Claim this Profile

BestCompany.com is trying to work directly with this company to verify the accuracy of the information on this page. Thank you for your patience as we make sure we’re getting it right.

Are you a representative

of this company?

Claim this Profile

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.

Top Ranked Companies

company logo
GoBank chevron_right
1
starstar_borderstar_borderstar_borderstar_border
(246)
company logo
CIT Bank chevron_right
1.4
starstar_halfstar_borderstar_borderstar_border
(11)
company logo
Synchrony Bank chevron_right
1.2
starstar_halfstar_borderstar_borderstar_border
(24)

The Good

  • Customer Service
  • Features and Services
  • Value and Transparency

Customer Service

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.

Features and Services

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:

  • Checking and Savings: online savings, interest checking, and money market
  • CDs: high-yield CD, raise your rate CD, and no penalty CD
  • IRAs: IRA high yield CD, IRA raise your rate CD, and IRA online savings

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:

  • No monthly service fee
  • Earn higher rates than most savings accounts (2.20% APY on all balance tiers)
  • Deposit checks remotely with Ally eCheck Deposit
  • Grow money faster with interest compounded daily
  • Six transaction limit per statement cycle (this is the legal limit and almost all savings accounts also have a limit of six)
  • Deposits are insured by the FDIC 
  • Access to dedicated account manager 24/7
  • No hidden fees: Ally transparently lists all fees that will be charged to your account (like an overdraft fee, rush delivery of debit cards, outgoing domestic wires, etc.)

High-Yield Certificates of Deposit (CD):

  • Range from 3 months to 5 years
  • Interest compounded daily
  • Best rate offered for CD term
  • Insured deposits through the FDIC
  • No maintenance fees, though there is an early withdrawal penalty
  • Competitive interest rates (below are for a 18 month CD):
    • 2.35% annual percentage yield on accounts less than $5,000 opening deposit
    • 2.50% annual percentage yield on accounts with $5,000 minimum opening deposit
    • 2.55% annual percentage yield on accounts with $25,000 minimum opening deposit

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. 

  • Ranges from 3 months to 5 years
  • Interest compounded daily
  • Fund IRA CD within 90 days and receive best rate offer for terms and balance
  • Flexible funding options, including rollover to Roth and Traditional IRAs
  • FDIC Insured
  • Competitive interest rates (below are for an 18 month CD):
    • 2.35% annual percentage yield on accounts less than $5,000 opening deposit
    • 2.50% annual percentage yield on accounts with $5,000 minimum opening deposit
    • 2.55% annual percentage yield on accounts with $25,000 minimum opening deposit

Interest-Bearing Checking Account:

  • No monthly maintenance fees
  • 24/7 live customer care
  • Use any Allpoint ATM in the U.S. ATM network for free withdrawals, plus reimbursements of up to $10 per statement cycle for fees charged at other ATMS nationwide
  • Deposit checks remotely with Ally eCheck Deposit
  • Send someone money with Popmoney
  • EMV chip technology in your card
  • Your debit card will arrive 10 days after your opening deposit
  • Annual Percentage Yields:
    • 0.10% annual percentage yield on accounts with less than $15,000 daily balance
    • 0.60% annual percentage yield on accounts with $15,000 minimum daily balance

Value and Transparency

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.

The Bad

  • Random Account Holds
  • Long Wait to Get Help
  • No Cash Deposits

Random Account Holds

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. 

Long Wait to Get Help

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.

No Cash Deposits

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. 

The Bottom Line

Though Ally bank is only 10 years old, it dons an impressive customer service record. It is also refreshing to find a bank that doesn't tack on fees for everything; Ally truly puts the 'free' in free banking. Ally appears to be a solid customer-first bank and is highly recommended. Ally offers quality online banking without sacrificing stellar customer service. Those that use Ally bank can expect the following from the service:

  1. High interest rates on accounts
  2. Quality investment opportunities
  3. Some minimal fees

For more information, check out the Ally bank reviews from real customers below. 

Disclaimer

As part of our service, we attempt to partner with all the companies that we review, and may get compensated when you click or call them from our site; however, regardless of any current, past, or future financial arrangements, companies listed on Best Company cannot buy their position, nor do we manipulate or inflate a company's ranking for financial gain. A company’s ranking is based on and calculated by an objective set of ranking criteria, as well as user reviews. See our How We Rank page for more information regarding our ranking algorithm.

All user reviews posted on Best Company are subject to screening and approval. We reserve the right to approve or deny any review posted to this site in accordance with our Review Guidelines. Best Company never suppresses user reviews—unless they are being investigated for authenticity, or if they violate our review guidelines. We encourage anyone who suspects a user review to be fraudulent or intentionally inaccurate to please notify our review moderation team.


User Reviews

Star Rating

3.7
starstarstarstar_halfstar_border

3 Reviews

Review Breakdown

5 star
67%
4 star
0%
3 star
0%
2 star
0%
1 star
33%

Sentiment Criteria

Value for your money
starstarstarstar_halfstar_border
Quality of product or service
starstarstarstar_halfstar_border
Customer service
starstarstarstar_halfstar_border
Company trustworthiness
starstarstarstar_halfstar_border
search cancel
starstar_borderstar_borderstar_borderstar_border
rone
August 14th, 2019 Milton, FL DETAILS
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

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.

starstarstarstarstar
Erin Rhoton
April 24th, 2018 Pleasant Grove, UT DETAILS
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

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.

starstarstarstarstar
KEMASTERS 87
March 12th, 2018 Mount Laurel, NJ DETAILS
Value for your money
starstarstarstarstar
Quality of product or service
starstarstarstarstar_border
Customer service
starstarstarstarstar_border
Company trustworthiness
starstarstarstarstar_border

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