Review of Ally Bank

It is often said there is nothing more constant than change and in this Ally Bank review we prove that Ally Bank not only understands that maxim but how to respond to it. In 1919 Ally Bank began as GMAC as the finance arm of General Motors to make financing a new vehicle easier for the customer and easier for the dealerships. By 2006 GMAC found itself offering more than just auto loans and became independent of General Motors. In 2008, it became a bank holding company and the company morphed intoAlly Bank. By 2009, already with decades of experience in consumer lending, Ally Bank was already starting to be recognized as a leader in the banking industry first by Kiplinger’s for outstanding customer support and best online savings accounts. Then in 2010, Money Magazine ranked Ally Bank as one of its “100 best money moves.”

In our Ally Bank review, we found that Ally bank is a company which not only has a long-standing tradition of excellence but understands that in order to maintain excellence, sometimes you need to change, according to what is best for your customers and the marketplace. Perhaps one of the things which sets Ally Bank apart from most other online banks , is the commitment to let you keep as much of your money as possible–any ATM transaction fees are refunded to your account. With the unpredictability of the financial sector and life, you can count on Ally Bank to help you respond to those changes to keep your financial goals intact and stand beside you as your financial partner.

Free Online High Yield Savings Account

Our review of Ally Bank showed that it believes the purpose of a savings account is to save your money so they have eliminated monthly account fees. And because they understand the unpredictability of life, there is no opening balance or minimum balance requirement with this online savings account. With your opening deposit you begin earning interest on one of the highest yield savings accounts available in the industry today. Interest is then compounded daily to give your money the greatest earning potential. Opening a high yield savings account is a simple 10-minute process but in the event you need assistance the award winning customer support team is available 24/7 by phone or chat to assist you. After your account is open and funded you are allowed six transactions per statement cycle. And account tracking and maintenance is also available 24/7. Your deposits are all backed by the FDIC so you can feel confident your money is safe. The high interest rate also gives you the confidence your money is in a good place and working to accomplish your savings goals.

Three Options for High Interest Rate CDs

The 11-month No Penalty CD means just that—no penalty for early withdrawal coupled with high interest rates makes this cd one of the most flexible available. If life happens anytime after the first six days, Ally Bank will return your full deposit plus interest no strings, no questions and best of all no penalties. The interest rate for this product is fixed for the life of the term but Ally Bank offers a 10-day rate guarantee. Most banks only allow you to lock the rate on the day your certificate of deposit is funded. But should the rate edge even higher in the first 10-days of the term you can take advantage of the higher rate. There are no fees or minimum opening balance requirements with this high interest rate cd. CD Interest is compounded daily to maximize your return. And if life has been kind to you this certificate of deposit is automatically renewable at maturity.

If you are interested in a longer term but also like flexibility, the 2-year Raise Your Rate CD could be the option for you. While the term is fixed for two years on this high interest savings account, should a more attractive rate become available during the term you may lock in the new higher rate. However, the option to lock-in a higher interest rate is only available once. This product also carries the 10-day rate guarantee which is not part of the one-time Raise Your Rate option. The interest rate is also compounded daily and is without fees and balance requirements. Within ten days of the maturity you can withdraw the interest as income or let it roll over to a new term. This was an impressive cd feature we found while reviewing Ally Bank.

The High Yield CD takes all the guesswork and monitoring out of long-term savings and puts it into high interest rates. Terms for this certificate of deposit are available from three months to five years and the interest rate apy is fixed until maturity. But for your piece of mind this certificate of deposit also comes with the 10-day rate guarantee so if a new rate is available in the first 10-days you can lock-in the higher rate. As with all Ally Bank high rate cds, there are no fees and no minimum balances. This certificate of deposit is renewable at maturity for extended savings.

A Money Market Account—High Interest Rates with Check Privileges

Ally Bank offers high yield money markets to grow you money while you are not using it and a free check card and zero ATM fees for the moments when you need to spend—the best of both worlds. Ally Bank money market accounts are carefree as there are no minimum balance requirements and the interest rate is compounded daily to maximize flexibility and return in one simple step.

Summary of Ally Bank Review

Our review of Ally Bank demonstrates that Ally Bank it is all the know-how of over 90 years experience and round-the-clock access of an online bank in one place— www.ally.com. With so many online from which to choose one thing which distinguishes Ally Bank from the competition your account is totally free of regular fees. And if you use an ATM to access your money and that ATM assesses a surcharge Ally Bank refunds the charge. But free also means quality. Ally Bank has been recognized by Kiplinger’s and Money Magazine as offering superior online savings accounts. In conclusion, our Ally Bank Review suggests that Ally bank is one of the best banks in the nation.

Other Ally Bank Reviews and Posts
Ally Bank Savings
Ally Bank CD’s
Video Review of Ally Bank.
Ally Bank Money Market

(3 votes, average: 5.00 out of 5)

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