Features

Ally Bank is an online bank and auto financing company. This profile focuses on the banking business. Ally Bank offers high-interest rates, useful financial tools, and a smart and easy to use interface. It has over $50 billion in customer deposits. It’s also a major lender of capital for equity sponsors and middle-market companies with transactions ranging from $15 million to $250 million. Ally Bank is a unit of Ally Financial, headquartered in Detroit, Michigan, which became a bank holding company in December 2008. The bank is headquartered in Midvale, Utah. It has a B- rating with the BBB and a 3.5 star rating with Bauer Financial. 

What Are Ally’s Checking and Savings Accounts Like?

Ally offers a straight-forward and no-nonsense checking and saving accounts for people who are comfortable with a purely online experience. As well as high interest rates, Ally also stands out for its generous policy on fees. There are no maintenance fees, no overdraft fees or incoming wires fees. There is a $25 fee on outgoing wires, a $7.50 returned deposit item fee and a $25 overdraft fee.

Checking Accounts
Interest rates for Ally Bank checking accounts range from 0.10% to 0.60% APY. The 0.10% rate applies to accounts with less than $15,000, while the 0.60% rate is for people with a balance of least $15,000. Ally users have access to a network of 43,000 ATMs. Compare that to Chase’s network of 15,500. Ally will also reimburse users for out-of-network ATM fees up to $10 per statement cycle.

Savings Accounts
Ally offers 1.00% APY on savings accounts, regardless of what your balance is. Interest is compounded daily and there are no maintenance fees. If you make more than six withdrawals in a month, you do have to pay a $10 fee.

What Are the Advantages and Disadvantages of Ally Bank?

Ally Bank is one of the best online banks around. It doesn’t offer the wide variety of financial products large banks provide to clients. Yet, as far as checking and savings accounts go, it’s a great option for people who are comfortable with a bank that has no brick-and-mortar branches.

These are our favorite features:

- High-interest rates for savings and checking accounts
- No minimum balance
- No maintenance fees
- No hidden fees
- Free access to a huge network of 43,000 ATMs

We are not so happy with these features:
- No branch locations. If you need face-to-face interaction, look for another bank.
- Only one checking account options
- Few banking product

 

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    1%
  • Checking Interest Rate
    0.1%
  • Bauer Financial A+/A Rating

Personal Banking Products From Ally Bank

js-table-filter bizname-ally-bank
js-table-filter cds-217
js-table-filter checking-218
js-table-filter iras-219
js-table-filter savings-220
js-table-filter bauer-financial-a+/a-rating-467
js-table-filter mobile-app-2-425
js-table-filter online-546
1
0.1

Est. 2001

  • Mobile App
  • Online
Savings Interest Rate 1%
Checking Interest Rate 0.1%
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Reviews

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0 votes

Love my Ally account. I also love getting interest for my money. I have never understood how many other banks give you mere pennies. It's really, really troublesome. When I found Ally I was so happy to finally be getting some interest. It's not a bundle, but it's something.


0 votes

If you are tired of having to baby sit your accont to make sure you retain your minimum balance to avoid fees i highly recommend transferring your accounts to Ally. I did and that is an issue anymore.


0 votes

I was so excited to find Ally! They are the bank of my dreams. I love getting interest on my money--not mere pennies. I also love the fact that you can go to any ATM and get reimbursed for fees. What a bank! They've thought of everything.


0 votes

I went to Coachella this year and had to pay some really outrageous ATM fees. I used my Ally card, because they pay you back for the fees. I was kind of skeptical, but they did pay be back for every single penny! Totally awesome. I'm telling all my friends about Ally.


0 votes

Great Website! I Have been banking for over 35 years and Ally Bank has the best website. It is very easy to navigate. The rates are so much higher than what traditional banks offer. Depositing checks is easy and very convenient. Their mobile app is excellent. The account opening process is fast, easy and very convenient. I recommend Ally to anyone who wants to open ...


0 votes

My husband and i both have retirement accounts with Ally. we also have CD's with them and they have the best rates. we have had nothing but a positive experience with Ally.Give them a try if you are unhappy with your present bank.

0 votes

After some exsessive fees and overdraft charged beyond reason at my former bank, its very refreshing to come across a truly hassle free bank. Of course it helps to actually feel like they want their customers to have any questions/concerns handled with the utmost courtesy and care! My last bank charged me $5 per question.


0 votes

I didn't realize how much i hated going to thr bank until i switched my savings and checking accounts to Ally. I still have a secondary account with another institution but as far as my day to banking goes , it's with Ally.


0 votes

Worst customer service. The woman on the phone was not helpful nor was pleasant with me. I made a deposit that apparently only i could see. Then charged me $30.00 fee because that money was not in the bank. I am not happy with this bank and I just openned my account


0 votes

Amazing rates! On savings and checking, the convenient of having someone always there and best of all, no ridiculous ATM fees, or monthly service charges. Fast, easy and effortless, banking. Its like the best kept secret. If you really do genuinely want to enjoy your banking service… Go to Ally


0 votes

Even though they have no physical branches i do not miss having to go to the bank. If i have any questions i can get an actual person on the phone or just go online. This is the future of banking and i am on board!


0 votes

Go Ally Bank all the way! This place really knows what they are doing. Rather than have banks in buiildings, they stick to online banking. It works just as well and doesn't cost them and alarm and leg, which is fine becuase it most likley eventually filters back down to me.


0 votes

I have nothing negative to report about Ally bank. Whenever i need to talk to someone on the phone it is always a person that actually is in the United States and is easy to understand. I can't tell you how frustrating it is to talk with someone whose accent is so thick it is a struggle to just stay on the phone with.


0 votes

I opened an account here a year ago because Ally was offering the highest rates. Online banking with Ally was so much easier than what I expected. My experience with this banking procedure is wonderful. Who needs those traditional cold shoulder banks anymore? Would definitely recommend considering Ally as a banking option.


0 votes

No real fees for anything, reimbursed ATM fees and great customer service 24/7. Able to deposit checks by taking a picture with my phone and great web servises. Everything in life should be this easy.


0 votes

When people tell me they have a checking account somewhere else, I always ask why? Ally is the best there is and there is no reason to use another bank. No maintenance fees, deposit checks remotely and 24/7 support, among many other things makes it a great choice.


0 votes

I got tired of being charged fees on top of fees. Having to go through my statements with a fine tooth comb to make sure i wasn't being charged for something that was made up by who knows. I now do my banking online with Ally. Virtually no fees and a site that is so user friendly even the most computer laymen can easily navigate it.


0 votes

No wells fargo. and no more US bank. and best of all, no ridiculous ATM fees, or monthly service charges. Fast, easy and effortless, banking. Its like the best kept secret. If you really do genuinely want to enjoy your banking service… Go to Ally and change your experience for the better


0 votes

I'm just starting out with banking in the last couple of years, and I am so glad that I chose Ally! I've had friends tell me about how they have chosen other banks and the various problems they've had and all I can say to them is that I haven't had any of the problems they have!!


0 votes

If you want a banking experience that is smooth and easy, this is the bank to choose. Except for the fact that the website does go down periodically, I have nothing bad to say about Ally. They do what they say, which includes not charging any fees. Really glad I am a customer.


0 votes

Ally is the bomb! I love everything about them, including the fact that they pay you back when you get ATM fees--that's because they are a virtual bank and don't have ATM machines I think that they are forward thinking in this approach, and I'm happy to be their customer.


0 votes

When I first heard of Ally and how they are all online I didn't think that I would be able to do it. Afterall, I'd been going into my brick and mortar B of A for years and years. But I decided to give Ally a try, and I was pleasantly surprised. It is not so bad not having a physical location. It's easy to do all online.


0 votes

I got my Ally account awhile back and recently I went away for the weekend. I needed to visit several ATMs throughout the weekend in order to get enough cash. I was really worried about all the ATM fees wracking up, but then I found out that Ally covers those fees!


0 votes

Great bank! They have terrific things like paying you back for ATM fees when you use an ATM, since they don't have any. They also don't charge any fees to use them. That's the way a bank should be! They shouldn't be charging you like crazy!


0 votes

The customer service with this company is premium. I've had to call on a few occasions and the person always spoke my language and totally made sense. I got my problem fixed rapidly and hung up the phone feeling great.


0 votes

Smooth sailing with this company. The customer service is there whenever you need them, but I have to say I rarely need them because things run so smoothly. No fees and my interest rates on my savings being good makes me a very happy banking customer!


0 votes

This bank is so easy and worry free. I also love the fact that i can yse any ATM anywhere with no service fee. I highly recommend this bank to anyone.


0 votes

What a breath of fresh air after having banked at schister banks like Bank of America all these years! No hidden fees and I actually get decent interest rates for my money that don't bounce all over the place. I am also in love with how they pay you back ATM fees.


0 votes

I have my business account with Ally. They are second to none in my oppinion. Easy to transfer funds between accounts with no fees with service that is better then the banks that charge fees just to walk through the door.


0 votes

Ally mobile banking is fantastic! I absolutely love being able to do my banking, including scan my checks from my cellphone, even. It so works with my busy, on-the-go lifestyle. Thanks so much for being there for me Ally!


0 votes

I'm not sure why anyone would want to go anywhere else but with Ally. All of their perks of membership make you realize that they are the best possible choice. They have interest on accounts, which is unheard of, and then they cover your ATM fees when you go to other ATMs. What more could you ask for?


0 votes

I figure that banks should pay me for letting them use my money--not the other way around. So when I found Ally, I knew that I had found my soulmate as far as a bank is concerned. They don't charge hardly any ees, and they have decent rates when you open a savings account.


0 votes

Few companies brick and mortar or otherwise have as good of customer service as Ally. All you have to do is call customer service and ask a questions, and they've got the answers handy. They also offer a pretty nice interest rate on your checking, which is rare these days.


0 votes

Savings account interest rates for Ally are some of the best in the business! No, it's not a lot of money, but at least it's a decent return that will give you at least some money! I had an account with a big bank where I got just pennies in interest each month!


0 votes

I love this bank! I can't believe that you get reimbursed for ATM fees when you use an ATM, since they are an online bank and don't have locations. Who does something like that? I am flabbergasted that I got reimbursed for that.


0 votes

I'm not sure how they make money at Ally, since they don't take it from their customers. Everything is free to bank with them--no fees, and they even pay you back when you get charged for ATM fees. I guess this is the way that all banks could be if they wanted to.


0 votes

Really, really like this bank. I used to go to brick and mortar banks, but then I discovered online banking and I am not going back. For one thing, the interest rates I get at Ally are so much better than anywhere else. My only problem with them is that their site goes down now and then, and of course when I really need to get on and do some banking.


0 votes

Good experience with this bank. I wasn't sure since they are only online and I found that a little disconcerting, but it has worked out perfectly! I like not having any charges every month and my savings account with them is making some decent interest. Nice deal!


0 votes

I was a little nervous about going to online banking and not having a brick and mortar bank I could go to if I had a problem. I'm kind of old school, as I've been going to actual banks for many years. I decided to give this a try, though, and now there is no going back. I love the total freedom of being able to log on whenever I want and the no fees.


0 votes

For CD interest rates, this bank has some of the best! I really like the fact that I can make a little interest on my money with such short term investments. It's of course nothing to celebrate too heavily about, but it is more than you can often get elsewhere.

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