Advertiser Disclosure:

Ally Bank

Rate This Bank:
4

Ally Financial is an online only banking institution. Removing physical branch locations allows Ally to operate at a lower cost. Those savings are then passed on to consumers through higher savings and CD rates. Although there are no branch locations, Ally doesn’t skimp on customer service; they have over 7,000 committed employees. Ally prides itself on creating a simpler, more streamlined banking experience. No matter where you are, you can quickly and easily access all of your accounts, manage tasks, and make transactions; all from your mobile device, tablet or desktop computer. Ally also makes their customer care available to users 24/7, over the phone or through online live chat. Ally has been voted ‘Best Online Bank’ for 5 years in a row (2011-2015) by MONEY® Magazine.

Accounts Offered

  • Savings
    • Online Savings Account: Offering a higher rate than most with interest compounded daily. No monthly maintenance fees, unlimited deposits and six transactions per statement cycle. Easy remote check deposit with Ally eCheck Deposit.
  • Checking
    • Interest Checking Account: No monthly maintenance fees. Free use of any Allpoint® ATM in the US. Deposit checks remotely with Ally eCheck Deposit and send money with Popmoney®. Comes with a debit MasterCard, standard checks, online bill pay and postage-paid deposit envelopes, all fee free. Easily transfer funds between your Ally and non-Ally accounts.
  • Money Markets
    • Online Money Market Account: A higher rate than most money markets with unlimited deposits and ATM withdrawals, and up to 6 additional transactions. Deposit checks remotely with Ally eCheck Deposit, free debit card, standard checks and postage-paid deposit envelopes with no monthly maintenance fees.
  • Certificate of Deposit
    • High Yield CD: Competitive rates on a multitude of terms. Interest compounded daily. No maintenance fees, however early withdrawals are subject to penalties.
        • Available terms: 3, 6, 9, 12 and 18 month, as well as 3 and 5 year
    • Raise Your Rate CD: Start with a great rate, plus have the opportunity to increase your rate once over the 2-year term or twice over the 4-year term if our rate for your term and balance tier goes up. Interest compounded daily and no minimum deposit.
        • Available terms: 2 and 4 year
    • No Penalty CD: Choose a lower rate in exchange for penalty free withdrawals. Withdrawal your full balance and interest any time after the first six days of funding your CD. No monthly maintenance fees and no minimum deposit. Interest compounded daily.
        • Available terms: 11 month

Other Details

  • ATM Details
    • Free use of 43,000+ Allpoint® ATMs nationwide
    • Reimbursement up to $10 per statement cycle for fees incurred at other ATMs
    • Get cash back at most grocery stores, gas stations and other retailers when you make a purchase with your debit card
  • Online Services
    • Live chat 24/7
    • Find updated call wait times online for speaking with a live representative
    • Access accounts across all devices: mobile, tablet, computer
  • Security Sevices
    • Multi-layer security to ensure safety of your identity
      • Anti-virus and anti-malware protection
      • Secure socket layer (SSL) encryption
      • 2-step authentication when logging in
      • Account monitoring for potential fraud
    • Designated Ally Fraud Hotline available 24/7: 1(800)971-6037
    • Guarantee that you will not be held liable for any unauthorized online or mobile banking transactions if reported within 60 days of when your statement is made available
    • Free security software with Webroot® SecureAnywhere for up to 3 devices
  • Website

Other Services Offered

  • IRAs
  • Credit cards
  • Auto financing
  • Home loans & refinancing

Accolades

  • ‘Best Online Bank’ 5 years in a row (2011-2015) by MONEY® Magazine
  • ‘Best Online Bank’ 2016 by Kiplinger’s Personal Finance Magazine
  • 100/100 2017 Corporate Equality Index score as a ‘Best Place to Work for LGBT Equality’
  • Multiple MyBankTracker Awards
    • Best Comprehensive Online Banking
    • Best Money Market Account for Convenience
    • Best High Interest Savings Account
    • Best Savings Account for Consistently High Rates
    • Best Flexible High-Rate CD
    • Best No-Penalty CD
  • ‘Best Bank for 24/7 Customer Service’ by GOBankingRates
  • CardRates.com names Ally CashBack Credit Card the ‘Best New Cash Back Offer’
  • Ranked Best In Class in Forrester’s US CX Index
  • TNS Choice Award for Direct Banking
  • ‘Best Checking Accounts and Debit Cards’ by NerdWallet
  • ‘Best Money Market Accounts’ by NerdWallet
  • ‘Best Savings Accounts’ by NerdWallet
  • 2016 Blue Diamond Award for exceptional technology
  • Stevie® Awards for Sales and Customer Service

Key Takeaways

  • Higher than average rates
  • No physical branch locations, but customer assistance available 24/7, online and over the phone
  • Easy, streamlined online experience from multiple devices

FDIC Information

  • FDIC certificate number: 57803
  • Date established: 8/2/2004
  • Federal reserve ID number: 3284070
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