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.
There is no required amount to open the account or to keep in the account. Marcus does not have monthly maintenance fees. You start earning interest on anything over $1 in the high yield savings account.
Marcus offers very competitive interest rates on their savings account and CD accounts. The interest rates are competitive with other online-only accounts. They are much higher than your typical bank rates.
Many different term lengths of CDs are available. Marcus offers nine different CD term lengths from six months to six years. The longer the term, the higher interest rate you earn. All the CD interest rates are very competitive with other online-only banks.
The personal loans offered through Marcus do not have fees. The loans are a fixed-rate interest loan. You can borrow up to $40,000. These loans can be to consolidate debt or for home improvement projects. The loans range in length from 36 to 72 months.
Marcus only offers deposit accounts of CDs and a high yield savings account. Checking accounts, money market accounts, and business accounts are not offered.
Since Marcus does not offer checking accounts, you cannot transfer money between Marcus checking and savings accounts. The easiest way to deposit money into your Marcus savings account is to link to an external bank account. You can also send a wire or check. Marcus does not charge a fee to send or receive a wire transfer, but the external bank might.
Marcus does not offer an ATM or debit card for the high yield savings account. To access your money, you must transfer the money back into your external bank account. You can also request a wire transfer.
To open any CD with Marcus, $500 is required. That amount opens the CD and is the amount needed to start earning interest. The interest rates vary depending on the term length of the CD. The longer the CD term, the higher the interest rates.