Ally Bank VS First Internet Bank of Indiana

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

  • Low opening required amounts
  • Competitive interest rates on accounts
  • Variety of different accounts offered
  • ATM fee reimbursement

Cons:

  • Savings have high required daily balances
  • Accounts have monthly fees
  • CD early withdrawal penalties are high
  • Competitive rates require a large sum
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.

First Internet Bank of Indiana Review

First IB only requires $25 to open the regular checking account. The interest earning checking account requires $100 to open. The savings accounts require $25 for the free account and $100 for the interest account. The money market account only requires $100 to open. CDs required $1,000 to open.

First IB accounts earn competitive interest rates. Each of the different accounts earns a good rate. To earn the best rate for the checking account only requires $500 in the account. The savings accounts do not have a set limit to earn the competitive interest rates.

A variety of different accounts are available through First IB. There are personal deposit and business accounts. First IB offers a variety of different personal deposit accounts. There is a free checking account as well as an interest earning account. They offer money market savings, regular savings, and a free savings account. There are savings accounts for kids. Loans, credit cards, and health savings accounts are available through First IB.

First IB is a member of the ATM Plus network. This gives you access to millions of ATMs across the United States. Certain accounts with First IB reimburse ATM fees. Up to $10 each month in ATM fees are available for reimbursement. The interest checking, money market, and regular savings offer the reimbursement option.

The First IB saving accounts have high required balance to avoid the monthly fees. The money market savings account requires a daily balance of $4,000 to avoid the monthly fee. The regular savings account requires a daily balance of $1,000 to avoid the monthly fee.

Most First IB accounts have a monthly fee. The fees range from $2 to $10 each month. Waive the fees by keeping an average daily balance in the accounts. The interest earning checking account requires $500 in the account. The money market account requires $4,000. The regular savings account earns $1,000 to waive the fees. The basic checking, savings, and kids accounts do not have a monthly fee.

CDs have a fee for withdrawing money before it reaches maturity. The fees on CDs at First IB are high. CD terms for three-months requires the interest from 90 days. CD terms from 6-months to 18-months require 180 days of interest. CD terms over 24-months fee are 360 days of interest. For some of these terms, you lose all the interest earned if you withdraw your money early.

To earn the most competitive rate, the money market savings requires a high daily balance. First IB requires a daily balance of $250,000 in the money market savings account to earn the highest rate. Amounts under that earn good rates, just not the most competitive rate.

Read the full First Internet Bank of Indiana review.

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Capital One 360
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