Advertiser Disclosure

Ally Bank

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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

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

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.

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

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