Features
Online Savings

● No Monthly Maintenance Fees

● 4.20% APY

● No minimum deposit or balance requirement

● Interest compounded daily

Money Market

Ally’s money market account offers rates that are an improvement over traditional banks but in line with the rates offered at other online banks. It is a nice addition to the available accounts if you’re banking with Ally.

Account Type Key Features
Money Market

● 24/7 Support

● Competitive 4.20% APY on all balance tiers

● No maintenance fees

● Unlimited ATM withdrawals

Interest Checking Account

The interest checking account at Ally gives you easy access to your money via a network of over 75,000 fee-free ATMs.  If you’re able to keep an account balance over $15,000, banking with Ally may be superior to many other checking accounts. Look at these other key features:

Account Type Key Features
Interest Checking

● No overdraft fees

● Early Direct Deposit

● 75,000+ No-fee ATMs Nationwide

● 0.10% APY for accounts under $15,000

● 0.25 APY for accounts with $15,000+

● FDIC Insured up to $250,000

 

Features Benefits & Rewards

  • No minimum balance requirements
  • No monthly maintenance fees
  • Fully FDIC Insured
  • High APYs
  • Online tools for managing your money

Opening an Account With Ally Bank

Opening an account with Ally Bank if quite simple. Start by navigating to Ally.com, and from any of the product pages, click the “Open Account” button. You can also call them at 1-877-247-2559.

Screen 1

clicking on the “Start Saving” button

Screen 2

your current banking relationship with Ally

Screen 3

choose the account type you’d like to open

Screen 4

option to add additional accounts

Screen 5

enter your personal information

Screen 6

you'll be asked if you want to deposit or choose to add money later

Screen 7

create your online account

Next click on the “Get Bonus” button if you want to take advantage of the 1% cash bonus. On the next page you can click the “Open Account” button. Or scroll down on the first page to find the “Open Account” button there and click it. As you can see, it’s possible to open an account in under 5 minutes.

Choose the option that describes your current banking relationship with Ally and then click the “Continue” button. On the following page choose the account type you’d like to open. Then click the “Add this Account” button.

The next page allows you to review your selection and add additional accounts to open if you want. This can be a real time saver since you can open multiple accounts with just one application. Once you’re satisfied with your account selection click “Next”.

Next it will ask you to check a box to confirm you’re a U.S. citizen or legal permanent resident. If you are, check the box and click the “Next” button. That will take you to the longest page yet where you enter your personal information, including name, address, social security number, date of birth, occupation, email and phone.

After clicking next it will allow you to review the information already provided and to add a joint account holder if you like. Once everything is to your liking click “Next” again. On the following page you’ll give your consent or approval to the following:

  • Consent To Receive Information Electronically
  • Request For Taxpayer Identification Number And Certification
  • Ally Bank Account Information & Disclosures

Once you click “Submit Application” your account(s) will be opened, unless something in the application requires further review. This initial review process could take up to 15 seconds. If everything is good your accounts are opened. Now that the accounts are open you can go ahead and transfer money into them to start earnings the high Ally yields.

After depositing or choosing to add money later you get to create your online account where you can manage all of your Ally funds.

State Availability

- Available in all states

Ally Financial Certificate of Deposit Review

Ally Bank is an FDIC-insured online bank that offers various Certificate of Deposit accounts. It offers high-yield CDs, Raise Your Rate CDs (AKA Bump-Up CDs), and No-Penalty CDs.

No minimum deposit is required to open a CD, making it a good option for people looking to save money and earn a high interest rate. Ally Bank also offers its Ally Ten Day Best Rate Guarantee, which guarantees a better rate if the rates go up within 10 days of opening an account. 

Additionally, you can open CD accounts in the name of a trust, which protects your assets from the probate process. 

Ally Financial Certificate of Deposit Highlight

3.00%

3m High Yield CD

4.50%

6m High Yield CD

4.30%

9m High Yield CD

No minimum

Minimum Deposit

$0

Minimum Balance

None

Monthly fee

Yes

Daily Compounded Interest

Yes

Early withdrawal penalty

Pros & Cons

drop-down-btn
  • con-icon No minimum balance requirements
  • con-icon Variety of CD terms and types
  • con-icon No monthly maintenance fees
  • con-icon No cash deposit
  • con-icon No branch access
  • con-icon Early withdrawal penalties

Account types

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  • 3m High Yield CD 3.00%
  • 6m High Yield CD 4.50%
  • 9m High Yield CD 4.30%
  • 12m High Yield CD 4.25%
  • 18m High Yield CD 4.00%
  • 3yr High Yield CD 3.60%
  • 5yr High Yield CD 3.60%
  • No Penalty CD 4.00%
  • 2y Raise Your Rate CD 3.50%
  • 4y Raise Your Rate CD 3.50%
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Ally Financial Certificate of Deposit Terms & Requirements

There’s no minimum balance required to open a CD account with Ally Bank, but the APY they pay is based on the amount initially deposited. The APY is then fixed for the CD’s term but is subject to change upon renewal.

Requirements and Terms for CDs

  • Opening an account: You can open a CD account online or by phone. You must provide your name, address, Social Security number, and date of birth. You must also provide a valid form of identification, such as a driver’s license or passport.
  • Deposit amount: No minimum required deposit is required when opening a CD account.
  • Term length: The term length for a CD account can range from 3 months to 60 months.
  • Interest rate: The interest rate for a CD account is fixed for the term of the account. The APY paid is based on the opening deposit amount.
  • Interest payment: Interest on a CD account is compounded daily. You can choose to have the interest paid back to you in one of three ways:
  • Credited to your CD account: The interest is added to your CD balance.
  • Paid by check: You will receive a check for the interest earned.
  • Paid to another Ally account: The interest is transferred to another of your Ally accounts.

Key Features and Bonuses

High Yield CD

The high-yield CD product at Ally comes with a range of terms – from 3 months to 5 years. Like other Ally accounts, there are no minimum balance requirements or monthly maintenance fees. There are other features to consider as well:

Account Type Key Features Bonuses (if available)
High Yield CD

● Interest compounded daily

● Convenient online management

● No minimum balance requirement

● No monthly maintenance fees

 0.05% Loyalty Reward when you renew your CD to any CD with Ally.

 

Raise Your Rate CD

The Raise Your Rate CD product allows customers to raise the interest rate on the CD if Ally raises its rates. The CD comes in two and four year maturities and you can raise the rate once on the two year CD and twice on the four year CD. Plus, look at some of the other features:

Account Type Key Features Bonuses (if available)
Raise Your Rate CD

● If Ally raises CD rates, you can raise your open CD rate 

● Withdraw with no fees for 10 days after CD matures

● FDIC insured

● No monthly maintenance fees

 0.05% Loyalty Reward when you renew your CD to any CD with Ally.

 

No Penalty CD

No Penalty CDs come with an 11-month term, and they allow holders to withdraw any principal or interest penalty free once the CD has been funded for a minimum of six days. And there are other nice features to consider:

Account Type Key Features Bonuses (if available)
No Penalty CD

● No minimum deposit required

● No penalty for early withdrawal once six days have passed after funding

● No monthly maintenance fees

● FDIC insured

 0.05% Loyalty Reward when you renew your CD to any CD with Ally.

 

 

How to Apply

You can open a CD with no minimum deposit through any of the following methods:

  • Online: Complete an application.
  • Phone: Call Ally Bank @ 1-877-247-2559.

To open an account, you must provide personal information, including your address and SSN. Once you create an account, you can deposit money and fund any accounts. 

Qualification Requirements

To open an account with Ally Bank or Ally Invest, you must:

  • Be a citizen or a legal permanent resident of the United States.
  • Be at least 18 years old.

Withdrawal Penalty for High-Yield CDs

There is an early withdrawal penalty if you close your CD account before the term ends. The penalty amount is typically a percentage of the interest earned.

All CDs purchased or renewed before December 7, 2013, are subject to a penalty at a rate of 60 days of interest. 

The penalty descriptions below are for CD’s purchased or renewed on or after December 7, 2013.

Term Length Early Withdrawal Penalty
Less than 3 Months 30 days of interest
3 Months – 24 Months 60 days of interest
25 Months – 36 Months 90 days of interest
37 Months – 48 Months 120 days of interest
49 Months or Longer 150 days of interest

Withdrawal Penalty for Raise Your Rate CDs

Term Length Early Withdrawal Penalty
2-year term 60 days of interest
4-year term 120 days of interest

Withdrawal Penalty for No Penalty CDs

Ally Bank will not charge a penalty for early withdrawals with No Penalty CDs. You can withdraw your full balance and interest any time after the first 6 days following the account’s funding date. 

Withdrawal Penalty Exceptions

Except with No Penalty CDs, withdrawals before maturity are subject to penalties, and partial withdrawals aren’t allowed. There are exceptions if the depositor passes or is judged legally incompetent. 

State Availability

- Available in all states

stevenwalters
Written by Steven Walters facebook-icon linkedin-icon

Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.

faq-icon

FAQ’s

Is Ally a safe bank?

Ally is FDIC insured for deposits up to $250,000. Your money is safe with Ally Bank.

Does Ally require a minimum balance?

There are no minimum balance requirements for Ally Bank accounts.

Does Ally have any hidden fees?

Ally promises its customers that there are no hidden fees for banking with them.

Customer Support

Ally is well known for their solid customer support, so we tested it ourselves by contacting the support staff with a series of basic questions regarding Ally’s accounts and services. We weren’t disappointed as the support staff was completely professional and knowledgeable, answering all our questions in a complete and friendly manner. That said, we waited over an hour to connect with a support person, which was not convenient.

The Better Business Bureau rates Ally Bank very poorly regarding its online reputation. As of Sept. 8, 2024, the bank had 1.13/5 out of 5.0 stars and 191 customer reviews. Reviewers have claimed the bank has held their money, not credited deposits/payments correctly, or broken promises, among other things. Over the past year, 139 complaints have closed.

Things look similar over at Trustpilot, where Ally Financial has a rating of 1.2 out of 5.0 stars and 710 reviews as of September 8, 2024. The reasons for the bad reviews are similar to those mentioned on the BBB website.

Privacy & Security

Ally takes security very seriously. Keeping customer data safe and secure is one of their top priorities. They only make data available to those in the organization who require access to do their jobs. In addition, Ally has implemented all the following security practices:

  • Anti-Virus and Anti-Malware Protection: Helps detect and prevent viruses and malicious software.
  • Firewalls: Helps block unauthorized access.
  • Transport Layer Security (TLS) Encryption: Ally uses the latest encryption technology to help protect your information from being intercepted, creating a secure connection with your browser when you log in, complete an application, or enroll in online services.
  • 2-Step Authentication: This type of authentication involves extra security measures, such as asking you a question that only you know the answer to or sending a security code to a registered device. You may also know it as 2-factor or multi-factor authentication.
  • Online and Mobile Security Guarantee for Ally Bank: Ally Bank guarantees that you will not be liable for any unauthorized Online or Mobile Banking transaction as long as you report the unauthorized transaction by calling them at 1-877-247-2559 within 60 days from when your statement is made available.
  • Free Anti-Virus and Anti-Malware Software: Ally Bank customers can download and install Webroot® SecureAnywhere™ at no cost on up to 3 devices.
  • Credential Confidentiality: Ally never shares your usernames and passwords with anyone.
  • Automatic Logout: Ally automatically logs you out of your secure session after a period of inactivity to help protect you against others seeing or using your online accounts.
  • Account Monitoring: Ally monitors online account activity for potential fraud.

In Conclusion

If you’re looking for a way to save cash in a high-yielding account with no minimums and low fees, then Ally could be the perfect online bank. But remember that Ally is so much more. It’s a full-service bank that offers almost everything a customer could want regarding savings, investing, and loan products. Consumers are protected by the security measures put in place by Ally, plus $250,000 in FDIC insurance. Despite the negative reviews on the BBB website and Trustpilot, Ally has often been regarded as the best online bank, including recognition for the best money market accounts, best CD rates, and best online savings account.

Brand Disclaimer

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company, NMLS ID 3015. Ally Bank, the company’s direct banking subsidiary, offers an array of deposit and mortgage products and services. Ally Bank is a Member FDIC and Equal Housing Lender, NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.

Ally Servicing LLC, NMLS ID 212403 is an affiliate of Ally Financial Inc.

Options involve risk and are not suitable for all investors. Review the Characteristics and Risks of Standardized Options brochure before you begin trading options. Options investors may lose the entire amount of their investment or more in a relatively short period of time. 

Trading on margin involves risk. You can lose more funds than you deposit in a margin account. Please review Margin Account Agreement and Disclosure for more information regarding margin trading.

Securities products and services are offered through Ally Invest Securities LLC, member FINRA/SIPC. For background on Ally Invest Securities go to FINRA’s BrokerCheck.  Advisory services offered through Ally Invest Advisors Inc., a registered investment adviser.  View Invest Disclosures. Ally Invest Advisors and Ally Invest Securities are wholly owned subsidiaries of Ally Financial Inc.  Securities products are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE. 

Before you invest, you should carefully review and consider the investment objectives, risks, charges, and expenses of any mutual fund or exchange-traded fund (ETF) you are considering. ETF trading prices may not necessarily reflect the net asset value of the underlying securities. A mutual fund/ETF prospectus contains this and other information and can be obtained by emailing support@invest.ally.com.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) offers term life insurance products issued by multiple insurers. For details go to ladderlife.com. All insurance product terms are set and governed by the individual insurance policy. Each insurer has financial responsibility for its own products. 

Ally credit cards are issued by Ally Bank, Member FDIC. Mastercard and the circles design are registered trademarks, and Mastercard ID Theft Protection is a trademark, of Mastercard International Incorporated. ©2024 Mastercard. All rights reserved. Certain terms, conditions, and exclusions apply. Cardholders need to register for this service. This service is provided by Iris® Powered by Generali.

FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.

Ally and Do It Right are registered service marks of Ally Financial Inc.

App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc. 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

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