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Most Popular Ally Bank Accounts
| Account Type | APY | Account Name | Min | Max | |
|---|---|---|---|---|---|
| CD | 3.00% | High Yield 5 Year CD | - | - | Details » |
| CD | 2.50% | High Yield 12-Month CD | - | - | Details » |
| CD | 2.10% | No Penalty 11-Month CD | $25k | - | Details » |
| Savings | 1.85% | Online Savings Account | - | - | Details » |
Ally Bank, a DepositAccounts.com advertiser, 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 accounts. The bank also provides credit cards and 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 quite competitive, 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 CD that affords one bump-up allowance if there is a rate increase during the life of the CD. Its No Penalty 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.
Related Posts
9/21 - 11-Month No Penalty CD
8/31 - Small Rate Hike on the Online Savings Account at Ally Bank
8/31 - Ally Online Savings Account Bump.
8/24 - Ally Bank Hikes Rates on 12-, 18- and 36-Month High Yield CDs
8/23 - Ally Bank Increases Sign-Up Bonus For Cashback Credit Card
8/4 - Ally Bank Raises Online Savings To 1.80% Apy
8/3 - Ally Ups Rates of Savings Account, 11-Mo No Penalty CD and 60-Mo CD
8/3 - ALLY Raises APY On No-Penalty CD
7/20 - Ally Bank Increases Rates on 12-Month and 18-Month High Yield CDs
6/29 - Ally Ups Rates of Savings Account, 11-Mo No Penalty CD and Other CDs
6/29 - Online Savings 1.75% 11-Month No Penalty CD 1.85%
6/15 - Ally Bank Increases Rates on Online Savings Account and Six CDs
6/15 - Ally Raises Rate On Savings & Most Cds
5/11 - Ally Bank Hikes Rates on Online Savings Account and CDs
5/11 - Rate Hikes At Ally Bank
4/27 - Small Rate Hikes on Savings Account and Seven CDs at Ally Bank
4/27 - Rate Hikes At Ally
2/9 - Ally Bank Increases Online Savings Account Rate
2/9 - Ally Raised Savings Account Rate
2/9 - Ally Raised Savings Account Rate
2/2 - Ally Bank Boosts Rates on Several High Yield CDs
2/2 - Ally CD Now Up To 2.5%
1/24 - Ally Bank Ups Yields on Both Raise Your Rate CDs
1/23 - Ally Raise-Your-Rate Cds Up To 2% APY
1/19 - Ally Bank Hikes Rates - Savings Account, Money Market and Several CDs
1/19 - Ally Raised Savings Rate
1/9 - Ally Bank Raises 30-Month Select CD Rate
1/3 - Ally Bank Ends Hot CD Specials and Increases a Few CD Rates
1/3 - Ally Drops Rates - 1.6% APY No Penalty CD & HY 1.7% APY
1/1 - Ally Bank First To Reach 2% APY on 1-Year CD
12/8 - Ally Bank Increases 11-Month No Penalty CD Rates
12/5 - Ally Bank Ups Mid-Term and Long-Term CD Rates
11/2 - Ally Incommunicado portion Of Saturday 11-4-17.
10/27 - Ally Bank Hikes Rates on Savings Account and 1-Year CD
10/27 - Ally Bank Raises Rate On Online Savings & One Year CD
9/1 - Another Savings Account Rate Hike at Ally - MM Rate Up, But Still Low
9/1 - Ally Bank Hikes Rate On Both Online Savings & Money Market
6/30 - Ally Bank Ups Savings Account Rate to Highest Level Since 2010
6/30 - Ally Follows Other Top Online Banks By Raising Online Savings Rate.
6/22 - Ally "always-rewards" strategy
6/20 - Ally Bank Again Increases the Rate on Its 11-Month No Penalty CD
6/20 - No Penalty CD Rate Increase
6/12 - Ally Bank’s 11-Month No Penalty CD Rate at Highest Level Since 2010
6/10 - Ally 11 Mon No Penalty CD 1.35%. Quick Look.
5/15 - Ally Bank Increases Rates of 1-Year CD and 2-Year Raise Your Rate CD
5/12 - Ally Adds Brokerage and Investments Services To Its Website
4/21 - Ally Bank Ups Savings Account Rate to Highest Level Since 2011
4/21 - Online Savings Account Rate Increase
4/17 - Ally Bank Ups 5-Year CD Rate to Highest Level Since 2011
4/17 - Ally 5-Year CD, 2.25% APY
4/2 - Ally Bank Increases Rates on 9-Month CD and 11-Month No Penalty CD
4/1 - New CD Offer
3/24 - Ally Bank Increases Rates on 1-Year, 5-Year and Raise Your Rate CDs
3/6 - Ally Bank Raises Its 5-Year High Yield CD Rates
3/4 - Ally Raises Rates On 5-YR CDs
2/13 - Ally Bank Offers Limited-Time 13-Month Select CD
1/26 - Review Of Ally Bank’s 1-Day Bank-To-Bank Transfers
1/4 - Ally Crashes 11-Month Rate To 0.87%
12/17 - Large Rate Increase on Ally Bank’s 11-Month No Penalty CD
12/2 - Ally Delaying Implementation Of Faster ACH Transfers.
11/29 - Ally Bank Increases 18-Month and 3-Year CD Rates
10/24 - Ally Bank’s Deposit Agreement Changes - Next Day Transfers
10/21 - Fake Pennies Placed By Bank Worth $1,000 Each
10/10 - 15-MONTH SELECT CD 1.25%
10/10 - Ally Bank Offers Another Limited-Time Select CD
9/25 - Big Rate Changes At Ally? (Update: False Alarm)
9/5 - Ally Bank Adds Limited-Time 30-Month Select CD
9/3 - 30-Month CD Promotion
6/16 - Ally Bank’s New Cash Back Credit Card
5/20 - Ally Bank Cuts 5-Year CD Rate - There Are Now 3 Tiers
11/30/15 - Ally Bank Increases CD Rates on Its New Rate Tiers
11/8/15 - Ally Rate Tiers
10/8/15 - Ally Bank Announces New Rate Tiers - Will We See Higher Rates?
10/6/15 - Upcoming Interest Changes For Ally Savings & Money Market Accounts
9/25/15 - Higher Rates at Ally Bank After It Announces Growth Milestone
7/8/15 - Ally Bank Changing ATM and Overdraft Policies
7/6/15 - Received By ALLY Snail Mail / $100 Bonus
2/9/15 - Ally Bank Tweaks Its New Online Banking Platform
1/20/15 - Ally Bank’s New Online Banking Website
1/2/15 - Review of Ally Bank’s IRA Bonus for New Deposits
12/24/14 - Ally Introduces Buyer's Choice Auto Financing Plan With Cadillac
12/22/14 - Ally Exits TARP - Effects on Ally Bank?
12/19/14 - Another Savings Account Rate Increase at Ally Bank
12/19/14 - Another 2-Year CD Rate Increase
12/12/14 - Ally Bank Increases Rates on Savings Account and Two CDs
12/12/14 - Ally Raises Savings Rate...
12/8/14 - Ally 3 Year CD Rate Hike.
11/4/14 - SEC Asks Ally For Subprime Loan Documents
9/18/14 - Ally Raises 5 Yr Cd Rate
9/5/14 - Ally Bank Raises Savings Account and 5-Year CD Rates
9/5/14 - Ally Raises Savings Rate
8/14/14 - Higher CD Rates at Ally Bank
8/13/14 - Ally Minor CD Rate Changes
8/12/14 - Bonus For Maturing CD's
7/22/14 - Ally Bank Giving Customers Industry-Leading Anti-Malware Software For Free
6/16/14 - Ally Bank Tops Pew “Checks & Balances” Study
6/12/14 - How This CD Tracker Tool May Benefit The Bank More Than You
5/14/14 - Are “Raise Your Rate” Type of CDs a Good Deal?
4/15/14 - Review of the New Ally Mobile Banking App
4/15/14 - Information From Ally Bank On The Heartbleed Online Bug
4/15/14 - US Bank To Acquire Document Custodian Business From Ally Bank
4/9/14 - Ally Financial Prices IPO At $25
3/4/14 - Ally Bank Launches "Discovering Retirement" Campaign
2/12/14 - Ally Weather Related Notice
2/11/14 - Ally's Loyalty Rewards
2/5/14 - Have You Used Ally's Mobile Banking? App For Windows Phone 8 Just Released
2/1/14 - Ally Drops Checking Account Rates
1/13/14 - $250 IRA Bonus at Ally Bank
1/10/14 - Ally Raised 12 Month CD
1/7/14 - Update on Ally Bank’s New Straight Talk Product Guides
12/27/13 - Ally Ordered To Pay $80 Million In Damages
12/14/13 - Ally 1 year CD Rate Decrease
12/13/13 - Ally Bank's CD Loyalty Rewards Program Changes for 2014
12/12/13 - Ally Loyalty Rewards Decrease Jan 18, 2014
12/10/13 - Government Ownership Of Ally Bank After Government Sold All General Motors Shares
12/9/13 - Ally Bank Introduces Concise and Standard Account Disclosures
11/26/13 - Ally Bank Offering Free Security Software to Customers
11/21/13 - Ally Financial Repays Treasury $5.9 Billion
11/13/13 - Ally MM/OSA Rate Decrease
10/29/13 - Bauer Financial Savings Account Rate For Ally Bank In Error?
10/28/13 - Review of Today’s Bump-Up CDs - Is the Bump-Up Feature Useful?
10/26/13 - Ally 11Mo No Penalty CD Rate Increase
10/25/13 - Ally Bank Increasing Early Withdrawal Penalty on New Long-Term CDs
9/25/13 - Ally Bank’s New Ad Campaign: Trying New Things And Nothing Hidden
9/9/13 - Ally 2 Year CD Rate Decrease
8/21/13 - Ally To Repay U.S. Taxpayers $5.95 Billion, To Sell Shares
7/25/13 - Ally Bank Publicizes Large Deposit Growth - Good News For Savers?
6/19/13 - Ally Scheduled Outage Sat, Sun, 6/22-23
6/14/13 - Raffle For 2 Tickets To See Paul Mccartney Live @ Fenway Park!!!
6/12/13 - Ally Bank’s Resource Guide for Establishing Trust Accounts
4/12/13 - Ally CD Renewal Goof
4/11/13 - Changes Are Coming To The Ally Online Banking Login Over The Next Few Weeks
4/1/13 - Deciding Between Ally Bank’s Savings Account And No-Penalty CD
3/31/13 - Is It Better To Open Allybank No-Penalty CD Or Savings Account At This Time?
3/18/13 - Cyprus Deposit Tax - Could It Ever Happen Here?
3/11/13 - Ally Bank Cuts Savings Account Rate To 0.84%
3/8/13 - Ally Financial Scores Poorly on Fed's Stress Test - Effect on Ally Bank?
3/8/13 - Ally Financial Inc. : Ally Financial Statement On Dodd-Frank Act Stress Test Results
3/7/13 - My Experience with Ally Bank's Loyalty Rewards Program for CD Renewals
2/20/13 - Ally Bank Issuing False Security Alerts!
2/20/13 - Ally Bank To Sell Business Lending Mortgage Operations
1/25/13 - Rate Down To .90%
1/23/13 - Ally Bank Online Account Access
12/21/12 - Ally Financial Repays $4.5 Billion In Government Debt
12/10/12 - Security Management
11/19/12 - Ally Bank Releases New Version of Mobile Banking with eCheck Deposit
11/17/12 - GM Close To Stake In Ally Foreign Operations
11/11/12 - Early Closure Of An Ally Bank CD
11/2/12 - 2nd Version Of Ally Mobile Banking Scheduled For Later This Month
11/1/12 - Ally Repays $2.9 Billion Of Government-Backed Debt
10/30/12 - Ally Bank's Loyalty Rewards Program FYI
10/26/12 - Allan Roth's Take On Ally Banks CD's Recent Policy Re-Wording
10/25/12 - Ally Bank Changes Deposit Agreement Covering CD Early Withdrawals
10/24/12 - Change To Ally Bank Deposit Agreement Terms For CD Early Withdrawal
10/23/12 - Ally Perks Deal - $5 Cash Back At Target.com
10/19/12 - Ally is Latest Bank to Be Hit by Mideast Cyberattack
10/16/12 - Ally Bank Commercial With Economist: Why They Have A Raise Your Rate CD
10/2/12 - Ally Perks Deal - $5 Back At Lowes
10/2/12 - Ally Bank's New Online CD Ladder Tool - CD Ladders Still Useful?
9/21/12 - Ally Bank Site Maintenance Scheduled For Saturday
8/31/12 - Ally Bank Increases Its Savings & Money Market Account Rate
8/21/12 - Differences Between Ally Bank's Savings and Money Market Accounts
8/15/12 - U.S. Treasury Appoints Two Directors To Ally Financial Board
8/8/12 - Cash Back Debit Card Deals At Ally Bank
7/9/12 - CDs Mailed At Maturity A Law?
6/25/12 - Are Your CDs/Investments Keeping Up With Inflation?
6/21/12 - Ally Yo-Yoing Their CD Rates?
5/30/12 - Scathing Commentary On Ally Financial's ResCap Bankruptcy
5/24/12 - Ally Quiz Part I: How Well Do You Know Your Deposit Options?
5/15/12 - Ally Financial Mortgage Unit's Bankruptcy and Its Impact to Ally Bank
5/14/12 - Ally Hopes To End Mortgage Woes With Rescap Bankruptcy
5/12/12 - Review Of Ally's Mobile Cash-Bank Finder & Call-Center-Hold-Time Meter
5/10/12 - Early Withdrawal Of An Ally Bank 5-Year CD
5/7/12 - Time Running Out For Ally Financial's Restructuring
5/1/12 - Ally Bank Launches Mobile Banking & Reports on Deposit Growth
4/25/12 - Ally Bank's Loyalty Rewards Program for CD Renewals
4/24/12 - Ally "Loyalty Rewards" CD Renewal Info
4/18/12 - Ally Bank's Electronic Consent Agreement
4/15/12 - Bankruptcy Ahead For Ally Financial Unit?
4/13/12 - ALLY Bank Scheduled Mantenance
3/28/12 - Feds Ready To Dump Ally Financial
3/17/12 - Analysis: Bank Stress Tests Highlight Ally Financial's Challenges
3/15/12 - Impact of Ally's Stress Test Failure on Ally Bank?
3/1/12 - Rate Drop At Ally
2/21/12 - Ally Bank Offers Free Anti-Malware Software
2/17/12 - Ally Bank Fails To Pay Interest To Thousands Of Its CD Holders
2/17/12 - Ally Financial Weighs Sale As IPO Looks Bleak
2/9/12 - Double Check Your Ally Bank CD Interest
1/15/12 - Happy "Birthday"
12/8/11 - My Experience with Ally Bank's No Penalty CD
12/8/11 - Unlimited ATM Fee Rebates Even In Casinos
11/4/11 - Ally Bank's Suitcase Of Money Commercial
11/4/11 - Oddity With Ally Bank's CD And Savings Account Rates
10/25/11 - Ally Bank's eCheck Deposit is Now Available to All Customers
10/24/11 - Echecks For Ally Bank
10/21/11 - Ally's eCheck Deposit Is Now Open To All
10/19/11 - Ally Bank Cut Rates Again
10/12/11 - Methods to Make Deposits to Your Internet Bank Accounts
9/7/11 - Ally Announces Plans For Mobile Banking
9/4/11 - Make Long Term CD Yields Table A Permanent Feature?
9/4/11 - Ally Bank 5-Year CD Rate Continues To Fall
8/25/11 - Ally Rates Down
8/18/11 - How Long Will The Ally Bank Site Be Down?
8/16/11 - Some Important Ally Bank CD Details
8/4/11 - Ally 5 Year CD Rate Decrease Tomorrow
7/22/11 - Update on Ally's Bank-to-Bank Transfers
7/21/11 - Ally Bank Wants To Poach ING Direct Customers
6/24/11 - Ally Bank's New Debit Card Cash Back Program: Ally Perks
6/23/11 - Ally Bank's Popmoney - New Service for Person-to-Person Transfers
6/21/11 - Ally Bank's New Raise Your Rate CD - Better Than the 5-Year CD?
6/21/11 - Ally Bank Races Ahead With IRAs, Ally Perks, eCheck Deposit
6/20/11 - Ally Bank's New IRA CDs and IRA Savings Account
6/19/11 - Ally Bank Launches Several New Accounts and Services
6/17/11 - Ally Bank Launches Ally Perks Debit Card Rewards Program
6/10/11 - Review of Ally Bank's eCheck Deposit
6/10/11 - Rate Jump At Ally Bank On Online Savings And Money Market Accounts. 1.00% to 1.04% APY :)
6/9/11 - Ally 5 Year CD Rate Change Alert
5/7/11 - Ally Drops Rate On "No Penalty" CD Once Again
4/14/11 - Ally Bank Starts Roll Out of eCheck Deposit for Scanning Checks at Home
3/31/11 - Ally Files With The SEC For An IPO Later This Year
3/21/11 - Money Market/On-Line Savings Rate Down
3/21/11 - The Best CD Rates and the Smallest Early Withdrawal Penalties
3/12/11 - Ally Drops Rate On "No Penalty" CD
2/22/11 - Review of Some Useful Features of Ally Bank CDs
2/17/11 - Ally Updates Telephone CD Rates One Day Ahead Of Time
2/11/11 - What Makes You Love Your Bank?
2/9/11 - How Ally Bank Has the Best CD Rates For Most CD Maturities
2/8/11 - Ally Bank's After-Penalty 5-Year CD Rates By Month
1/26/11 - Ally Financial Meets With Banks On IPO
1/26/11 - Less-Than-Ideal Features of Ally Bank's Transfer Service
12/15/10 - Applying For Ally Bank Account With A Credit Freeze
11/18/10 - Ally Drops Savings Rate Again
11/17/10 - Ally Rate Drop
11/4/10 - Ally Bank Cuts Savings And Money Market Account Rate To 1.20%
10/21/10 - Important Note about Adding Beneficiaries to Your Ally Bank Accounts
10/18/10 - Ally Bank's New Account Center with New System for Transferring Funds
10/4/10 - Ally Bank's Raise Your Rate CD vs. the 5-Year CD
10/3/10 - New Ally Bank Commercials: The Interview, The Dog And The Rock Band
9/29/10 - Rate Decrease
9/29/10 - Ally Bank to Offer IRA CDs - How It Might Compare to Discover Bank and PenFed
9/20/10 - Ally Bank's 5-Year CD as an Alternative to Reward Checking?
9/6/10 - What Can Happen If You Use Your Ally Checking Account As A Business Account
8/31/10 - Ally Bank Cuts Rate On Savings And Money Market Accounts
8/23/10 - Ally Bank's CD Renewal Bonus Update
8/23/10 - Ally's 5 Yr CD With Its 60 Day Early Withdrawal Penalty Advantage
8/17/10 - Excessive Withdrawal Fees from Bank of America, Citi, Wells Fargo and Ally
8/12/10 - Ally Bank Is Slowly Cutting Rates
8/5/10 - Sign Of Future Rate Cuts? Ally Bank's 5-Year Brokered Cds At 2.35%
7/13/10 - Ally Brand Name Will Completely Replace GMAC
7/2/10 - Update on Ally Bank's CD Deal and ACH Links
6/17/10 - Ally Bank Is Now Limiting the Number of ACH Links
6/14/10 - Calculating Your Yield On An Early Withdrawal From An Ally Bank 5-Year CD
6/11/10 - Ally Bank's 5-Year CD Yield Falls To 2.95%
6/3/10 - New Publicity of Ally Bank's Hot CD Deal
5/30/10 - Ally Bank's Ice Cream Commercial
5/24/10 - Ally Continues to Offer CD Renewal Bonuses
4/13/10 - I'm Looking For Some Feedback
4/3/10 - Tips on Opening an Ally Bank Certificate of Deposit
4/2/10 - Opening an Ally Bank CD
3/31/10 - CD Rate Cuts at Ally Bank
3/26/10 - No-Penalty CD Change at Ally Bank and an Update on the Early Withdrawal Penalty for Regular CDs
3/19/10 - Update on Ally Bank's CD Early Withdrawal Penalty
3/17/10 - Future of Ally Bank as GMAC Tries to Repay Its TARP Debt?
3/15/10 - Ally Bank Is Not JUST A Completely Incompetent Organisation
3/12/10 - I Funded My Ally 60
3/9/10 - Make Sure To Get Your Information In Writing
3/9/10 - Ally Bank's 5-Year CD and 2-Year Raise Your Rate CD - Which is Better?
3/7/10 - Ally Bank's 10-Day Rate Guarantee for CDs
3/3/10 - Ally Bank Cuts Rates on Savings, Money Market and CDs
3/1/10 - Update on Ally Bank: CD Policies and New Commercials
2/17/10 - Ally Bank Cuts Savings and Money Market Yield to 1.39% (was 1.44%)
2/9/10 - Ally Bank Cuts Savings and Money Market Rate
2/4/10 - Ally Bank's Parent, GMAC Financial, Posts Quarterly Loss
2/3/10 - Ally Bank Cuts 1-year CD Yield
1/28/10 - Ally Bank's New 2-Year Bump-Up CD - How It Compares to Other Flex CDs?
1/25/10 - Huge Change to Ally Bank CDs Will Benefit Savers
1/18/10 - Ally Bank's CD Loyalty Bonus Is Back
1/15/10 - Ally Bank Launches an Interest Checking Account
1/13/10 - Ally Bank Plans to Launch a Checking Account by End of This Week
1/10/10 - Update on Ally Bank's CD Renewal Bonus
1/5/10 - GMAC headed for $5 billion loss [CNN]
12/10/09 - Ally Bank News - Fee Changes and CD Renewal Bonus
12/8/09 - GMAC Bank Changes Name to Ally Bank - New 2.50% 9-Month No-Penalty CD
11/17/09 - Link Verification When Opening a New Account at Ally Bank
11/13/09 - Ally Bank Increases Rates - FDIC Restrictions Having an Effect?
11/2/09 - History of the Government's Intervention into GMAC and Ally Bank
10/30/09 - Ally Bank Cuts Rates - Linked to the GMAC Bailout?
10/27/09 - GMAC Reported To Have Agreed to Deposit Rate Limitations
7/10/09 - Another Rate-Cut Friday at Ally Bank
6/19/09 - Third Week in a Row of Rate Cuts at Ally Bank
6/19/09 - FDIC Starts to Crack Down on Ally Bank's Deposit Rates
6/12/09 - More Rate Cuts at Ally Bank
6/5/09 - Rate Cuts at Ally Bank
5/29/09 - American Bankers Association Urges FDIC To Force GMAC/Ally Bank to Cut Deposit Rates
5/1/09 - GMAC Bank Raises the 12-Month CD Rate
4/14/09 - Review of GMAC Bank and its 2-Year CD - Nationally Available
3/28/09 - Review of GMAC Bank and its 12-Month CD - Nationally Available
3/13/09 - GMAC Bank's Online Savings Account Yield Back Up to 3.75%
12/24/08 - GMAC Bank's New Online Savings Account
11/20/08 - GMAC Applies to Become Bank Holding Company and Seeks Bailout Funds
11/6/08 - GMAC Bank's Parent Posted Record Losses
7/18/08 - Higher CD Rates at GMAC Bank Plus News on the FDIC Waiver
4/25/08 - GMAC Bank's Long Term CD Rates Up - Interest Rate Increase Expectations?
2/29/08 - Opening a GMAC Bank Money Market Savings Account
6/8/07 - Big Jump in GMAC Bank's Long Term CD Rates - New Trend?
1/12/07 - GMAC Bank's Money Market Rate Drops - GMAC's Future?
10/6/06 - GMAC Bank Raises Money Market Savings to 5.25%
8/4/06 - Rates Drop at GMAC Bank - Have Rates Peaked?
6/30/06 - Slight Rise in GMAC Bank CD Rates
6/2/06 - Short Term CD Rates Up Slightly at GMAC Bank
5/20/06 - GMAC Bank CDs: New 5.20% 6-Mo, Opening Process
5/5/06 - GMAC's Long Term CD Rates Move Up Slightly
3/10/06 - GMAC Bumps Up Money Market Account and CD Rates
1/9/06 - Some Concerns with GMAC Bank
Easily Supports Trust Accounts
Needing to open up an account in addition to my bank and credit union accounts, I considered the major online providers. Most don't support trust accounts. The few that do seemed to make it a somewhat difficult experience. Ally Bank was different. Even though their rate at the time was 5 or 10 basic points lower than some of the other stable online banks, I found their explanation of the process of opening up a trust account to be clear and reasonable. So I did, and I have to say it was the easiest account-opening process I have ever experienced with a financial institution.
Everything proceeded exactly as promised. Ally may not have THE highest rates but I think they're close to the top, and I give them huge kudos for supporting trust accounts. If you have enough money to be considering an online bank, you probably need to consider having a living trust, and Ally is one of the few banks that seems to acknowledge that need.
Online transfers are easy and relatively quick...not as quick as with my credit union account, but the money is there once the clock strikes midnight in the Eastern time zone (there must be some batch process involved). The set-up process for online transfers was the easiest I've ever dealt with. Not only do they make the usual trial deposits, they back them out at the same time rather than waiting a few days, thus minimizing disruption to your other accounts.
I haven't done much with the mobile app yet, and I haven't tried remote deposit capture.
I've had my account for a month, and I hope Ally continues with its great track record to this point. I think there's a reason so many DA reviews of Ally are so positive.
Ally Falling Behind
Ally Bank used to be at the forefront (#1) with their rates... that is not the case currently.
Been With Ally Forever BUT
I haven't needed customer service in a long time. My sister tried to join and was given the run around from someone whose first language obviously wasn't English. She was going to make a healthy deposit, but the rep didn't seem to care. As far as interest posting and a worry free debit card, well, that's all I need to worry about right now, and I have those sings. Still though, I feel like a fool recommending Ally to family.
Terrible Security, Terrible Customer Service
I am astonished at the incompetence of this company. 2 weeks ago, my husband noticed fraudulent charges, completely out of line with our typical account activity. When I called to report it they said they would put a dispute in and shut the card down for me. 2 days later we found the rest of our account had been completely drained. When I called to inquire why, they had allowed the people fraudulently using our account to reopen it and drain the rest of the funds. They never notified us that our card was being used in a different part of the country or for large cash withdrawls which is completely unlike us AND they allowed them to continue even after I reported the fraud and shut the card down. They actually reopened the card for them. Over the next few days I spent countless hours on the phone with numerous customer service representatives who had no idea what they were doing and could not offer me any additional security on my account. About 5 days after the initial report, I spoke with a representative who informed me the first representative had never filed a dispute. So they lied and did nothing to help me get the funds back. That representative disputed the fraudulent activity. At this point, daycare, the mortgage, and electric bill are not getting paid. They assured me my case was the highest priority for their loss prevention team, then assigned it to someone on vacation. Finally, they gave me a provisional credit for the funds and now won't let me access it so now, 2 weeks later, we are still unable to pay our mortgage or any other bills. I just spend hours on the phone being bounced around to different departments all with no idea what they are doing. I can't go into a branch to see a person either. Also, I've compared their security to other banks and it's pitiful. Even my credit union allows a secret password on the account but they don't. Most other banks allow a security code to be sent to your phone or email before being able to get access to the account when speaking with a rep. They don't (although they have the option for online login, but that did nothing to protect me). We will never bank here again.
Data as of Q2 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57803 |
| Year Established | 2004 |
| Employees | 6926 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.34% |
| Return on Equity - YTD | 11.63% |
| Annual Interest Income | $3.16B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2018vs Q2 2017 | $146.9B$126B |
| Loans | Q2 2018vs Q2 2017 | $111B$95.37B |
| Deposits | Q2 2018vs Q2 2017 | $100.3B$86.26B |
| Equity Capital | Q2 2018vs Q2 2017 | $16.16B$18.87B |
| Loan Loss Allowance | Q2 2018vs Q2 2017 | $966.0MM$676.0MM |
| Unbacked Noncurrent Loans | Q2 2018vs Q2 2017 | $597.0MM$324.0MM |
| Real Estate Owned | Q2 2018vs Q2 2017 | $11.0MM$13.0MM |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Ally Online Savings Account Bump.
Ally Bank Increases Sign-Up Bonus For Cashback Credit Card
Earn $150 when you spend $500 on purchases in the first 90 days of account opening. Offer valid 8/20/18 - 10/31/18.
The cash back percentages remain the same (see my 2016 review). As I mentioned in that post, there are other cash back credit cards with higher cash back percentages.
What credit cards do you use to maximize your credit card cash back rewards?
Ally Bank Raises Online Savings To 1.80% Apy
ALLY Raises APY On No-Penalty CD
Online Savings 1.75% 11-Month No Penalty CD 1.85%
11-Month No Penalty CD Annual Percentage Yield
1.30% Under $5,000 Opening Deposit
1.80% $5,000 Minimum Opening Deposit
1.85% $25,000 Minimum Opening Deposit
Always verify rates and promotions with the bank or credit union. We are not Ally Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Ally Bank Savings Account Rates
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.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.85% | - | - | IRA Online Savings Account | |
| 1.85% | - | - | Online Savings Account |
Ally Bank Money Market Rates
Ally Bank's Money Market account has no minimum balance requirement and no monthly service charges. Notable features include check writing (first 50 checks are free) and a 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.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.00%* | $25k* | - | Money Market Account | ||
| OTHER TIERS: 0.90% → Up to $25k | |||||
Ally Bank Checking Account Rates
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 even automatically refund ATM fees charged by other banks. Other features include free online bill pay and a 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.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.60%* | $15k* | - | Interest Checking Account | ||
| OTHER TIERS: 0.10% → Up to $15k | |||||
Ally Bank CD Rates
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 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 fixed rate CD that gives you the option to raise the rate one time during the term to the current CD rate for that same term. All CDs have no minimum balance requirement, although interest rates may vary depending on the amount deposited. The early withdrawal penalties for each of the CDs are shown in the detailed tables below for each product. 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.
Ally Bank IRA Rates
Ally Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Civic Center Dr - Sandy, UT 84070