Ally Bank VS Colorado Federal Savings 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
No Rate Information
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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: 5.0 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
1.25%APY
Savings/MMA
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Pros:

  • Accounts are opened online
  • No monthly fees or required balances
  • Competitive interest rates
  • Savings account has low opening amount

Cons:

  • Limited accounts offered
  • Must link an external bank account
  • Highest rates require a large amount
  • CDs require a large opening deposit
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.

Colorado Federal Savings Bank Review

Opening an account is completed entirely online. You do not have to mail any information in or wait for the bank to mail you information. All the information you need to open an account is on their website.

Colorado Federal Savings Bank accounts do not have any monthly maintenance fees. The accounts are completely free. There are no fees to transfer money into the account with electronic transfers.

The interest rates for CFSB are competitive. Their rates are much higher than your typical brick and mortar rates. They are competitive with other online-only accounts. CFSB rates are not tiered. Any amount over the required opening deposit earns the competitive rates offered.

The high yield savings account only requires $1.00 to open the account and keep in the account. The interest rate for this account is competitive. The only fee is if you withdraw more than six times each billing cycle.

CFSB offers limited accounts. Only online savings accounts and CDs are available. No checking or money market account is available. There are no business accounts available. Only those few personal deposit accounts are available through CFSB.

To fund your CFSB accounts, you must link the account to an external bank account. Make deposits into your accounts by electronic transfers from your linked account. Money can only be withdrawn into the linked external bank account.

The CFSB premier savings account earns the highest rate offered. To open that account, you must have $50,000. There are no monthly maintenance fees for this account. However, you must keep $50,000 in the account to earn the competitive interest rate. Only new customers are eligible to open this account.

To open a CD through CFSB requires $5,000. There are six different CD terms. They range from six-months to five-year terms. The only fee is if you withdraw your money before it reaches the maturity date. The interest rates for each of the different terms are competitive.

Read the full Colorado Federal Savings Bank review.

Favorite Rates

Citizens Access
Savings 11/14/2018
APY 2.25%
Rate 2.23%
For APY $5,000
Monthly Fee $0.00
Checkbook No
$5,000 minimum balance to obtain APY. Absolutely no fees.
Learn More &
Open Account
Capital One 360
MMA 11/14/2018
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
Learn More &
Open Account
American Express National Bank
Savings 11/14/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
Learn More &
Open Account