Ally Bank

All Reviews

Ally is a company that offers financial services and has been named “Best Online Bank” by MONEY Magazine four years in a row. One of Ally Banks's main focuses is to provide a comprehensive and unmatched product suite to automotive dealers. It has received multiple awards and recognitions since 2006 for its effort to be the best. Ally began in 1919 as a captive finance subsidiary. Since then, they have evolved into an independent, market-driven company that is philosophically and operationally centered on delivering the best value to customers. Today, Ally Financial is a leading automotive financial services company powered by a top online banking franchise. Their emphasis is the same today as it was nearly 100 years ago to provide best-in-class service and comprehensive, innovative and unmatched product offerings to customers.


The Good

  • Online banking
  • Features
  • Awards and recognitions

Online Banking

Ally is available online only and through mobile devices. Consumers can use any other bank ATM and then will be reimbursed for the ATM fee at the end of the month. If there are other questions one can contact customer service anytime, 7 days a week and talk to an employee.

Their total assets are 149,195 million. Founded in 1919 they have provided these services to customers for 100 + years:

  • banking with checking, saving, CDs, IRA
  • Auto Financing
  • Investing
  • Insurance with FDIC deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
  • consumer and commercial finance services


Their focus is with automobile dealers and have a good relationship with them. Ally also benefits with being an online bank such as:

  • A higher Annual Percentage Yield (APY) with a total of 0.60% for checking.
  • No monthly maintenance fees
  • no minimum balance to open
  • 24/7 live customer care - talk to real person
  • Deposit checks remotely with Ally eCheck Deposit
  • Send someone money with Popmoney
  • If you use any ATM in the U.S., Ally automatically reimburse ATM fees charged by other banks at the end of your monthly statement period

Awards and Recognitions

Ally has been the recipient of multiple awards and recognitions over the last several years.  Ally has received recognition from organizations such as:

  • Ponemon Institute
  • Fortune 500
  • The Pew Charitable Trusts
  • TNS Choice Award
  • GOBankingRates
  • Corporate Insight

Part of the reason Ally has received the recognition it has is the volunteer work it does. One ongoing project Ally has been participating in is a partnership with Big Brothers Big Sisters of Greater Charlotte and the Walter G. Byers School. It's a mentoring program that pairs Ally employees with elementary students. Here are some of the goals set by Ally in this partnership:

  • Help children do better in school and avoid getting into trouble.
  • Help children realize their potential and build their futures.

The Bad

  • No physical branches
  • Lacking services

No Physical Branches

Ally has no physical branches because it is a online bank. The following services and transaction are available for a fee:

  • Cross border/currency conversion transaction. Up to 1% of transaction
  • Returned deposit item $7.50
  • Overdraft and returned items fee (maximum 1 free per day) $9
  • Stop payment item $15
  • Expedited delivery $15
  • outgoing wires (domestic only) $20
  • Account research fee $25 per hour

Lacking Services

Services that Ally does not provide are:

  • Mortgages
  • credit cards
  • certified checks or money orders

The Bottom Line

Ally Bank has one of the highest APY because they are an online bank and provide other great services regarding automobiles. If you are looking to save more and eliminate most bank fees then this bank provides those services. Skills needed are the ability to learn new apps and technology to access online bank information. Consumers can contact Ally 24/7.

There is no denying that Ally is focused on the financial needs that go hand in hand with automotive care. Ally has a variety of products and services designed to help customers such as online savings, auto financing and auto protection. Ally also provides opportunities for customers to connect through social media and finds ways to give back to the community.

Our advice: Consider Ally bank as an option if you are looking for the best online bank. If you are looking for a company with physical locations and face-to-face customer service, it would be best to look into another bank.

1 Ally Bank Reviews

1. Select Your Rating


2. Subject For This Review * (Select all that apply)

0 characters

3. Review Validation*

Best Company

Thanks for submitting your review!

Your review will be moderated by our team within 48 hours and, if approved, will be published. You can see the status of your review within your account at anytime.

Best Company

Thanks for submitting your review!

Next Step: Verify your email

We have sent a verification email to the following email address:

After you verify your email, your review will be moderated by our team within 48 hours and, if approved, will be published

Sort By:
  • User Score


    June 13th, 2017 Sandy, UT

    This was my first online banking experience. They offered the best CD rates at that time. Customer service was great but I still did miss the brick and mortar. Low minimum deposits to get started too.

    Was this review helpful?

    1 0