Ally Bank

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Ally Bank News

December 20, 2012: Ally Bank Video Series – Do I Always Have to Give to Charitable Causes?

About Ally Bank

Ally Bank is one of the most popular online banks (i.e. no physical branches) in the United States. With over $44 billion in deposits, it’s also the 31st largest U.S. bank by deposit size. The company evolved from General Motors Acceptance Corporation (GMAC), a nearly century-old institution that helped to finance auto purchases. By 2009, GMAC had been approved as a bank holding company and was rebranded as we know it today, Ally Bank.

Ally’s internet-based products are FDIC insured and generally offer much higher yields and lower fees than the most other banks.

Routing #: 124003116

Products: Ally Checking Account | Ally Savings | Ally CDs | Ally Money Market Account

Interest Checking Account

Ally Bank’s Interest Checking Account provides exactly what we like to see here at NerdWallet: no monthly fee, competitive interest rates, and reasonable fees for overdrafts and similar mishaps. See how it compares

Ally Bank | Interest Checking Account
Ally+Bank
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  • Balances of $15,000 or more get an even higher rate
  • Make deposits from home with Ally eCheck Deposit
  • No ATM fees nationwide - plus Ally will automatically reimburse fees charged by other banks at the end of your monthly statement period
Monthly Fee Minimum Balance APY
$0.00 $0.00 0.25%

Other fees:

  • Overdraft: $9 (compare to national average of $34) – limited to once per day
  • Foreign transaction fee: 1% (compare to 3% at most big banks)

Online Savings

Ally Bank’s Online Savings account offers an easy way to save money and earn the highest rate possible on your extra cash. It currently offers one of the highest savings rates among the competing online banks, and far higher than most other banks or credit unions. See how it compares

Ally Bank | Online Savings
Ally+Bank
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  • No minimum deposit, no monthly fees
  • Scan and submit your deposit with Ally eCheck Deposit
Monthly Fee Minimum Balance APY
$0.00 $0.00 0.87%

CDs

Ally offers a variety of different certificates of deposit (CDs), each with different terms, features and rates. Unlike most CDs, which require opening deposits of $500-$1,000+, Ally’s CD accounts have no minimum opening balance. An added bonus is Ally’s Ten Day Best Rate Guarantee, which gives you the best rate offered within 10 days of opening) – a valuable benefit as CD yields can change frequently.

Ally Bank CDs
Ally+Bank
  • No penalty for early withdrawal with Ally's 11-month CD
  • Ally 2-year CD: Get the option to increase your rate once if rates have risen
  • Ally 4-year CD: Get the option to increase your rate twice if rates have risen
  • Ally's Ten Day Best Rate Guarantee offers customers their best rate available within the first 10 days of opening an account
Minimum Balance APY
$0.00 3 Month: 0.30%
6 Month: 0.61%
12 Month: 0.99%
18 Month: 0.94%
24 Month: 1.10%
36 Month: 1.20%
48 Month: 1.30%
60 Month: 1.60%
11 Month: 0.87%

Money Market Account

Much like Ally’s other products, their Money Market Account has limited fees and great rates. This type of account is a sort of hybrid between a checking and savings account. You can earn a higher yield while also writing checks from the account, however you are limited to 6 withdrawals per month (as with a savings account). See how it compares

Ally Bank | Money Market Account
Ally+Bank
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  • Get the flexibility of a check card and still earn a higher rate than traditional savings
  • All ATM fees reimbursed nationwide
Monthly Fee Minimum Balance APY
$0.00 $0.00 0.85%

Mobile Banking and Branchless Services

Ally Bank’s products are convenient and cost-effective for any tech-savvy consumer. You may not be able to walk into a branch for assistance, but Ally offers many great mobile and online banking options to meet customer needs.

  • Mobile check deposits – iPhone and Android devices
  • eCheck deposits – from via your computer and scanner
  • Transfer money between your personal accounts through online banking or mobile app
  • Send money to friends with Popmoney

Connect with Ally Bank

Ally’s offers multiple channels for customer service, including online chat, phone, secure email, etc. You can even check your potential wait time online before making a call. You can also follow their fairly active social media profiles for more information on your accounts and general personal finance.

Customer Service #: 1-877-247-ALLY (2559)

Twitter: @AllyBank

Facebook: https://www.facebook.com/AllyBank

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  • http://www.facebook.com/yomar.carrillo.9 Yomar Carrillo

    I’ve been with Ally for a couple of years now, and if they continue dealing with me like they’ve been doing I plan on staying doing business with them for my entire life. Ally’s checking and Schwab Bank’s checking are among the best account Nationwide.

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  • Bill Melton

    Worst banking experience ever. I was told to research and ask for a refund in regards to fraudulent charges on my account. Deposits and transfers take weeks to process. Only 1 supervisor working at 9AM EST during primary business hours and would get to me in 24 hours. Wife tried to open an account after we were married and it took 4 months for them to get the account open. Would never have followed through if my accounts were not already open. Shopping for a new bank!

    • Geri Burbaum

      I, too have been told to “ask for a refund” for a fraudulent charge. I guess thats what happens when you join an “imaginary bank”……Imaginary Service. Adios, Ally!