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Most Popular Ally Bank Accounts
| Account Type | APY | Account Name | Min | Max | |
|---|---|---|---|---|---|
| Savings | 1.05% | Online Savings Account | - | - | Details » |
| CD | 1.35% | High Yield 12-Month CD | - | - | Details » |
| CD | 1.60% | High Yield 3 Year CD | $25k | - | Details » |
| CD | 2.25% | High Yield 5 Year CD | - | - | Details » |
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.
Related Posts
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
9/5 - 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 - Ally Bank Increases CD Rates on Its New Rate Tiers
11/8 - Ally Rate Tiers
11/5 - Your Internet Bank May Offer More Than Just High Interest Rates
10/8 - Ally Bank Announces New Rate Tiers - Will We See Higher Rates?
10/6 - Upcoming Interest Changes For Ally Savings & Money Market Accounts
9/25 - Higher Rates at Ally Bank After It Announces Growth Milestone
7/8 - Ally Bank Changing ATM and Overdraft Policies
7/6 - Received By ALLY Snail Mail / $100 Bonus
5/31 - How Can Ally Assist You?
2/9 - Ally Bank Tweaks Its New Online Banking Platform
1/20 - Ally Bank’s New Online Banking Website
1/2 - Review of Ally Bank’s IRA Bonus for New Deposits
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
9/15/14 - What Makes a Bank’s Web Site Easy to Use?
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
4/29/13 - How Ally Bank Keeps Your Money Secure
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 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - January 2013
1/23/13 - Ally Bank Online Account Access
12/27/12 - Replacing Savings Accounts with an Interest Checking Account
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
9/18/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - September 2012
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
8/7/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - August 2012
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?
6/15/12 - Updated Comparison of Internet Checking Accounts at Ally Bank and ING DIRECT
6/5/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties
5/30/12 - Scathing Commentary On Ally Financial's ResCap Bankruptcy
5/29/12 - Best Bank Accounts for a Future of Uncertain Interest Rates
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
5/8/12 - 5 Top Long-Term CD Rates After Early Withdrawal Penalties
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
3/22/12 - Updated Comparison of Top Long-Term CD Rates After Early Withdrawal Penalties
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?
3/13/12 - Flexible CDs and Savings Accounts with Rate Guarantees
3/1/12 - Rate Drop At Ally
2/27/12 - Comparing Top Long-Term CD Rates After Early Withdrawal Penalties
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
1/16/12 - What to Do with Maturing CDs? Choosing the Best New Long-Term CD
1/15/12 - Happy "Birthday"
12/21/11 - Long-Term CD Rates Continue to Decline
12/8/11 - My Experience with Ally Bank's No Penalty CD
12/8/11 - Unlimited ATM Fee Rebates Even In Casinos
12/6/11 - Comparing the Best CD Rates After Early Withdrawal Penalties
11/21/11 - 4 Internet Banks That Offer Flexible CDs
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
10/11/11 - Leaving Your Big Bank and Choosing an Internet Checking Account
10/6/11 - Comparing the Best Long-Term CD Rates After Early Withdrawal Penalties
9/15/11 - Best Long-Term CD Rates After Early Withdrawal Penalties
9/8/11 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
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
8/23/11 - Long-Term CD Strategy Review with an Updated Comparison of Ally & Discover Bank
8/18/11 - How Long Will The Ally Bank Site Be Down?
8/16/11 - Some Important Ally Bank CD Details
8/10/11 - Updated Comparison of Ally and iGObanking Long-Term CDs
8/4/11 - Ally 5 Year CD Rate Decrease Tomorrow
7/27/11 - Rates and Early Withdrawal Penalties of the Best Long-Term CDs
7/22/11 - Update on Ally's Bank-to-Bank Transfers
7/21/11 - Ally Bank Wants To Poach ING Direct Customers
7/20/11 - New Bank or Just a Name Change? Aurora, Ally, OneWest & Alostar
7/11/11 - The Lure of the Long-Term CD Rates - iGObanking vs Ally Bank
6/27/11 - Comparing CDs from Ally and Discover Bank
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
6/7/11 - Comparing CDs Based on Rates and Early Withdrawal Penalties
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
3/30/11 - Ally Bank and ING Direct Working on Remote Deposit Capture
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
2/16/11 - Best Internet Checking Accounts That Offer Paper Checks
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
2/7/11 - How Rates Have Held up at the Largest Internet Banks
1/26/11 - Ally Financial Meets With Banks On IPO
1/26/11 - Less-Than-Ideal Features of Ally Bank's Transfer Service
1/21/11 - Comparing the Best Long-Term Certificates of Deposit
1/13/11 - Best Checking Accounts with Focus on Features Rather Than Rates
12/15/10 - Applying For Ally Bank Account With A Credit Freeze
12/5/10 - The Best CD Rates Available Nationwide: Comparing PenFed with Ally Bank
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%
11/1/10 - Long-Term CD Rates and Early Withdrawal Penalties - Updates and Concerns
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
10/12/10 - Comparing Internet Checking Accounts at Ally Bank and ING Direct
10/11/10 - Comparing the Best Long-Term CD Rates and Early Withdrawal Penalties
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
10/1/10 - Best Place for Your Savings? Reward Checking, Savings Accounts or CDs?
9/29/10 - Rate Decrease
9/29/10 - Ally Bank to Offer IRA CDs - How It Might Compare to Discover Bank and PenFed
9/22/10 - Internet Checking Accounts with the Best Interest Rates
9/20/10 - Ally Bank's 5-Year CD as an Alternative to Reward Checking?
9/13/10 - Comparing Sallie Mae Bank CDs with Ally Bank's 5-Year CD
9/9/10 - Comparing Alliant Credit Union's CDs with Ally Bank's 5-Year CD
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
8/29/10 - Comparing Long-Term CD Rates at Discover, Ally and PenFed
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
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%
7/22/10 - Five Best Regular Interest Checking Accounts Available Nationwide
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
6/3/10 - The Best CD Rate is Not Always the Best Deal
5/30/10 - Ally Bank's Ice Cream Commercial
5/24/10 - Ally Continues to Offer CD Renewal Bonuses
4/26/10 - Review and Survey of Flexible CDs
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
10/2/09 - Ally Bank Raises Rates of Its Online Savings Account and 12-month CD - Available Nationwide
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
6/1/09 - Update on Ally Bank's 9-Month No-Penalty CD
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
3/30/09 - GMAC Bank Raises Online Savings Account Yield to 3.75%
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%
1/22/09 - 3.75% 12-Month CD at GMAC Bank - Nationally Available
1/10/09 - 4.00% 12-Month CD at GMAC Bank - Nationally Available
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
9/19/08 - GMAC Bank Raises CD Rates, 6-Month CD Yield is Now 4.00%
7/18/08 - Higher CD Rates at GMAC Bank Plus News on the FDIC Waiver
6/27/08 - Another Bank Offers a 5% 5-Year CD, GMAC Bank
5/2/08 - GMAC Bank Increases CD Rates - New 4.10% 12-Month CD
4/25/08 - GMAC Bank's Long Term CD Rates Up - Interest Rate Increase Expectations?
3/28/08 - 3.90% 12-Month Online CD at GMAC Bank
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?
4/20/07 - GMAC Bank Raises Money Market Savings to 5.30%
3/16/07 - GMAC Bank Raises Money Market Savings to 5.10%
1/12/07 - GMAC Bank's Money Market Rate Drops - GMAC's Future?
11/10/06 - GMAC Bank Money Market Savings Rate Now 5.30%
10/6/06 - GMAC Bank Raises Money Market Savings to 5.25%
8/11/06 - CD Rates Drop Again at GMAC Bank
8/4/06 - Rates Drop at GMAC Bank - Have Rates Peaked?
7/28/06 - GMAC's Money Market Account Now 5.10%, But CD Rates Drop
7/14/06 - GMAC Bank's Money Market Now 5.05% and New Higher CD Rates
7/7/06 - GMAC Money Market Now 4.90%, Higher CD Rates
6/30/06 - Slight Rise in GMAC Bank CD Rates
6/9/06 - GMAC Bank Money Market 4.80%, 12-Month CD 5.45%
6/2/06 - Short Term CD Rates Up Slightly at GMAC Bank
5/26/06 - GMAC Bank's 12-Month CD at 5.35% - Update on CD Opening
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
4/21/06 - New Rates at GMAC Bank: 4.75% Money Market / 5.10% 6-Month CD
4/7/06 - GMAC's Money Market Account Now 4.70%
3/10/06 - GMAC Bumps Up Money Market Account and CD Rates
2/25/06 - GMAC Bank Raises Money Market Account to 4.60%
1/9/06 - Some Concerns with GMAC Bank
12/10/05 - GMAC Bank Money Market Savings Now 4.30%
11/5/05 - Another 4% Savings at GMAC Bank
Safe and Affordable
I switched to Ally mostly to lower my fees and try to earn a little better interest rate on my money. The experience has been nothing but positive. I have avoided many of the fees that my traditional bank required. They are good about reimbursing transaction fees if you use an atm out of their network. Also, I was given checks completely free, compared to my old bank where I had to buy them. Their online banking system is very user friendly. It is easy to transfer funds to other accounts online. I was nervous at first to try an online bank, but I am really glad that I gave Ally a try.
Best online bank I've ever used!
I've not run into any problems from Ally. Their customer service is amazing. And their ATM fees are non existent, they will actually pay me back at the end of each month up to 10 dollars for ATM fees if I was unable to use their recommended ATM. But they do have a certain ATM that is abundant all over america that won't charge Ally customers any money for use of their ATM. So they've been great, I'm so glad I decided to give them a try! I would personally highly recommend anybody who's wanting to save money, especially if they don't have to use a branch location.
Ally Bank and the revolution of Online Banking
Around a year ago I decided to switch to Ally Bank for my savings account. They offered some of the most competitive interest rates at 1% for the savings account. The customer service experience was fantastic, as customers we have the ability to instant message with their customer service team. With this tool I was able to get all of my questions answered a lot faster than I have in the past with other financial institutions. Also, the banks website is easy to navigate and they are able to quickly move money between my savings account I hold there and my other accounts I have spread out over other financial institutions. The reason I chose Ally was for the 1% interest rate on a savings account, but I was surprised and very pleased with the customer service and other benefits I received.
Now I Understand Peoples Frustration With Ally
I have been with Ally since they were known as GMAC bank or about 7 years. Never had any issues with them. My problems began when I tried to link my account with an external account. The other bank lists their MM as a MM savings. When I set up the bank link I set it up as a MM Savings. The micro deposits made it to my account but Ally was not able to withdraw them. Never notified about this issue by Ally. I called customer service and they said that they will try the account linking again. Once again same results. The micro deposits make it to my external account but Ally was not able to withdraw them, and just like before no notice from Ally about this issue. I called Ally to find out what is going on and they now demanded that I provide them with a letter from the other bank on that banks letterhead with my full name, address, bank account number, and routing number to prove my account ownership. I called the other bank with this request and they declined citing security reasons and for my protection. The CS agent suggested I submit the account opening letter as proof of account ownership. I verified my account number with them, confirmed the ACH routing number, and asked her what type of account was their MM. Savings or checking? The CS agent informed me that it is in fact a MM Checking not a MM savings unlike what is advertised.
With this information I called Ally. I informed them about what the other bank told me. They once again demanded that I provide them with the credentials they told me about regardless of the issue. I sent them the account opening letter and a letter informing them about what is blocking the ACH transfer. Two days go by and no reply from Ally. I called them again, they stated that they have not received anything from me yet. They ask me to resend the information. Two days go by no reply from Ally. On the third day a call from Ally that they do not have the information they expected from me. I informed them that I sent it twice. Informed them that my email does not have my name, to look for my email address instead. After almost an hour on the telephone the CS agent informs me that the information I sent is not what they asked for and that they will not unlock the account for me to re-link them until I provide what they demand. This back and forth nonsense has been going on since August 17. Today October 3 was the final straw. I even requested to speak to a supervisor about this a week ago, I received a case number but never heard back from a supervisor. Let me mention that the CS agents at Ally are wonderful and they are not the problem. They were very frustrated that they could not help me. The people causing all the stalemate are the back office accounts transfer group. I have never experienced such a draconian mentality for such a simple problem. In frustration I have decided to close all my accounts with Ally and terminate my banking relationship with them.
Data as of Q4 2016
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57803 |
| Year Established | 2004 |
| Employees | 1567 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.11% |
| Return on Equity - YTD | 7.41% |
| Annual Interest Income | $3.76B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2016vs Q4 2015 | $123.5B$111.3B |
| Loans | Q4 2016vs Q4 2015 | $92.33B$81.74B |
| Deposits | Q4 2016vs Q4 2015 | $78.95B$66.35B |
| Equity Capital | Q4 2016vs Q4 2015 | $17.72B$16.50B |
| Loan Loss Allowance | Q4 2016vs Q4 2015 | $569.1MM$448.3MM |
| Unbacked Noncurrent Loans | Q4 2016vs Q4 2015 | $309.1MM$244.4MM |
| Real Estate Owned | Q4 2016vs Q4 2015 | $13.1MM$10.5MM |
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 5-Year CD, 2.25% APY
New CD Offer
Ally Raises Rates On 5-YR CDs
1.95 5,000 Min Opening
2.00 25,000. Min Opening
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 |
|---|---|---|---|---|
| 1.05% | - | - | IRA Online Savings Account | |
| 1.05% | - | - | 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 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.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.85% | - | - | Money Market Account |
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 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.
| 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 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.
Ally Bank IRA Rates
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