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Ally Bank VS Limelight 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
No Rate Information
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Pros:

  • Competitive interest rates on CDs
  • Interest rates are not tiered
  • No fees and low opening required amounts
  • Everything for an account is online

Cons:

  • Limited accounts offered
  • Customer service not available 24/7
  • No business accounts offered
  • Link CD accounts to external accounts
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.

Limelight Bank Review

The interest rates on Limelight CDs are competitive. They are competitive with other online CD accounts. Limelight interest rates are much higher than typical brick and mortar bank rates.

Limelight interest rates are not tiered. Any amount in the CD earns the most competitive rate offered. There is no set balance required to earn the most competitive rate.

Each of the Limelight CDs only requires $1,000 to open. There are no monthly fees. The only fees with Limelight CDs are from withdrawing money before the account reaches maturity. You can withdraw money during the grace period without a fee.

Limelight Bank is an entirely online bank. There are no branch locations. You open your account online, and everything for your account is online. Any U.S. citizen, who is 18 years or older, with an SSN or ITIN can open an account.

Limelight Bank offers limited options for personal deposit accounts. They only offer personal deposit CDs. Those CD terms include a six-month term, 12-month term, or 18-month term. Limelight Bank does not offer a savings, checking, or money market account.

Limelight customer service is not available 24/7. The most common way to reach customer service is through email. There is a phone number listed on the website. Customer service hours are not listed on the website.

Limelight Bank does not offer business accounts. The only account offered are personal deposit CDs. Those terms include a six-month, 12-month, and 18-month terms.

Limelight does not offer a checking or savings account. To fund the CDs requires the accounts to be linked to an external account. Once the account is linked to an external bank account, you can easily make transfers into and out of the CDs. Transfer money during the CD grace period or when the CD reaches maturity to avoid a fee.

Read the full Limelight Bank review.

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