Ally Bank VS Citizens Bank

Which bank is better for you?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

  • Ally Card Control app
  • Transferring money is easy through Zelle
  • Ten Day Best Rate Guarantee
  • Online bill pay is free

Cons:

  • Ally does not offer free ATM transactions
  • ATM withdrawal limit is $1,000 per day
  • You cannot deposit cash
  • Cannot transfer money to or from a CD
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
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Pros:

  • No set amount to open most accounts
  • Business accounts offered
  • Bonus offered for some savings accounts
  • Overdraft Pass

Cons:

  • Products not available everywhere
  • Accounts have monthly fees
  • High opening amounts for CDs
  • Good interest rates have stipulations
Ally Bank Review

The Ally app offers the ability to turn your debit card off in case of an emergency or to stop your spending. You can view transactions, set spending or GPS limits, and receive notifications if your card is declined. These different features allow you to stay on top of fraud usage and be in control of spending habits. Once you set up an account with Ally, download the app to get started.

Ally offers a transferring money system called Zelle. The system allows customers to send and receive money from almost anyone in the U.S. Transfers are made using an email address or phone number, and happen within minutes. Split money transfers between up to five people. Zelle handles money requests the same way. Money received is automatically deposited into your Ally Bank account.

For ten days after opening an account, interest rates are guaranteed on non-IRA CDs. If rates change, you receive the better rate. This guarantee applies to CD renewals as well. No minimum amount is required to receive the Ten Day Best Rate Guarantee. Be sure to check the deposit amount as a larger sum will qualify you for a higher interest rate.

Free bill pay comes with every interest checking account. No other registration is needed. Interest checking accounts offer competitive interest rates, no monthly maintenance fees, and can be accessed as often as needed. Customer service can be reached by telephone, chat, secure email, mail, or have a representative call you.

Ally Bank does not offer free transactions at ATMs. However, the bank will refund ATM fees up to $10 a month. There is a daily withdrawal limit of $1,000 from an ATM. Their website provides an ATM and cash locator.

Ally Bank does not accept cash deposits. Fund your account though Ally eCheck Deposit, online transfers, direct deposit, wire transfers, or sending a check in the mail.

You can transfer money between your different accounts. CD accounts, however, are more restrictive. Once you open a CD account, you must wait for the maturity date to add or withdraw money from the account. At maturity, you have a ten-day grace period to make necessary changes without penalty.

Early withdrawal from a CD account will incur a penalty. The initial CD term determines the severity of your penalty. It can be as much as 150 days worth of interest earned.

Read the full Ally Bank review.

Citizens Bank Review

We have two reviews for Citizens Bank, one for the local bank, and one for their online accounts referred to as Citizens Access. Click here to learn more about Citizens Access.

Checking, savings, and money market accounts do not have a set amount to open the accounts. However, to earn the best interest rates, you have to be a platinum member. That means having $25,000 in Citizen Bank accounts. The basic checking and savings account does not require you to be a platinum member.

Citizens Bank offers a variety of accounts for businesses. Business checking, savings, and money market accounts are available. Credit cards, loans, and investment opportunities are available.

A GoalTrack Savings Bonus is available with most Citizen Bank savings accounts. If you meet your savings goal, you will earn a bonus. The bonuses include merchant discounts or gift cards. The more money you set up to save and the longer you keep that goal, the more you will earn. You can earn up to $250 for saving $400 a month for 36 months. Some of the participating merchants include Walmart, Target, Applebee's, Best Buy, and Marriott.

Checking and money market accounts include $5 Overdraft Pass. This means if you overdraw your account for $5 or less you will not be charged a fee. To avoid other overdraft fees, deposit money into your account as soon as possible. This is no limit to how many overdrafts qualify for the pass. Any and all overdrafts under $5 are covered.

Accounts are not available everywhere. Citizens Bank currently operates in 11 states. If you do not live in one of these states, you cannot open an account. Those states are Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont.

Citizen Bank accounts have fees. To waive the platinum checking fees, you must have at least $25,000 in Citizen Bank accounts. To get the best interest rates, you have to have a platinum checking account. Waive the fees for platinum savings accounts by having a platinum checking account.

The smallest required amount to open a Citizens Bank CD is $1,000. Some CDs require $10,000 to open. The IRA CD only requires $250 to open, but that is a CD set up for retirement purposes.

To earn the best interest rates on CDs, you must also open a premier checking account with Citizens Bank. The interest rates are more than a full percent less if you do not have a checking account too.

Read the full Citizens Bank review.

Favorite Rates

E*TRADE Bank
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $100
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
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American Express National Bank
Savings 10/16/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
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Capital One 360
MMA 10/16/2018
APY 1.85%
Rate 1.83%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
360 Money Market: Up to 1.85% APY
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