Ally Bank May Have the Right Numbers

Ally Bank Reviewed

Ally Bank Reviewed

(MP) Ally Bank is an online bank founded in 2004. Headquartered in Midvale, UT. The bank only offers its products and services online or over the phone. With no physical branches to maintain, it offers higher checking and savings account interest rates and lower fees than traditional brick and mortar banks. If you prefer paper-free banking and no face-to-face tellers this is right up your ally (o.k. alley. I couldn’t resist).

Based on its fees, size, and account interest rates this bank receives a Smart Rating of 100 out of 100, making it the best banking option out of over 5,000 institutions.

How Can Ally Bank Help?

Mobile Banking

Ally banking is mobile-friendly. Customers can reach all parts of their accounts, including balances, transfers, automatic bill-pay, and their ATM-finding tool, from a smart phone or tablet. They can also use the e-Check Deposit tool by taking a photo of the front and back of an endorsed check.

Interest Rates

The Online Savings account has an APY (annual percentage yield) of 0.99%, which exceeds the national average rate by about 0.85%. Compared to what you will find at another institution, the Online Savings account will help your deposits grow.

Monthly Fees

There is no monthly fee with Ally’s highest-yield account.

Minimum Balance Requirement

There’s no minimum balance requirement on this account, so you will not incur extra costs even if you maintain a low balance.

Money Market Accounts

This product lacks monthly balance requirements, fees, and minimum deposits, and comes with a Visa debit card. Outbound transfers, including point-of-sale purchases with the debit card, are limited to six per statement period.

Retirement Accounts

Ally’s IRA accounts allow you to invest in standard CDs, savings accounts, or Raise Your Rate CDs. These all follow the same rules and are available in the same term lengths as their non-IRA retirement investing counterparts.

Multiple CD Options

Ally Bank give you three CD product options: A High Yield CD; A Raise Your Rate CD, and A No Penalty CD. The first option shows up in terms of 3, 6, 9, 12, 18, 36, or 60 months. Rates currently vary from 0.3% for the 3-month vehicle to 2.0% for the 60-month vehicle. The Raise Your Rate CD lets you bump up to Ally’s highest available rate for your CD’s term. On the two-year Raise Your Rate CD, which currently yields 1.10%, you get one raise per term. On the four-year version, which currently yields 1.30%, you get two. Finally, the No Penalty CD comes with an 11-month term and a yield of 0.87%. You can cash it out at any time without incurring an interest penalty.

Auto Financing

This institution has a whole suite of auto financing products for you whether you want to buy or lease. The bank also offers a Buyer’s Choice option that allows you to sell your vehicle to it after making 48 monthly payments.

Other products include Trust accounts, overdraft services, cd laddering services, person to person transferring of funds products, online security software, mutual funds and more.

Consumer Experience

Since 2011, the company has had a total of 1,192 complaints submitted by their customers to the Consumer Finance Protection Bureau. Though customers have submitted complaints, 100% indicated they received a response in a timely manner. Bank Size is Important

Since this bank has a large customer base compared to other national institutions, it has a greater chance of receiving a high number of complaints. Despite its size, Ally has remained below the average number of complaints received by institutions of a comparable size.

Specific Issues

Customers have submitted complaints involving the bank to ConsumerAffairs.com: These include account management, communication, credit score reporting, customer service, debt management, fees or billing, loan repayment, and privacy.

Check out the latest best savings rates around:

Don Briscoe
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Don Briscoe

Finance educator, advisor, and leading voice in the global financial literacy movement.Founder and editor of MoneyPacers.com.He lives and enjoys life with his family in New York.
Don Briscoe
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