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.
I have been an Ally customer for years. They've had good customer service, a good web experience, and low fees. Perhaps the only drawback is that their rates are not quite as competitive as they were several years ago.
Have been trying to reach Customer Service for three days by phone and internal messaging. Have tried at different times of the day and the phone wait time now has gone up to 76 minutes. It did not use to be this bad because this is my second time with Ally.
Recently the bank has notified customers of its rate increases in increments of .10 % ( yes, negligible .10 basis points ) . I find it insulting and deceiving ! It announces its petty increases with great fanfare ! As of 2/24/23 it increased to 3.50% APY its deposit rates from 3.40% , recently done on 2/1/23 . Briodirect , a subsidiary of Webster Bank and also an online bank has returned 4.10%since 1/10/23 .
Quite obviously , where one should park their money!
Banking 101
Law of Banking Inertia
First, create goodwill with prompt, professional customer service and highly competitive rates on deposits.
Once you are regarded as a leader for rates and service, let the rates and service decline below that of your competitors, and focus on executive salaries instead.
For several years, most people will simply keep their accounts and will not move to the competition.
Law of Banking Momemtum
Eventually, depositers will move their funds to the competition.
When they do, this can happen very quickly, as many depositers will quickly follow outspoken depositers.
You once were a great bank and you blew it.
Overall | |
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FDIC Certificate # | 57803 |
Year Established | 2004 |
Employees | 9968 |
Primary Regulator | FED |
Profit Margin | |
---|---|
Return on Assets - YTD | 2.03% |
Return on Equity - YTD | 22.67% |
Annual Interest Income | $4.07B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2022vs Q2 2021 | $175.8B$170.1B |
Loans | Q2 2022vs Q2 2021 | $125.4B$108.7B |
Deposits | Q2 2022vs Q2 2021 | $142.6B$142.3B |
Equity Capital | Q2 2022vs Q2 2021 | $14.62B$17.37B |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $3.48B$3.14B |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $1.35B$1.20B |
Real Estate Owned | Q2 2022vs Q2 2021 | $2.0MM$1,000.00K |
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'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 |
---|---|---|---|---|
3.60% | - | - | IRA Online Savings | |
3.60% | - | - | Online Savings Account |
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 |
---|---|---|---|---|
4.00% | - | - | 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 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 | |
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0.25%* | $15k* | - | Interest Checking Account | ||
OTHER TIERS: 0.10% → Up to $15k |
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 is an Internet only bank and does not have branch locations. Its headquarters is located at 200 West Civic Center Dr - Sandy, UT 84070