Ally Bank is a Utah-based Internet bank that focuses primarily on offering consumer savings products, including savings, checking, Money Market, Certificate of Deposit (CD), and IRA CD accounts. The bank also provides auto financing services and tools on its lending side and helps customers determine whether to lease or buy a vehicle.
Ally Bank’s online savings account regularly offers one of the highest interest rates in the country as far as savings accounts go. It comes with no monthly maintenance fees and no minimum deposit to open. Deposits and withdrawals can be performed through Ally’s fast online ACH transfer service, and up to six withdrawals per month are allowed without a fee. Customers can also write cashier’s checks out of the account for free.
Ally’s Interest checking account also offers a highly competitive compounding interest rate for balances of $15,000 or more. It comes with a free MasterCard debit card, free checks, unlimited check writing, and free ATM fee reimbursements from any ATM nationwide. This checking account has no minimum initial deposit and no monthly maintenance fees.
The Money Market account offered by Ally is very similar to its online savings account, but with the added flexibility of several checking account functions like a debit card, free checks, and ATM fee reimbursements. The Money Market’s interest rate is typically within a few basis points of the rate on the savings account, and no minimum deposit or monthly balance requirements makes it a very attractive hybrid account.
CDs and IRA CDs are also available and come in term lengths ranging from 3 months to 5 years. Ally features a Raise Your Rate 2-year CD that affords one bump-up allowance if there is a rate increase during the life of the CD. Its 11-month CD usually offers a rate similar to the savings account, and DepositAccounts.com has discussed the strategies behind opening one or the other.
Ally Bank online banking provides a sophisticated and secure platform on which its deposit accounts are managed. Ally eCheck Deposit offers an easy way to deposit checks via a smartphone camera, computer scanner, or free paid-postage envelopes. Ally also makes it easy to transfer funds between Ally accounts or between Ally and non-Ally accounts for free, and that includes transfers associated with paying bills as well. Mobile banking apps make it easy and convenient to accomplish all of the aforementioned tasks while on the go. Ally Bank has no physical branches, and therefore offers free ATM fee reimbursements for all of its accounts.
Ally Bank was originally established as GMAC Automotive Bank in 2004. In 2008, the bank suffered significant losses as a result of the bankruptcy of automakers GM and Chrysler. The bank has grown stronger in recent years, having repaid over $6 billion of its government debt as of May of 2013. Ally is headquartered in Midvale, Utah and services over 1 million opened deposit accounts through its online banking platform.
I agree totally with #4’s assessment of Ally. I’m extremely disappointed in their continual conflicting and erroneous information … their failure to carry out my written instructions … their slowness to respond until deadlines have passed -- mistakes which always help their bottom line and hurt mine. It’s happened so many times that it’s difficult to believe it is simply incompetence … rather than deliberate orchestration.
Here’s an example. Last summer I opened a number of accounts which I planned to fund by having my broker wire the money to Ally. One day around 2:30 I called Ally and asked for their wiring information … telling them my broker had a 3:00 deadline in order to get the money to Ally that day.
The rep advised me that I shouldn’t wire the money … that ACH transfers were faster … even though I had not set up any ACH links! It took me a while to convince her otherwise, and get her to agree to give me the wire instructions. I asked her to please hurry because of the 3:00 deadline. Again it took her quite a while; she put me on hold several times. I had a strong sense that something was “off” but assumed it was honest incompetence.
A few minutes before 3:00 she finally gave me the wire instructions. I rushed to my broker’s website but missed the deadline. No big deal, I thought … the money will be there tomorrow … what’s one day.
You’ve probably guessed the ending -- Ally had known they were making significant rate drops the next day for all of my accounts. The amount I invested was in the six figures … so the loss in earnings was significant. I’ve never been naïve about Ally’s seeming incompetence and slowness since.
I don’t phone them … I get everything in writing … I print all live chats before they disappear … I print all emails in my Ally mailbox lest they disappear. It’s slow and tedious -- and still full of errors. At this moment there are three “mistakes” I’m trying to iron out. Naturally I’m considering leaving.
Ally is the LEAST “straightforward” bank I have dealt with in my very long life.
We opened an account with ally bank for a 5 year CD. They transferred the amount we wanted to fund the account with twice on the same day. We have called 5 times trying to get the second amount returned to us and each time they are very nice but the money has yet to be returned. It has been 13 days at this writing. We don't know what to do. So far we feel they are not to be trusted and we want to put the word out about it. When and if we get our money back we will amend this review.
I was convinced by customer service to let Ally Bank transfer $25,000 out of my local bank account to open up a new CD as they said this would be the easiest and fastest way to fund my new account. Surprise, surprise, they transferred it TWICE. $50,000 gone from my account instantly. When I called customer support they said "oops, our bad, we will reverse the mistake within 48 hours". Well, two weeks later, and no money had transferred back. Luckily I was able to talk to my local bank president and she transferred it back because it was an unauthorized transfer. I would not trust Ally Bank, ever.
Ally Bank is now using the Cashedge system for ACH transfers instead of whatever system they were using before. The look and feel of the website is totally different; transfers take several additional clicks to accomplish, and everyone knows that Cashedge is notoriously slow.
I filled out the survey and told them I thought this was a major disappointment.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Ally Bank had $276.01 million in non-current loans and owned real-estate with $15.4 billion in equity and loan loss allowances on hand to cover it. This gives Ally Bank a Texas Ratio of 1.79% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Ally Bank decreased dramatically from 3.47% as of September 30, 2012 to 1.79% as of September 30, 2013, resulting in a positive change of 48.33%.This indicates that the balance sheet and financial strength for Ally Bank has improved dramatically in recent periods.
In the past year, Ally Bank has increased its total deposits by $6.46 billion, resulting in 14.06% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Ally Bank has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Ally Bank has $92.12 billion in assets with $15.4 billion in equity, resulting in a capitalization level of 16.72%, which is excellent.
|FDIC Certificate #||57803|
|Assets and Liabilities|
|Equity Capital||$14.74 billion|
|Loan Loss Allowance||$660.75 million|
|Unbacked Noncurrent Loans||$269.27 million|
|Real Estate Owned||$6.74 million|
|Historic Data - September 2012|
|Equity Capital||$13.95 billion|
|Loan Loss Allowance||$700.43 million|
|Unbacked Noncurrent Loans||$269.27 million|
|Real Estate Owned||$5.17 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.56%|
|Return on Assets||0.95%|
|Return on Equity||6.13%|
|Interest Income||$2.28 billion|
Always verify rates and promotions with the bank or credit union. We are not Ally Bank, we are a rate comparison website and can not provide official rates or promotions.
Ally Bank's online savings account has no minimum balance requirement and no monthly service charges. Withdrawals are limited to six per month which is based on federal regulations. Deposits and withdrawals can be made via Ally's online funds transfer service which provides for fast ACH transfers to and from your other banks. The online funds transfer service allows you to link to an unlimited number of external bank accounts.
|0.85%||-||-||Online Savings Account|
|0.85%||-||-||IRA Online Savings|
|0.85%||-||-||Roth IRA Online Savings|
|0.85%||-||-||SEP IRA Online Savings|
Ally Bank's Money Market account has no minimum balance requirement and no monthly service charges. Notable features include checking writing (first 50 checks are free) and check card. Withdrawals are limited to six per month which is based on federal regulations. Deposits and withdrawals can be made via Ally's online funds transfer service which provides for fast ACH transfers to and from your other banks. The online funds transfer service allows you to link to an unlimited number of external bank accounts.
|0.85%||-||-||Money Market Account|
Ally Bank's Interest Checking account has no minimum balance requirement and no monthly service charges. It's a tiered rate account with the highest interest paid on balances of at least $15,000. Notable features include free checks with unlimited check writing and no ATM fees at any ATM. Ally will automatically refund ATM fees charged by other banks. Other features include free online bill pay and free debit card. Deposits and withdrawals can be made via Ally's online funds transfer service which provides for fast ACH transfers to and from your other banks. The online funds transfer service allows you to link to an unlimited number of external bank accounts.
|0.75%||$15k||-||Interest Checking Account|
Ally Bank's certificates of deposit have three variations. The first is the traditional type of CD with a fixed interest rate until maturity. Terms from 3 months to 5 years are available. The second type is a no-penalty 9-month CD. You are allowed a penalty-free early withdrawal any time during the term after 6 days from when the CD is funded. The third type is a bump-up CD called Raise Your Rate CD. It's a 2-year fixed rate CD that gives you the option to raise the rate one time during the term to the current 2-year CD rate. All CDs have no minimum balance requirement. Early withdrawal penalty for all CDs (except the no-penalty CD) is 60 days of interest. The grace period at maturity when you can close the CD without penalty is 10 days after the maturity date. With Ally's Ten Day Best Rate Guarantee, when you fund your CD within ten days of opening or when your Ally CD renews, you automatically get the best rate Ally offers during those ten days.
|1.60%||-||-||High Yield 5 Year CD|
|1.30%||-||-||Raise Your Rate 4-Year CD|
|1.20%||-||-||High Yield 3 Year CD|
|1.05%||-||-||Raise Your Rate 2-Year CD|
|0.98%||-||-||High Yield 12-Month CD|
|0.94%||-||-||High Yield 18-Month CD|
|0.87%||-||-||No Penalty 11-Month CD|
|0.64%||-||-||High Yield 9-Month CD|
|0.61%||-||-||High Yield 6-Month CD|
|0.30%||-||-||High Yield 3-Month CD|
|1.60%||-||-||IRA High Yield 5-Year CD|
|1.60%||-||-||Roth IRA High Yield 5-Year CD|
|1.60%||-||-||SEP IRA High Yield 5-Year CD|
|1.30%||-||-||IRA Raise Your Rate 4-Year CD|
|1.30%||-||-||Roth IRA Raise Your Rate 4-Year CD|
|1.30%||-||-||SEP IRA Raise Your Rate 4-Year CD|
|1.20%||-||-||IRA High Yield 3-Year CD|
|1.20%||-||-||Roth IRA High Yield 3-Year CD|
|1.20%||-||-||SEP IRA High Yield 3-Year CD|
|1.05%||-||-||IRA Raise Your Rate 2-Year CD|
|1.05%||-||-||Roth IRA Raise Your Rate 2-Year CD|
|1.05%||-||-||SEP IRA Raise Your Rate 2-Year CD|
|0.98%||-||-||IRA High Yield 12-Month CD|
|0.98%||-||-||Roth IRA High Yield 12-Month CD|
|0.98%||-||-||SEP IRA High Yield 12-Month CD|
|0.94%||-||-||IRA High Yield 18-Month CD|
|0.94%||-||-||Roth IRA High Yield 18-Month CD|
|0.94%||-||-||SEP IRA High Yield 18-Month CD|
|0.64%||-||-||IRA High Yield 9-Month CD|
|0.64%||-||-||Roth IRA High Yield 9-Month CD|
|0.64%||-||-||SEP IRA High Yield 9-Month CD|
|0.61%||-||-||IRA High Yield 6-Month CD|
|0.61%||-||-||Roth IRA High Yield 6-Month CD|
|0.61%||-||-||SEP IRA High Yield 6-Month CD|
|0.30%||-||-||IRA High Yield 3-Month CD|
|0.30%||-||-||Roth IRA High Yield 3-Month CD|
|0.30%||-||-||SEP IRA High Yield 3-Month CD|
Ally Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 6985 Union Park Center Suite 435 - Midvale, UT 84047