Ally Bank Review – Learn what makes this online bank stands out from traditional banks. Check out its offers, fees and account options, and decide if Ally Bank is the right choice for you. Ally Bank was founded in 2004 and is headquartered in Sandy, Utah. Unlike traditional banks, Ally is an online-only bank that offers its customers various types of personal finance products, including checking and savings accounts, loans, and credit cards. With Ally Bank, both checking and savings accounts have no minimum balance requirement and no monthly fees, providing a straightforward and effortless banking experience. In addition to its online platform, Ally Bank has mobile accessibility, allowing customers to access their accounts on the go. Ally Bank’s mobile app comes with a range of features, including mobile cheque deposits, online transfers and bill payments, all of which guarantee flexibility and convenience to the customers. Another notable aspect of Ally Bank is its favourable interest rates, which are often higher than other national institutions, making it an attractive option for anyone who hopes to earn the most on their savings. Let’s delve into more details of Ally Bank’s features, benefits and overall offerings, so you can decide whether it is the right choice for you.
Overview of Ally Bank
Ally Bank is a no-frills online bank that provides a variety of personal finance products, including checking and savings accounts with high-yield returns, loan options, credit cards, and investment services. Here’s a brief rundown of what Ally Bank offers:
Account Options:
- Interest Checking Accounts (free)
- High Yield Savings Accounts (free)
- Certificates of Deposit (CDs)
- Money Market Accounts
- Individual Retirement Accounts (IRAs)
Features and Benefits:
- No minimum balance requirements or monthly maintenance fees
- 24/7 live customer service
- No charge ATM access at more than 43,000 All point® ATMs worldwide
- Mobile Banking App with mobile check deposit functionality and bill pay
- FDIC-insurance up to $250,000 per depositor, per account ownership category
Investment Services:
- Self-directed trading with Ally Invest
- No account minimums or hidden fees
- Low trading commissions
- Wide selection of investments and tools for investors of all levels
Ally Bank does not offer physical branches, so all transactions and interactions with the bank are done online or through its banking app. With Ally, you can enjoy higher interest rates and lower fees than many traditional brick-and-mortar banks.
Does Ally Bank offer online banking?
Yes, Ally Bank offers online banking services. Their online banking platform allows customers to access their accounts, monitor transactions, deposit checks, transfer money, and pay bills online. Additionally, they offer a mobile app for both iOS and Android devices, which provides customers with convenient access to their accounts on the go.
Checking Accounts at Ally Bank
Ally Bank offers an interest-bearing and free checking account that doesn’t require any minimum balance. Below are some highlights of Ally’s checking account:
| Features | Details |
|---|---|
| Interest Earning | 0.10% APY (as of 08/16/2021) |
| Foreign Transaction Fees | Free |
| ATM Fees | Ally reimburses up to $10/month for ATM fees |
| Overdraft Fees | No overdraft fees, but insufficient funds fees may apply |
| Mobile Check Deposit | Deposit checks from your mobile device |
You may open multiple checking accounts with Ally to set apart personal finances, as the bank doesn’t impose any limit.
Ally Bank’s checking account is a great option if you seek a fuss-free and free checking account, including standard features like bill pay, a debit card, and free checks. In addition, rewards may apply to customers who receive direct deposits of $500 or more per month.
What is an Interest Checking Account with Ally Bank?
An interest checking account with Ally Bank is a type of checking account that comes with a variety of features and benefits. Some key highlights of this account include:
- Earn interest on the money in your account
- No monthly maintenance fees
- No minimum balance requirements
- Access to over 43,000 Allpoint ATMs nationwide
- 24/7 customer service and online account management
Overall, an interest checking account with Ally Bank offers a convenient and rewarding banking experience, with multiple ways to access and manage your money. To learn more, visit the Ally Bank website.
Savings Accounts at Ally Bank
Aside from checking accounts, Ally bank also offers a Savings account. If you’re looking to save your money and capitalize on the compound interest, Ally’s savings account offers are noteworthy. Below are some highlights of Ally’s savings account:
| Features | Details |
|---|---|
| Annual Percentage Yield (APY) | 0.50% APY (as of 08/16/2021) |
| Minimum Deposit Requirement | No minimum deposit requirement |
| Monthly Maintenance Fee | No maintenance fees |
| Overdraft Fee | No overdraft fees, you will not be able to overdraw from a savings account |
Ally Bank’s savings account is a fantastic choice if you’re seeking to maximize the return on your savings. When you consider the zero account fees, lucrative interest rate, and no minimum opening deposit, you’ll be convinced.
In terms of accessibility, you may make deposits or withdrawals via the Ally mobile app or online platform. Ally Bank provides 24/7 customer support via phone, chat, or email, ensuring that you receive assistance whenever you need it.
What is the savings account rate at Ally Bank?
At the time of writing, the savings account rate at Ally Bank is 0.50% APY. Here are a few key details about Ally Bank’s online savings account:
- No monthly maintenance fees or minimum balance requirements
- Easily transfer money between accounts
- 24/7 customer service available over the phone or online
For up-to-date information on Ally Bank’s savings account rate, please visit their official website.
Checking Accounts at Ally Bank
Ally Bank has a fantastic range of high-end online checking accounts. These accounts are fantastic for people who want no hidden costs, monthly fees or deposit limits. Below are some notable features of Ally’s checking account:
| Features | Details |
|---|---|
| Annual Percentage Yield (APY) | 0.10% APY (as of 8/16/2021) |
| Minimum Deposit Requirement | No minimum deposit requirement |
| ATM Fees | No ATM fees, reimburses up to $10 per statement cycle for fees from other banks |
| Overdraft Fee | No overdraft fees or insufficient balance fees |
Ally Bank’s checking accounts are very accessible, with no hidden costs such as monthly service fees or minimum account balance criteria that traditional banks demand. If you’re someone who frequently uses an ATM, it’s worth noting that Ally Bank reimburses up to $10 per statement cycle for any charges imposed by other banks.
Moreover, the Ally mobile app has an excellent interface that enables you to deposit checks, search for transaction details, and receive notifications about your account. Lastly, you may handle your finances in minutes via the online bank platform, making it ideal if you don’t have enough time to go to a physical bank.
How is Ally as a checking account?
- Ally is an online-only bank that offers a free checking account.
- The account has no monthly maintenance fees or minimum balance requirements.
- Ally Checking comes with a free debit card and free access to Allpoint ATMs throughout the US.
- Customers can deposit checks remotely using the Ally mobile app.
- Ally also reimburses up to $10 in ATM fees charged by other banks per statement cycle.
Savings Accounts at Ally Bank
Ally Bank’s savings account, also known as the Online Savings Account, is one of the most appealing aspects of the institution. Here are the salient features of Ally’s savings account:
| Features | Details |
|---|---|
| Annual Percentage Yield (APY) | 0.50% APY (as of 8/16/2021) |
| Minimum Deposit Requirement | No minimum deposit requirement |
| Monthly Maintenance Fee | No monthly maintenance fee |
| FDIC Insured | Funds deposited are insured up to $250,000 per depositor |
Ally’s savings account is ideal if you are searching for a high-yield account with low costs, and the online account application making opening the account effortless. Ally’s savings account also serves as the overdraft defense for your checking account, enabling you to instantly transfer funds when your account balance is insufficient. Plus, the account is FDIC-insured, ensuring your deposits are safe and sound.
However, you might have to wait a few business days to transfer funds from your savings account to another bank account. Nevertheless, for most depositors, the benefits easily offset the drawbacks. Whether you’re opening up an account to achieve a saving target or just saving for a rainy day, Ally’s savings account is quietly efficient and an excellent choice for savers who want low-risk, worry-free investments.
What are the interests on Ally Bank savings?
Here are the current interest rates on Ally Bank savings accounts:
- Online Savings Account: 0.50% APY*
- Money Market Account: 0.50% APY*
- Certificate of Deposit: 0.20% to 1.25% APY*
*APY (Annual Percentage Yield) is accurate as of 06/30/2021 and is subject to change daily without notice.
For more information or to open a savings account with Ally Bank, visit their official website at https://www.ally.com/bank/online-savings-account/.
Conclusion
In conclusion, Ally Bank offers a compelling value proposition for consumers who want to save on fees and interest rates. Ally’s mobile app is user-friendly and helps customers look after their accounts anytime, anywhere. Moreover, Ally reimburses ATM fees charged by other banks and does not require minimum deposits or account balances.
Although Ally does not have physical locations, its online and mobile services provide quick and convenient access to your accounts. The bank has won several awards for customer service, and its website provides a wealth of resources to help customers make informed decisions.
Overall, Ally Bank is an excellent choice because of its transparent fee structure, high interest rates, and low balance requirements. If you are searching for no-frills banking and are comfortable with an online-only experience, Ally Bank is an excellent option.
