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Ally Bank VS First Tech Federal Credit Union

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: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Dividend Rewards checking earns great rates
  • No monthly maintenance fees
  • CDs offer competitive rates
  • Low opening required amounts

Cons:

  • Must become a member first
  • Tiered interest rates
  • High opening amount for Instant Access
  • Low daily ATM withdrawal amount
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 Tech Federal Credit Union Review

The Dividend Rewards checking account earns competitive interest rates. To earn the most competitive rate has some requirements. You must have 12 debit card purchases each month and have one direct deposit or ACH withdrawal. You must also receive electronic statements. The competitive rate is for any balance from $0.01 to $15,000. Balance over $15,000 earns a lower rate.

First Tech savings and checking accounts do not have monthly fees. The is no minimum balance required to keep in the account to waive the monthly fees. These accounts are free.

The CDs offered through First Tech offer competitive interest rates. The terms range from six-month to 60-month terms. Each of the terms earns rates competitive with other online CDs. Each term only requires $500 to open.

First Tech has low required amounts to open their accounts. The checking accounts require $0.01 to open. Two of the savings accounts require $0.01 or $5.00 to open. Each of the CD terms requires $500 to open.

To open an account with First Tech, you must be a member of the credit union. You are eligible to be a member if you work for certain tech companies or the state of Oregon. If you live or work in Lane County, Oregon, you are eligible. Immediate family members of members are eligible. You can also become a member by joining the Computer History Museum or the Financial Fitness Association.

The Instant Access savings account with First Tech has tiered interest rates. To earn the most competitive rate, you must have a balance of $750,000. Balances under this amount still earn interest, just not the most competitive rate.

The Instant Access savings account has a high opening required amount. To open this account requires $5,000. There is no monthly fee for this account.

First Tech members can only withdraw $500 per day, per cardholder from ATMs. This limit is for First Tech ATMs. Other ATMs may allow for more, but you may be charged a fee. If you need more than $500 at one time visit a branch location.

Read the full First Tech Federal Credit Union review.

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