Ally Bank VS Navy Federal

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
2.00%APY
Savings/MMA
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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: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Checking accounts for military members
  • Most accounts are free
  • ATM fee rebates for checking accounts
  • Variety of CD terms with good rates

Cons:

  • High required amount to open most CDs
  • Rates are not competitive with online
  • Money markets required large amounts
  • Must be a member to open an account
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.

Navy Federal Review

Navy Federal offers a variety of checking accounts. One checking account is specifically for Armed Forces personnel, active or retired. Another checking account is specific for students. An everyday checking, tiered interest checking, and an electronic checking account are also available.

Most all Navy Federal accounts are free. Only some checking accounts have fees. The monthly maintenance fees are small and easily waived. Most account fees are waived by having your government check directly deposited into the account. All other accounts with Navy Federal Credit Union are free.

Navy Federal will reimburse you for ATM fees. The amount you will be reimbursed varies depending on the checking account. The checking account for active duty members will reimburse ATM fees of up to $20 each statement period.

There are a variety of different CDs offered through Navy Federal. The minimum opening balances vary depending on the term. The terms vary in length from three months to seven years. The interest rates earned on these CDs are competitive with other online-only CDs.

The required opening balance for most Navy Federal CDs is $1,000. There are special offers that change off and on. Those CD specials require a lower opening balance. Other required amounts to open a CD range from $10,000 to $100,000.

The interest rates for Navy Federal are lower than online-only bank accounts. Their rates are higher than typical bank rates. The CD rates are competitive with online CDs. All other rates are higher than other bank rates.

To earn interest on the money you have in a Navy Federal money market account, you must have at least $2,500 in the account. That amount must remain each day, or you will not earn interest. The more money you invest, the higher interest rates you will earn.

You must be a member of Navy Federal Credit Union to open any of their accounts. To become a member you must qualify. Those who qualify are service members and veterans. Department of Defense civilians and immediate family members also qualify.

Read the full Navy Federal review.

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