Ally Bank Ally Bank
by ,
5 5stars

Ally Bank Review

Ally Bank
Rating:
Bottom Line:
With a high APY, $0 minimum balance and no minimum deposit to open, Ally Bank sets the standard of online banking

Full Review:
The biggest incentive to using a branchless bank is that it typically pays out higher annual percentage yields than traditional brick-and-mortar banks with branches. Ally Bank, which is a branch of Ally Financial, is no exception to this trend, as Ally Bank has consistently been among the highest APY offerings in the industry.


Key Features

Ally Bank is an FDIC insured institution. Its Online Savings Account requires no minimum deposit to open and no minimum balance to maintain the account. In addition, this account earns an APY of 1.25%. While this rate is bound to fluctuate over time, Ally Bank's Online Savings Account has rarely fallen below this rate in the past. Like all savings accounts, Ally Bank's has a federally mandated 6 transaction withdrawal limit. The bank will charge $10 per withdrawal after the limit is exceeded.

Like most other branchless banks, Ally Bank does not have any recurring or standard banking fees; however, there are some specific services and transitions that have fees. These include returned deposit items ($7.50), overdraft ($25 one time within a 24-hour period, not per overdraft transition), excessive transition fee ($10 per transition), expedited delivery ($15), domestic wire transfer ($20) and extensive account history research ($25 per hour).




Access and Ease of Use

Ally Bank offers online, mobile app and telephone banking access. The bank has apps on all major platforms: Android, iPhone and Windows Phone. Its web and mobile interfaces are fairly similar — allowing you to view your account history, transfer funds and set up bill pay. In addition, its online access includes two-factor authentication allowing for greater security when banking online. Its mobile app allows you to use your device's camera to use the eCheck Deposit feature to deposit checks instantly, and the mobile app also allows you to locate Ally Bank affiliated ATMs. Ally Bank has over 400,000 ATMs nationwide and guarantees a fee reimbursement if you withdraw from an ATM outside of Ally Bank.

Ally Bank has 24/7 phone support, which allows you to speak with a customer service representatives at any time. You can also interact with an automated teller, which will allow you to check current balances and transfer funds. Customer service representatives can also be accessed by chat or email on its support web page.


Certificate of Deposit Offerings

Ally Bank has very competitive CD options. For example, its two-year and four-year Certificate of Deposits also yield higher APYs (both 1.50%) when compared to certain competitors. In fact, most of Ally Bank's shorter term CDs are among its most competitive APY rates. Terms begin from as low as three months, with an APY of 0.30% and go up to five years, with an APY of 2.25%. Ally Bank also offers an 11 month 1.00% APY CD that is a no penalty option for savers who don't want a long term CD with withdraw penalties. This CD can offer up to 1.50% in interest for account holders with a balance of $25,000 or more.


Bank Standing

In addition to being FDIC insured up to $250,000, as of late 2016 Ally Bank's total asset value ($123 billion) put it 21nd among the top 50 largest banks in the U.S. Ally Bank is not accredited by the BBB and doesn't have a grade from the organization.


Conclusion

As far as online banking, Ally Bank is one of the leaders of the industry. Given its competitive APY and financial standing, it proves to be a solid option for most, especially when it's compared with the more established traditional brick-and-mortar banks.

Compare to Other Savings Accounts

If you have a question or concern we haven't answered on our site, please let us know. Your question will be added to the NextAdvisor Forums so that we and other experts in our community can answer it. Due to volume, we aren't able to respond to every question, but we answer as many as we can.



Service Details

APY:1.25% for all tiers
Monthly Fees:None
Minimum
Balance
to
Maintain:
$0
Minimum to Open Account:$0
Maximum Withdrawals Per Month:6
Deposit and Withdrawal Methods:Electronic transfer, wire, check

NextAdvisor Savings Accounts Blog Headlines

Related Forum Posts


About Us Blog Contact Us Forums Terms & Privacy Policy Affiliate Program Site Map
Copyright© 2006 - 2017 NextAdvisor.com - All rights reserved.

Advertiser Disclosure: NextAdvisor is a consumer information site that offers free reviews and ratings of online services. Many of the companies whose services we review provide us compensation when someone who clicks from our site becomes their customer. This is how we make money to support our site. The results of our analyses, calculators, reviews and ratings are based on objective quantitative and qualitative evaluation of all the cards on our site and are not affected by any compensation NextAdvisor may receive. Compensation may impact which products we review and write about and where those products appear. We do not review all products in a given category. All opinions expressed on this site are our own.