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ING vs. Ally: Which Online Savings
Account Should I Choose?
Posted by Polina Polishchuk
ING Direct and Ally Bank are two of the biggest names in online banking. In fact, both of them ranked 5 out of 5 stars in our online savings account comparison. Both ING and Ally have no monthly fees, no minmum deposit requirements, and no ATM fees at hundreds of specified locations. That being said, the two online savings accounts do have some minor differences:
1. APY (annual percentage yield). ING is currently offering a .80% APY on their savings account, while Ally's is slightly higher at .89%. Another factor to note is that ING compounds interest monthly and Ally compounds interest daily.
2. Customer Service. ING's phone support is available 7 days a week from 8 a.m. to 8 p.m. You can also send them an email, which will be answered within 24 hours. Though Ally's customer service is less available (Monday to Friday from 7 a.m. to 7 p.m., Saturday from 9 a.m. to 4 p.m. and closed on Sundays) they do have a live chat feature at those times, which customers may find more conveniant.
3. Reputation. Ally has been around since 2001 and ING was founded in 1991. While both banks are highly secure, in general ING is the most reputable online bank out there.
If you are looking for the savings account that offers the most interest, Ally is the one for you. On the other hand, if you are looking for the most reputable option, ING Direct is the perfect choice. Read full reviews of online savings accounts and check out the full comparison chart here.
One Response to “ING vs. Ally: Which Online Savings
Account Should I Choose?”
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August 10th, 2012 at 7:23 am
Ally's customer service needs help: they don't return phone calls after their frontline support desk can't answer why their computer or other departments have screwed up a deposit and promises to refer it to the 'next tier'. THey have no equivalent of electronic check deposit–instead you must use a scanner or regular computer and not a smartphone. When they fail to receive a deposit of thousands of dollars inter-bank, no one calls or notifies you of their problem and their customer service folks can't explain what happened.