Ally Bank Review
8.1
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Ally Bank Reviews

8.1
Steven Walters

WRITTEN BY

Steven Walters

Competitive interest rates and minimal fees
Competitive interest rates and minimal fees
About Ally Bank

Ally Bank is headquartered in Sandy, Utah and was founded in 2009. As a full-service online bank, it offers its customers competitive interest rates, no minimum balance requirements, low fees, and round the clock customer service. Ally Bank is the digital banking division of Ally Financial Inc., and has roots that date back for nearly a century. Ally is best suited to customers who are familiar with online banking using a PC, tablet, or mobile device. The bank offers checking, savings, money market and certificate of deposit accounts. In addition, it also offers personal and auto loans, mortgages, investment accounts, and retirement services.

8.1

LS SCORE

6.5

CREDIBILITY

7.0

SUPPORT

7.4

ACCESSIBILITY

Ally Bank Online Banking Review

Because Ally Bank is all online with no physical branches it has very little overhead when compared with brick and mortar banks. Rather than keeping these savings as profits it passes them along to its customers in the form of higher interest rates on savings accounts, and no fees for things like overdrafts, monthly maintenance, and low balances. In fact, 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, via mobile apps, or at ATMs.

Ally Bank Online Banking Highlights

APY SAVINGS

Min 2.25%

APY CHECKINGS

Min 0.25%

ATM NETWORK

43,000+ nationwide

MIN CREDIT SCORE

300

OTHER FEES

Yes

Pros & Cons

  • No monthly maintenance fees.
  • No minimum balances on checking, savings or CDs.
  • Access to over 43,000 free ATMs via checking or money market accounts.
  • Above-average interest rate on savings.
  • No way to deposit cash.
  • No brick and mortar branches available.

Account Type

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

Ally Bank Checking Highlights

APY

Min 0.25%

Ally Bank Savings Highlights

APY

Min 2.25%

APYs

Online Savings

The online savings account at Ally is high-yield and offers a generous 2.25% APY with no account balance minimum. Ally advertises its savings account yield is more than 10x that of other banks. It also comes with a host of other features.

Account Type Key Features Bonuses (if available)
Online Savings ● No Monthly Maintenance Fees

● 2.25% APY

● No minimum deposit or balance requirement

● Interest compounded daily

1% cash bonus — up to $500. Minimum cash bonus is $10 ($1,000 deposit), maximum is $500 ($50,000 deposit).

 

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 and comes with additional features:

Account Type Key Features Bonuses (if available)
Money Market ● 24/7 Support

● Competitive 2.25% APY

● No maintenance fees

● Unlimited ATM withdrawals

 

Interest Checking

The interest checking account at Ally gives you easy access to your money via a network of over 43,000 fee-free ATMs, while also paying out a bit of yield, making it superior to many other bank checking accounts. Look at these other key features:

Account Type Key Features Bonuses (if available)
Interest Checking ● No overdraft fees

● Early Direct Deposit

● 43,000+ No-fee ATMs Nationwide

● FDIC Insured up to $250,000

 

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 too

● 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 principle 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.

 

APYs

 

Account 1 Year 2 Years 3 Years 4 Years 5 Years
Online Savings 2.25% 2.25% 2.25% 2.25% 2.25%
Interest Checking 0.17% 0.17% 0.17% 0.17% 0.17%
Money Market 2.25% 2.25% 2.25% 2.25% 2.25%
High Yield CD 3.25% 3.50% (18 mo) 3.50% 3.50% 3.50%
Raise Your Rate CD N/A 2.75% N/A 2.75% N/A
No Penalty CD 2.20% (11 mo) N/A N/A N/A N/A

 

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

Suppose you’re interested in the high yield available with an Ally online savings account and want to open an account. They’ve made the process quite simple. Start by navigating to Ally.com and then clicking on the “Start Saving” button.

Screen 1

clicking on the “Start Saving” button

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

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 – Extra security measures like asking you a question that only you know the answer to or sending a security code to a device that you’ve registered. You may also know this 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.

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 did wait for over an hour to be connected to a support person, which is not convenient at all.

In terms of online reputation, we found Ally Bank to be very poorly rated at the Better Business Bureau. As of Oct. 14, 2022 the bank has 1.08 out of 5.0 stars, with 65 customer reviews. These reviews claim the bank has held their money, not credited deposits/payments correctly, or has broken promises, among other things.

Over at Trustpilot things look similar, with a rating of 1.6 out of 5.0 stars on 120 reviews as of October 14, 2022. Reasons for the bad reviews are similar to those mentioned on the BBB website.

Phone Support
1-877-247-2559
Mon-Sun
24/7
Headquarters: Ally Bank 200 West Civic Center Dr Sandy, UT 84070
Ally Financial Inc: Ally Detroit Center 500 Woodward Ave Detroit, MI 48226

In Conclusion

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

FAQ

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.

Ally Bank Disclaimer

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer’s finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guarantees or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Disclosure

This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

WRITTEN BY

Steven Walters

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.