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Financial Rates:
3.5
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- Competitive interest rates on accounts
- No required opening amounts or fees
- Good variety of accounts available
- Ten-day Best Rate Guarantee
Cons:
- Accounts have tiered interest rates
- Limited ways to fund your accounts
- Link external accounts to Ally accounts
- Transfers can take days to fund
What You Need to Know
Ally accounts offer competitive interest rates. The interest rates for the Ally savings account is 2.20% for all balances. The checking account earns 0.60% on balances over $15,000. The money market account and CDs also earn competitive rates.
Ally accounts do not have required opening amounts. You can open their accounts with any amount. There are no monthly fees for Ally accounts. They do not have set amounts required to keep in the account to avoid a monthly fee. The CDs have a fee if you withdraw money before the maturity date.
There are a good variety of personal accounts offered through Ally. These accounts include:
- Savings and money market account
- Interest checking account
- High yield CD
- Raise Your Rate CD
- No Penalty CD
- IRA CDs
When you open a CD with Ally, they offer a ten-day Best Rate Guarantee. For the first ten-days after opening your CD, Ally will watch the interest rates. If the rates increase during that time, the interest rate for your CD will increase. This guarantee is for new CDs as well as CD renewals.
Some Ally accounts have tiered interest rates. To earn the highest rates requires high account balances. The money market account requires $25,000 to earn the most competitive rates. The checking account requires $15,000.
There are limited ways to fund your Ally accounts. The easiest way to fund your account is through electronic transfers. Once your account is open, you can set up direct deposit with your employer. You can mail in a check or deposit a check through Ally eCheck Deposits. You cannot deposit cash into Ally accounts.
To make electronic transfers, Ally suggests linking an external account. You can then transfer money electronically between the linked account and Ally accounts. You can transfer money electronically between Ally accounts.
The standard time to transfer money from Ally to an external account is three business days. This time does not include weekends or holidays. If you need the money the next day, you must request the transfer before 7:30 p.m. Monday through Friday. Transfers between Ally accounts are immediate.
Digital or Mobile Banking
Ally Bank offers mobile and online banking. With these tools you can:
- Check account balances
- Transfer money between Ally accounts
- Transfer money to accounts at other institutions
- Deposit checks
- Pay bills with free bill pay
- Make payments
- Pay people with Zelle
- Find ATM locations
- Make payments wtih Apple, Google, and Samsung Pay
Cool Things
ATM Fee Reimbursement
As an Ally customer, you can use any Allpoint ATMs across the United States without a charge. If you use a different ATM and are charged a fee, Ally will reimburse $10 per statement in ATM fees. There is a fee for using ATMs internationally.
History
Ally, originally GMAC, started in 1919 in New York City as an auto finance company. In 2000, GMAC Bank started and, in 2009, the name changed to Ally Bank. They introduced Ally as an online bank with more competitive interest rates. By 2012, Ally Bank had over one million accounts.
Today they have over $95 billion in customer deposits with over $172 billion in company assets. They offer over 43,000 ATMs free of charge to their customers. They offer an Ally credit card and launched investment opportunities.
Awards and Recognition
- "Best Online Bank" by BankRate.com in 2019
- "Best Online Bank" by MONEY Magazine in 2018
- "Best Internet Bank" by Kiplinger Personal Finance Magazine in 2017
Giving Back
In 2018, Ally donated over 800 backpacks to the Children's Center in Detroit. Each backpack was full of school supplies, clothes, and hygiene products. Employees handed out the backpacks at the centers back to school event.
In July of 2018, Ally pledged $100 for each home run hit at the All-Stars' Home Run Slugfest Celebration. This event had eight of baseball's biggest hitters. That night players hit 221 home runs, raising $22,100 for Habitat for Humanity. The money went to chapters in Washington DC, Charlotte, and Detroit.
List of Common Bank Fees
- ATM Fees in the United States: $0
- ATM fees international: 1% of transaction
- Bill Pay: $0
- CD Early Withdrawal Fees: 60-150 days of interest
- Excessive Withdrawal Fees: $10
- Monthly Service Fees: $0
- Overdraft Service Fees: $25
- Paper Bank Statements: $4
- Wire Transfers (Domestic): $0-20
- Wire Transfers (International): $0, but only incoming wires allowed
Frequently Asked Questions
- Are all the accounts FDIC insured?
- How do I access my money?
- Can I deposit cash?
- How long do transfers take?
- Can I sign up for direct deposit?
- Are ATM transactions free?
- Are ATM transaction fees reimbursed?
- Is mobile banking or a mobile app available?
- Is bill pay offered?
- Do the accounts offer competitive interest rates?
- Do checking accounts earn interest?
- What are the most popular accounts?
- What are the monthly maintenance fees?
- Is this one of the best banks?
- How are my money and information protected?
- Are any business accounts offered?
- What makes these accounts different?
- How do I reach customer service?
Yes. Ally is FDIC insured. The FDIC is an agency of the United States government. They protect funds deposited in banks, up to $250,000 per customer, per bank. The money is backed by the full faith and credit of the United States government.
Access Ally accounts with debit or ATM cards, checks, and electronic or wire transfers. Access money through free bill pay or Zelle. You can ask for cashback when using your Ally debit card or request a cashier’s check.
No. Ally does not accept cash deposits.
Transfers between Ally accounts are immediate. Most transfers between Ally accounts and other banks take three business days.
Yes. You can have money directly deposited into Ally Bank accounts.
Ally does not charge a fee for using Allpoint ATMs in the United States.
At the end of each billing cycle Ally reimburses up to $10 in other fees charged across the United States. They do charge a fee for ATM transactions outside of the United States.
Yes. With the Ally app you can see account balances and make transfers. You can deposit checks, pay bills, and send money with Zelle. You can find ATM locations and see account history.
Yes. Free bill pay is available with the Ally checking account.
Yes. The interest rates for Ally accounts are competitive with other online accounts. Some of the accounts have tiered interest rates. To earn those rates requires high account balances.
Yes, but the Ally checking account has tiered interest rates. To earn the most competitive rate you must have $15,000 in the checking account. Balances under that amount earn much lower interest rates.
The Ally online savings account and CDs are their most popular accounts.
There are no monthly maintenance fees for Ally accounts.
Ally accounts offer interest rates that are competitive with other online accounts. Their accounts do not have required amounts to open or monthly fees. They offer a good variety of accounts and services. Some accounts have tiered interest rates. To earn the most competitive rates requires a high account balance.
Ally restricts personal information employees can see. Their website has firewalls and Secure Socket Layering. Ally customers can download free anti-virus software. Ally guarantees you are not liable for unauthorized online or mobile transactions. You must contact Ally within 60 days after your statement is available.
No. Ally does not offer business accounts.
Everything for your Ally accounts is online. The interest rates are much higher than typical bank rates. Customer service offers a 24/7 phone line and online chat.
Ally offers online chat and a 24/7 phone line. Their website lists the wait time to reach a representative by phone. You can also contact customer service through email or mail. Follow Ally on Facebook, Instagram, LinkedIn, Twitter, or YouTube.
Bank Contact Information
Ally BankP.O. Box 13625
Philadelphia, PA 19101-3625
877-247-2559
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| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.73% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. | |
| Savings (Rate as of 12/21/2024) | |
| APY | 3.80% |
|---|---|
| Rate | 3.80% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC. Promoted offer: It only takes about 5 minutes to open a fee-free account. |
|
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.