Ranked as one the "Best Online Banks" by MONEY Magazine, Ally Bank provides excellent customer service and strives to make banking smarter and simpler by providing consumers with higher rates and lower fees than traditional banks. Offering various online-only checking and savings account options, consumers can choose what will be the best fit for their financial needs and circumstances.
As an online-only banking service, Ally Bank has no physical branch locations, but provides 24/7 customer service via phone, email, or live chat. From a phone or computer, Ally Bank customers can quickly and easily access their account information and manage transactions through Ally Bank's mobile app or website. While this may be efficient and preferable for some consumers, it may not be the best fit for everyone.
Continue reading for pros and cons, and Ally Bank customer reviews from real customers.
Online banks can generally offer higher rates and lower fees because they don't put money into physical bank branches. Ally Bank is no exception and offers competitively high rates in the industry.
For savings, Ally Bank offers an above-average 0.60 percent APY, which is nearly 12 times the national average of 0.05 percent APY. In addition, interest is compounded daily, meaning that interest earnings are calculated daily which could result in the consumer making more money than other accounts that offer monthly compounded interest.
Ally Bank offers one online checking account that offers more benefits than a consumer could likely find with another online banking institution. In addition to competitive APYs, the Ally Bank Interest Checking Account allows consumers to deposit checks remotely and provides access to 43,000+ Allpoint ATMs for free. Consumers can also move and transfer money easily without worrying about getting hit with a monthly maintenance fee. It is important to note that the opening deposit required for this account is unknown.
Ally Bank also offers various savings options:
No matter which account option, or multiple options, you choose with Ally Bank, you can rest assured that you will receive the most competitive rates possible.
Ally Bank provides access to 43,000+ Allpoint ATMs for free. An ATM offering with an online bank is unique, as most online banks do not have ATMs or provide free access to any ATMs. In addition, if you use another ATM at which you are charged an ATM fee, Ally Bank will reimburse up to $10 per statement cycle.
Ally has 24/7 customer service via phone or online chat. Their mobile banking app allows deposits, bill pay, and money transfers. One of the biggest benefits 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.
AllyBank's 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.
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