Ally Bank launched in 2009 as a break-off business from Ally Auto, an auto insurance company founded in 2019. Ally Bank, now also called Ally Financial, launched with the goal of providing customers a straightforward banking approach. They sat down and discussed each of the pain points of traditional banks and how they could be better. Ally has received numerous awards for its service, many of which name it the "best online bank." Its customer count continues to grow. In addition to high customer numbers, Ally also has a high customer satisfaction score: 90%. Ally truly strives to be its customers' ally in financial well-being. Ally is a gem among online banks.
Ally has 24/7 customer service via phone or online chat. Their mobile banking app allows deposits, bill pay, and money transfers. Probably the biggest benefit of banking with Ally is there are no monthly maintenance fees, no hidden fees, no ATM fees, and no fees for getting cash back when paying for purchases.
The accounts offered through Ally Bank include a number of varying savings accounts, checking account, CDs, and IRAs. Here are all the online banking services that Ally offers:
Ally bank also offers auto financing services, home loans (mortgages), and investment options like stocks, bonds, mutual funds, and professionally managed portfolios.
In this review, we'll analyze the following banking services: basic online savings, high-yield CD, IRA high yield CD, and basic checking accounts.
Online Savings Account:
The Ally online savings account has very few fees and high opportunities to grow your money. The average APY for savings accounts is .10%, so Ally's rate is 20x the average. With this online savings account you get:
High-Yield Certificates of Deposit (CD):
Even an additional .50% can make a difference of thousands of dollars annually. Ally bank has some of the best interest rates around. For a five year CD, the APY raises to 2.85%.
IRA High-Yield Certificate of Deposit:
Ally bank's IRA high-yield CD adds flexibility and speed to saving for retirement.
Interest-Bearing Checking Account:
Their interest checking account was a awarded an A+ for value and transparency by MagifyMoney.com. Because they do not have any physical brick and mortar locations they do not have any of the costs that traditional banks have so they are able to give their customers a higher interest rate. Ally goes the extra mile by eliminating everyday fees that other banks add on.
Some customers have complained that their Ally bank account was frozen, seemingly for no reason. However, it appears that most of these problems were resolved, though inconvenient at the time.
Because Ally is such a popular bank, there's sometimes a long wait to get help through the call center or email. Some customers have complained that they were put on hold for more than 15 minutes.
Like many other online banks, it's not easy to deposit cash into your account. To make a deposit you'll need to use a remote check deposit, online transfer, or wire transfer.
I had been Customer with this bank for 4-5 Yrs. Six months ago I received through TXT message that my e-mail address was "updated", Also another message show that my passcode also was "updated". When I check my account, effectively, my profile was changed internally with another email and passcode. Ally did not have explanations for the event, rather indicate that the account had been compromised and for "my security" the account should be closed rather than just correct the “anonymous updates”. Six months later Now, (Aug 2019) when I try to log-on into the account, the page reloads itself. After unsuccessful tries, I call them to know the status of the account. They ask the usual questions, then the request to hold up to verify the account 2-3 minutes, those minutes extended to 54 minutes of verifying… then I got way worst, they started to ask about: Which state my parents got my Social Security, which is my height, where I am now, which id my ISP and which is my driver license number (all this to know they got the correct customer), I did complain for such questions, since in no place those questions should be made. (Also, they already checked through code sent to my phone via txt). For all this they say that they have the right to ask all these questions and offer No explanation whatsoever of the status of my account after 4 phone calls. As soon I clear up their mess. I move my business elsewhere.
I have really liked Ally Bank. I originally chose to bank with them when they had the best Savings Account interest rate I could find and I have been happy ever since.
Everything about Ally has been pleasant. Right now I have a Xing and saving but I'm about to look into an IRA and more. They are the best