Ally Bank
Fees
Our Rating
Current Promotion
APY Savings
Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation. It offers a wide selection of products including home loans, money market accounts, investment products, certificates of deposit, checking accounts, and savings accounts. Ally bank serves millions of customers and provides high-quality banking services.
Ally Bank is ideal for customers comfortable with banking entirely online. This high-quality banking service offers a reliable service that provides modern banking needs that are flexible and adaptable to your banking needs.
Ally Bank can be a perfect fit if:
You prefer an online bank with good CD & savings rates
You may need a mortgage soon
You don’t need a credit card
- Competitive rates on savings and CDs
- No maintenance fees or minimum balance requirement
- Large fee-free ATM network
- Full-service online bank including retirement services
- Ally doesn't have physical branches
- No deposit cash
- Lower rates on money market accounts
What promotion does Ally offer?
Ally’s primary promotion is that the accounts have no hidden fees or account minimums. This means that when you’re comparing rates, you don’t need to factor in an account maintenance fee or monthly charges. However, there is no cash promotions or welcome bonus as you can get on other banks.
Is Ally ready for a recession?
Since Ally is a fully online bank, it does not need to support the infrastructure of a large, branch network. This can help Ally weather more challenging financial times. However, since the bank has only been operating since 2009, we have no data on how it handled previous recessions.
- Can you be denied on an Ally checking account?
Ally does need to review your checking account application, and there is a risk that your application may be denied. However, according to consumer feedback, Ally seems to have quite relaxed criteria, so it is not likely that you will be denied unless there is a large red flag on your application.
- Does Ally work for Joint Accounts?
You can add another person to most types of Ally accounts. Ally has a standardized Additional Owner form, which you need to complete. You can then upload the signed form or return it to Ally via fax or mail. You will also need to provide a signature card for each account holder.
Ally Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Customer Experience
Ally provides customer service 24 hours a day, seven days a week, with a typical wait time of less than one minute. Ally's app has a rating of 4.7/5 on Apple and 4.2/5 on Google.
Also, Ally is one of the top digital banks when it comes to customer satisfaction. According to the J.D. Power 2023 U.S. direct banking satisfaction study Ally bank ranked much better than the average with 729 points (3 out of 10 banks), 3 points less than the top rates bank,
Ally's websites have a clean design and are simple to use, providing a great user experience. You can fully investigate and compare the products, as well as access support materials.
Ally Bank | |
|---|---|
App Rating (iOS)
| 4.7 |
App Rating (Android) | 4.1 |
BBB Rating (A-F) | C |
WalletHub (+1,000 reviews) | 3.4 |
Consumer Affairs (+1,000 reviews) | 3.4 |
Contect Options | phone/chat |
Availability | 24/7 |
Ally Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
Ally Savings Account
APY Savings
Minimum Deposit
Promotion
Fees
The Ally Bank online savings account offer many benefits for busy adult. Ally Bank offers a high-yield, competitive savings account that is competitive with other online banking services. The APY is not the highest, but it is top-tier compared to the average APY. Another benefit to an online Ally Bank savings account is the lack of minimum deposit required to open an account and no monthly service fees. That's why Ally included on our best bank for saving accounts list of 2023.
Along with great incentives, they are some limitations to this savings account system. There is no ATM card, so you have to transfer your online funds, wire transfer, telephone transfer, or request a check to access your savings account funds. This may be more of a hassle to organize, and you should determine if you are okay with the limited accessibility of your savings account.
Ally Bank offers a reliable and secure service that is competitive with other top-yielding financial banking institutions that readily grow and sustains your savings. This is a flexible savings account system that you will be rewarded with as your account grows over time.
Ally Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
Ally Checking Account
Fees
Minimum Deposit
Promotion
APY Checking
The Ally Bank interest checking account is a singular checking account that offers a tiered interest rate structure. The yields vary depending on your minimum daily balance in your account. There are no monthly maintenance fees with your checking account.
You can access your checking account in more than 43,000 ATMs through the Allpoint network. You can also deposit your checks remotely through your phone and computer. This allows you to stay connected and update your finances regardless of location. Your checking accounts also come with free checks and debit cards.
An advantage of the Ally Bank checking account system is the ability to earn interest on your daily balance. You do not need a minimum deposit, and there are zero monthly fees. Along with the lack of monthly fees, there are no added costs to having standard checks or debit cards.
Along with the multitude of positive aspects of the Ally Bank checking account system, there are also some drawbacks to using this service. You need to be aware that there are no physical branches, so your internet connection must be reliable. Ally Bank does not accept cash deposits, and compared to other online checking accounts; Ally Bank pays significantly less high yields.
All the positive and negative aspects of working with Ally Bank are essential to consider and decide what you need from your online banking service.
Ally CDs
APY Range
Minimum Deposit
Terms
Fees
Ally Bank CDs
APY Range
Minimum Deposit
Terms
Fees
There are three different types of CDs you can pick from at Ally Bank. The three offers include high-yield CDs across multiple terms, a couple of bump-up CDs, and an 11-month no-penalty CD. All of these incur interest daily that do not require a minimum deposit to open any CD.
You can also qualify for a high-interest rate along with the daily compounded interest. Qualifying for a high-interest rate depends on your balance amount and CD term. Your rate will rise within 10 days of opening and funding your account. This provides a great incentive to have long-term savings plans to reach a specific financial goal.
Ally Bank has many positive aspects to the CD services due to the many types of CDs available and the lack of minimum deposits required to open a CD and less harsh early withdrawal penalties, which are better than competitive banks.
Overall, Ally offers some of the highest CD rates you can find and a variety of options for depositors.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 3.50% | 60 days of interest
|
9 Months | 5.00% | 60 days of interest
|
12 Months | 5.00% | 60 days of interest
|
11 Months – No Penalty | 4.55%
| / |
36 Months | 4.25% | 90 days of interest |
60 Months | 4.10% | 150 days of interest
|
Money Market Account
The Ally Money Market account offers tiered interest rates that change based on your minimum daily balance. There are free checks and debit cards provided with a money market account, which differs from the savings account service. The money market account does not offer as high an APY that the savings account has.
The money market account offers many ways for you to grow and access your money. You should be aware that the money market accounts offered through Ally are less than twice the APYs available with other accounts. This means you could find more reasonable and financially incentive money market accounts compared to Ally.
There are many great aspects to having an Ally Bank money market account. Their APY is more than 4 times the average money market account rate, which is a great indicator of financial growth and stability. You are also reimbursed up to $10 per statement cycle for any fees at non-Allpoint ATMs, which is a great program when you are traveling.
You can also incur daily compounded interest, which steadily grows your finances.
Mortgage & Personal Loan Options
Ally provides mortgage products for both home purchases and refinancing. You can choose between adjustable and fixed rate loans, but Ally also offers jumbo loans.
Customers, according to the bank, can get pre-approval in minutes. Furthermore, the website contains a wealth of tools and resources, such as guides and calculators, to assist you in determining the best product for your needs and circumstances.
Ally Bank's Ally Lending division provides personal loans for home improvements and medical bills. There are no application or down payment requirements.
Investing Options (Ally Invest)
Ally Invest is a digital financial services industry leader, assisting businesses with dealer financial services, corporate finance, banking, and direct to consumer home loans. Ally Invest provides two ways to invest: self-directed trades and managed portfolios.
Hands-on investors can trade stocks, options, and ETFs in a low-commission environment using self-directed trade. However, Ally took into account potential investors with limited knowledge or those who do not want to be responsible for investing their own money. Every type of individual investor has a choice with Ally thanks to its managed portfolios. Furthermore, the minimum deposit is only $100.
Ally Invest is an excellent choice for those interested in margin trading. The company's margin account rates are among the lowest in the industry, and there is a wide range of products available for trading. The low commission structure, on the other hand, makes it competitive for any US citizen looking for a broker. As a result, Ally Invest is a solid all-arounder that caters to both experienced and novice traders.
Ally Bank FAQs
Is Ally Bank trustworthy?
Ally Bank has a history dating back over 100 years, as part of the General Motors Acceptance Corporation (GMAC). Additionally, Ally Bank is FDIC insured. This is federal government insurance that protects depositors for up to $250,000 each in the event of a bank failure.
Who is Ally Bank owned by?
Ally Bank was part of the GMAC, but the company changed its name in 2010 to Ally Financial. This was because the company was close to bankruptcy and received $16.3 billion in federal funding.
At the height of its financial difficulty, the US government owned almost 75 percent of the company, but today its stake is down to 64 percent.
Is Ally Bank a good bank overall?
Ally Bank is a leader in the online banking industry. This bank offers a variety of accounts with attractive rates, making it one of the top options for most consumers.
You can access full-service online banking, but you must be prepared not to access in-person banking services at a local branch. At the same time, the checking accounts don’t have great rates, but opening a savings account can be beneficial. as a whole, Ally Bank offers an excellent financial package.
Which is better: Ally Bank or Synchrony Bank?
Both Ally and Synchrony offer online banking services, offering higher interest rates compared to traditional banks, as they typically don’t have the same overhead due to a lack of branches. However, there are some key differences between Ally and Synchrony.
The main difference is that Synchrony does not offer checking accounts, but its savings rates are competitive. So unless you are only looking for savings options, you are likely to find Ally a more attractive option. You can access live customer support, an overdraft program, and full product offerings including competitive rate checking accounts.
Here's our Synchrony bank review.
Is Ally Bank better than Discover Bank?
Ally Bank offers a complete line of banking products, including savings, checking, and CD accounts. Discover is a good bank that offers similar products with comparable interest rates. Either bank is a good option if you want to keep all your accounts with the same institution.
Bot Ally and Discover offer online banking services, but the Ally platform is more user-friendly. You can access classic banking features, but the Ally Assist app has a voice-enabled, built-in banking expert.
Both banks got the same ratings on our banking reviews, 4.5 stars out of 5.
Is Aspiration Bank better than Ally?
Ally is another online bank offering low-fee services. However, while their services may appear similar, Aspiration is a better choice. Aspiration bank account offers a higher rate on balances in linked saving accounts or Aspiration plus accounts. Additionally, Ally does not offer any sign-up bonuses or promotional offers. The only advantage for new customers is there is a brokerage sign-up bonus, but this is not related to the bank account.
Another advantage of Aspiration is that there are automatic saving features offering a better interest rate on your idle cash compared to Ally.
Which is better: Capital One 360 or Ally checking account?
Both Capital One 360 and Ally Bank are primarily online banking service providers. They offer higher deposit rates than many traditional banks and attractive checking account features.
Our Capital One rating is similar to Ally's, 4.5 out of 5, and they appear on our top online banking list for 2023.
Is Axos Bank better than Ally bank?
Although Ally Bank does offer no account minimums and reasonable interest rates, Axos bank rates are competitive. In contrast, it provides a broader variety of products and access to an extensive no-fee ATM network. Additionally, Axos Bank has a solid online presence, making accessing services easier.
Axos Bank also has extended banking hours, no foreign transaction fees, and low requirements to waive monthly fees. So, in most cases, Axos Bank will be a better option.
Online Banks Alternatives
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APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.60%
| 4.35%
| 4.25% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $0 | $0 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.9/5 on iOS, 4.7/5 on Android | 4.7/5 on iOS, 4.1/5 on Android |
BBB Rating | A+ | A+ | C
|
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Compare Alternative Banks
Ally vs Chime
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Ally vs SoFi
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Ally vs Capital One
Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.
Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.
Read Full Comparison: Ally vs Capital One: Compare Banking Options
Ally vs Marcus
Marcus' banking product offering is more specialized. Marcus' product line reflects its investment pedigree as part of the Goldman Sachs Group. CDs, high-yield savings, investment options, and a variety of loans are available.
Ally has a banking product line that competes with traditional, high-street banks. A checking account, savings account, CDs, mortgages, auto loans, personal loans, retirement products, and investments are among the numerous products available.
Read Full Comparison: Ally vs Marcus: Which Online Bank Is Better?
Ally vs Discover
Discover is a completely online bank, so there are no local branches where customers can go for banking services. Customers can get in touch with Discovery via customer service, which is available 24 hours a day, seven days a week. You can log in to your account in a number of ways. All accounts are accessible online.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: Discover vs Ally: Which Bank Wins?
Ally vs Axos
Ally Bank is an online bank that arose from the banking division of General Motors Acceptance Corporation. GMAC used to be an auto financing company before being purchased by Ally Bank. This bank now offers a wide range of products. Among the products available are credit cards, home loans, investing products, savings accounts including certificates of deposit, and checking account options. Ally Bank serves millions of customers and provides high-quality banking services.
Axos is a well-established online-only banking service. It has been in business since 2000 and is constantly expanding its services for both individuals and businesses. The bank is a subsidiary of Axos Financial and is headquartered in San Diego, California. Despite the fact that the bank has three locations, the vast majority of its customers are served online.
Read Full Comparison: Axos Vs Ally Bank Comparison – Which Is Better?
Ally vs Aspiration
Aspiration has a streamlined banking product line that includes a hybrid account with a $7.99 per month upgrade option and only one credit card option. Aspiration's premise is to help you live a greener life, so the products are heavily weighted in this category. This means that you can earn cash back and other rewards for making environmentally conscious purchases and taking action.
Ally offers a much broader range of banking products. In addition to checking, savings, and CD accounts, you can also get investment and retirement products, mortgages, auto loans, and personal loans. This brings it more in line with a traditional bank, which may make switching from your high street bank easier.
Read Full Comparison: Aspiration vs Ally Bank: Where to Save Your Money?
