Ally Bank Review 2022 – A Hassle-Free Banking Option
If you're ready to join the more than 60% of Americans who do most or all of their banking online, rather than at a local branch office, Ally Bank is worth serious consideration. Not only is it one of the best-known online banks out there, but Ally is trusted by more than 1 million customers for checking and savings accounts, as well as mortgage and auto loans. With a record of outstanding service, high-yield CDs and a no-fee policy, Ally Bank is a hassle-free solution to your needs.Let's take a further look.
Commissions & Fees - 9.5
Customer Service - 8.5
Ease of Use - 9
Locations - 0
Savings Options - 10
Rates - 9
8
Ally Bank has become one of the country's best-known and most trusted online banks and for good reason. The institution offers high interest-paying savings accounts, money markets and CDs, as well as checking accounts that pay you. Plus there are no maintenance fees for accounts, and a live customer service agent is there to help you 24/7.
What Is Ally Bank?
Believe it or not, Ally has its roots in the automobile industry. Back in 1919, General Motors Corp. founded the company as the General Motors Acceptance Corp. (GMAC) to provide financing for its rapidly growing customer base. Over time GMAC expanded its operations to include all the functions of an everyday bank.
Fast-forward nearly 90 years to 2009, when GMAC changed the name of its banking unit to Ally Bank. GMAC had suffered during the financial crisis, and a new name offered a fresh start. A year later, the mega financial company would rebrand its entire operation as Ally Financial. In 2014, Ally Financial went public with the ticker ALLY. And in 2016, the company entered the online brokerage space with the purchase of TradeKing, which it rebranded as Ally Invest.
Ally Financial is still headquartered in Detroit, as it has been for nearly 100 years. But Ally Bank itself — the subject of this review — has its HQ in Midvale, Utah.
Ally Bank Features
| Accounts | Savings, Checking, Money Market, CDs |
| Access | Web Based, iPhone App, Android App, Blackberry App |
| Amount of Branches | 0 |
| ATM Reimbursement | |
| Online Deposits | |
| FDIC Insurance | |
| Customer Service | Phone: 24/7; Email |
- Ally Invest — If you want a one-stop-shop for your banking and investing needs, Ally also offers the online stock broker service Ally Invest. We've reviewed Ally Invest and like its great pricing model. Customer support is available 7 days a week, 24 hours a day.
How Does Ally Bank Work?
The reason most people decide to go with Ally is due to the fact that the bank offers relatively high interest rates. Savings accounts and CDs are the big draws.
Additionally, it helps that Ally Bank doesn't charge monthly maintenance fees, and there are no minimums on accounts, either. With many banks requiring minimums and charging fees, this is a nice departure from the norm.
It's also important to note that Ally is FDIC-insured, so those protections apply up to $250,000 per depositor. This is great for peace of mind, especially because all of your banking will be done on the internet.
Signing up for an Ally Bank account is easy.
You do have to provide information about your identity (including your Social Security number) and answer questions that all banks have to ask as a result of the PATRIOT Act. However, it's relatively painless, and it's possible to open a variety of accounts, including CDs and bank accounts, from the same screen, without the need to fill out the same information over and over again.
>>Further Reading: Best Business Checking Accounts
Interest Checking Account
Why just let your money sit in your checking account without letting it go to work for you? That's the question Ally Bank seeks to ask — and answer — with its interest checking account.
This product offers features that you'd like to see in a checking account, such as:
- A debit MasterCard
- Free use of any Allpoint ATM in the U.S.
- Reimbursement of up to $10 per statement cycle for fees charged at out-of-network ATMs throughout the country
- eCheck Deposit, which lets you upload a photo of your check from your cellphone
- The ability to “wire” money to or from nearly any U.S. bank account with Zelle
- Online Bill Pay
But the real attraction here is the 0.25% APY earned by accounts with a minimum daily balance above $15,000. Accounts with lesser amounts still earn too — 0.10%. That percentage has come down a bit in the years since we first reviewed Ally Bank, but it's still better than what you can earn with a savings account from many other banks.
To top it off, there are absolutely zero monthly maintenance fees.
Ally Bank Savings Account
Online Savings
Ally's savings products also carry a healthy APY, currently at 0.50% for all balances as of Feb. 1, 2021. That's in line with what you'll find at other online banks, and definitely higher than what you can earn from many brick-and-mortar institutions.
As with the checking account, there are no monthly maintenance fees. You can also deposit your checks using your phone with eCheck Deposit technology, and you'll receive 24/7 support from a live customer service agent.
Along with taxable accounts, Ally Bank also offers Roth, SEP and Traditional IRAs with a 0.50% to 0.60% APY (as of this writing).
| Available For | Taxable, IRA |
| Account Fees | None |
| Custodial | No |
| Savings Rates | Minimum Deposit $0 – 0.60% APY |
Ally Bank Money Market
Money Market
| Available For | Taxable, IRA |
| Account Fees | None |
| Savings Rates | Minimum Deposit $0 – 0.50% APY |
Ally Bank Savings Accounts Alternatives
| Highlights |  |  |  |
|---|---|---|---|
| Rating | 7.5/10 | 7/10 | 7/10 |
| Accounts | Savings, Checking, Money Market, CDs | Savings, Checking, Money Market, CDs | Savings, Checking, Money Market, CDs |
| Online Deposits | |||
| Physical Branches | |||
| FDIC Insurance | |||
| ATM Reimbursement | |||
CDs
If you're looking for certificates of deposit (CDs), Ally Bank also has you covered. With no maintenance fees and competitive rates, these are worth checking out. CDs are available for both taxable accounts and IRAs. The APY rates change on a regular basis, so check on Ally Bank's website to find out the current rates. They generally range from 0.20% for three months to 0.60% for a year. They offer high yield CDs, no penalty CDs so you can withdraw your money at any time, and raise your rate CDs.
Ally Bank Pros & Cons
[table “proscons” not found /]Summary
Ally is a solid online bank with good checking and savings account options. After all, you just can't beat zero fees. And the company has a record of dependable and friendly live customer service, available 24/7.
The company appears to have shed the negative attention brought to GMAC during the financial crisis of the last decade. (And it's certainly not the only bank that fell on tough times.) With the past behind it, Ally Bank is looking to the future.
As with most online banks, you won't be able to deposit cash, which is a consideration if you find yourself often needing to do so. Ally's savings account previously had a $10 excessive transaction fee for certain types of withdrawals and transfers, but has suspended transaction limits following new federal regulations.
But if you want to park your money in a savings or even checking account hassle-free, this is a good solution for you.
Of your account goes negative they apply a 5 day hold on any check deposit and then charge you over draft fees on payments that are presented during the hold time. They literally create a way to get over draft fees from their poorest or down on their luck customers. And they refuse to fix the issue. They are taking full advantage of the pandemic and screwing their customers as best they can. Avoid at all costs.
It says Customer Service 24/7 but have you tried to call? You’ll wait on line forever. WHen you finally get to them, they say sorry they can’t help you. ALso a warning: Do NOT use their new buckets system. I must have clicked on it by mistake and now my accounts have the Buckets icon embedded in it which is annoying. I called and they said, sorry, can’t take the buckets off, once you hit it. Nonsense
It seems that Ally Bank’s reply to the neg commends are similar-please contact us with your name. Do they get the issue resolved? I’ve been on the phone with Ally for 1 hr and 36 min now to resolve an issue. My 4th calls as well. Frustrated..
Every time I try to transfer my savings the app automatically closes. When I called the helpline they disconnected me twice. What more Do I have to say?
There is nothing simple or easy about Ally bank. You will lose online access to your account as soon as you make a deposit, They will then treat you like a criminal. Making you send all sorts of info that they will claim is not received. Once they actually admit they have it, they will claim it’s not good quality or something else, Save yourself hours talking to some foreign CS agent half way around the world that can barely speak English, Finally, after multiple calls you will get some arrogant prick that introduces himself by Mr.xxx. That asks stupid questions. Avoid Ally like the plague.
I have had this same issues with Ally except I have a car loan through them after 2 months of payments my employer closed its doors due to the pandemic and I tried to call and to defer 2 payments so I can find a job and they told me all about the contract I signed and that if I couldn’t make the payments that they would repossess my vehicle. Avoid this company they will take your money not do a darn thing for you. I should of went with my bank at a .2% higher rate and had the ability to defer a couple payments. Cant believe so many people use this company it’s too bad only a matter of time before people will start uncovering scams just like with Wells Fargo.