Who is Ally Bank?
Our Ally Bank review can tell you that Ally was built with the motto: “You should expect more from your bank.” Ally Bank is an entirely online bank which provides savings accounts, CD accounts, checking accounts, and money market accounts.
GMAC Bank originally started Ally Bank and is still connected to General Motors. Along with offering a variety of different accounts, Ally Bank offers some of the top customer service available.
They continue to offer some of the most competitive rates for savings accounts. Ally Bank’s assets continue to grow and they have reported assets upwards of $1.4 billion.
This Ally Bank review found a list of benefits you should know about. For one this bank is solely focused on the customer’s needs. They strive to make everything easier for customers.
- Ally Bank offers some of the most competitive rates for savings accounts
- Offer interest rates higher than brick and motor banks for CD’s and savings accounts.
- You can reach a customer service agent anytime of the day and the online chat system is quick and responsive.
- Opening an account is easy and you can open multiple accounts at the same time.
- For most accounts, no minimum amount is necessary to open an account with Ally Bank.
- There are no account fees if you do not maintain a particular balance limit
- Direct deposit and automatic transfers are easy to setup to and from your savings
- Ally Bank doesn’t charge you if you don’t transfer money to the account every month. Other banks often charge an inactivity fee.
A few days after opening an Ally Bank account, you can expect a welcome package mailed to your home. You need to sign and return some documents to Ally Bank confirming your identity. This paper work also informs the IRS of the account and report the interest you earn on the account to them.
This wouldn’t be a complete Ally Bank review without listing the drawbacks. The negative remarks aren’t many, mostly stemming from customer service.
- The hold times on phone calls can take anywhere from 2-3 minutes.
- Money transfers between your banks can take 4 business days.
- The welcome packet seems easier to do online.
Along with the welcome packet, customers have complained that with the welcome packet come deposit checks which is something that could easily just be downloaded from their website.
Is Ally Bank a Good Choice?
In conclusion of our Ally Bank review we can say that they’re firmly focused on their customers. Ally Bank customers often report on how much they love Ally Bank and bank with them for the long-term. Even three years from our first Ally Bank review, our review team still has accounts with Ally Bank and continues to earn some of the top online rates for savings accounts.
Ally Bank continues to rank high on the list of best online banks. Ally Bank remains high on the customer satisfaction list, and they are one of the easiest banks to work with for new savers.
Ally Financial Inc.
P.O. Box 200
Detroit, MI 48265-2000
P.O. Box 725
Midvale, UT 84047
Customer Service Number: