Ally Bank

Overview / Commentary

www.ally.com

877-247-2559

200 West Civic Center Dr
Sandy, UT 84070

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.

14-Month Select CD - 5/11/2021

Ally is currently offering a 14-month Select CD at 0.60% APY. A loyalty reward of an extra 0.05% is available. Apparently Ally is no longer offering their traditional 15-month Select CD. https://www.ally.com/go/bank/14m-select-cd/

Online Banks and Same-Day Wire Transfers - My Experience at Ally - 5/10/2021

If you need to make a same-day wire transfer, be careful about assuming that your bank can do it. This is especially the case for online banks.

Ally Bank Is Renewing Your Webroot® Secureanywheretm Online Security Software. - 4/20/2021

Your online security is important to us, which is why we're continuing to provide customers with Webroot® SecureAnywhereTM software for another year – for free. You don't need to do anything to renew your current software license. It will happen automatically. SecureAnywhereTM will continue to protect against viruses, spyware and other threats with its award-winning anti-malware and antivirus technology. You can protect up to 3 of your compatible devices with the free Webroot® SecureAnywhereTM software that Ally provides. Downloads are available for your PC, Mac®, Windows 8® tablet, and AndroidTM tablets and smartphones. Go to ally.com/webroot and log in to download a license key. You'll enter the same license key for each device where you choose to install Webroot® SecureAnywhereTM. Thank you for being an Ally Bank customer. (I do not have much money with Ally but I appreciate this)

View all posts from:

2021
2020
2019
Earlier

5/11 - 14-Month Select CD
5/10 - Online Banks and Same-Day Wire Transfers - My Experience at Ally
4/20 - Ally Bank Is Renewing Your Webroot® Secureanywheretm Online Security Software.
3/22 - Ally Bank Lowers Yield On Several Cds
2/8 - 15-Month Select CD

12/11 - Ally Bank No-Penalty CD Yield Drops To 0.50%
12/10 - Ally Savings Rate Reduced To 0.50%
11/9 - Ally Bank’s Removal of Early Withdrawals in Online CD Management
10/20 - Ally Removes Online Early Withdrawal From No-Penalty Cds
10/19 - Q3 Earnings Report Offers Insights for Ally Bank’s Deposit Customers
10/12 - National Online Bank Day - Effects of Falling Rates
9/24 - Ally Savings From 0.80% To 0.60%
9/11 - Ally Bank Cuts CD Rates By 5 Basis Points
8/27 - Ally Checking Reduced From 0.50% To 0.25% For Balances Of $15K+
8/14 - Online Savings Account Rates Falling to All-Time Lows - Alternatives?
8/13 - Ally Savings Rate Drops To 0.80%
8/13 - And There Goes Ally, Savings To .80%
8/13 - Ally Down To 0.80%
8/12 - Ally Bank No Penalty CD Falls To 0.75%
7/29 - CASH BONUS PAID
7/25 - Ally Drops No-Penalty CD To 0.90
7/7 - Ally's Online Savings APY Cut To 1.00%
7/1 - Ally Bank 1% Bonus Retention Period Has Ended
6/17 - Rate Drop Any Minute Now
6/12 - Ally Bank No Penalty CD APY Drops To 1.05%
6/11 - Ally Online Savings Account APY Will Drop To 1.10% On 6/12/20
5/29 - More CD Rate Cuts At Ally Bank
5/13 - Review of Ally Bank’s Savings Accounts and CD Rates
5/11 - Ally Bank To Lower Yields On Savings And Money Market Accounts, Effective 5/12/20
4/25 - Ally Bank No-Penalty CD Yields
3/19 - Noteworthy Features of Ally’s Pandemic Relief Package
3/16 - Ally Bank 13-Month Select CD Promo Still Available
3/13 - Ally Bank’s New 1% Cash Bonus Promotion
3/13 - Ally Offers 1% Bonus Promotion
3/13 - Ally Cuts 11 Month No Penalty CD And 13 Month Special CD
3/6 - Ally Bank Cuts CD Rates, But There Remains Two Good Deals
3/6 - Ally Bank Lowers Its CDs for 12 Months And Over
3/5 - Ally Bank's Email To Customers Regarding Fed's Rate Cut
3/2 - Ally Bank’s Competitive 13-Month Select CD
2/21 - Beneficial Tax Feature of Ally Bank’s 11-Month No Penalty CD
2/6 - Ally Raises 11-Month No Penalty CD For $5K And $25K Minimum
2/4 - Ally 13 Month CD Special 2.1%
1/2 - Ally ACH Transfer Speed

12/20 - Ally Decreases The APY On The Online Savings Account To 1.60%
11/12 - Ally Bank Drops Savings Account Rate Again To 1.70% On 11/13/19
11/12 - How Ally Checking Account Customers Can Maximize Interest
10/9 - Another Rate Cut: Savings To 1.8%
9/6 - More Ally Bank Rate Cuts
8/23 - Ally Bank CD Rate Cuts
8/5 - Online Savings Rate Cut To 1.9%
7/26 - Ally 5 Yr Rate Down 10 Bps To 2.65%, 3 Yr Down 5Bps For All 3 Tiers
7/12 - Ally Drops 5 Year CD Rate By Another 10 Bps To 2.75%
6/25 - Ally Bank Cuts Online Savings Account Rate
6/25 - Ally Bank Preemptively Cuts Rate On Their Online Savings To 2.10%
6/14 - More CD Rate Cuts at Ally Bank and at Other Online Banks
6/14 - Drops 12-Month High Yield CD To 2.55 % From 2.60 %
5/29 - Ally Bank Drops 12-Month CD Rate
5/3 - Ally Bank Rate Change
3/29 - Ally Bank Cuts CD Rates - Will Other Banks Follow?
3/25 - Ally Bank Offers Another Select CD - EXPIRED
3/22 - New Ally 15 Month CD At 2.80% Came Out Today
2/5 - 1% Promotion Paid.
1/17 - Ally Ups Savings Account Rate & Emails Customers of Payback Earnings
1/17 - Savings Account Rate Change
1/15 - Ally 1% Promotion
1/8 - Follow-Up With Details Ally Bank
1/8 - New Deal Emailed From Ally

Reviews (753)

Attn : Ally Financial Ceo's Goodmorning !

Posted by: Pizzaboy | Mar 15, 2021

Why is Ally Financial management allowing all this negativity to be posted against their bank that they represent. Consistent negative reviews against Ally Financial is a strong oversight from corporate leaders and very bad press for Ally Financial and its future attraction to new customers.
Maybe it is time to weed out some bad employees and to reinstate stronger work ethics and customer relations training so that customers can return to having a more confident and consistent working relationship once again and having peace of mind that our finances are safe and secure. Thank you.
Strongly Supporting Ally Financial !
Personally speaking my family and I have had no major problems with any of the Ally bank staff for the past 10 years including making transfers . Any problems that may have occurred were addressed in a timely and professional manner. As a business owner myself I know how hard it is to please everyone and I am no where close to being on a national level as Ally Financial. Just looking out for my bank who looks out for me and my family, God bless !

Very Poor Customer Service

Posted by: bobbymagic | Mar 16, 2021

I spoke with BILL at the executive level who blatantly told me customer concerns are NOT brought forth to an executive level. "Bill", who told me he works directly with the Ally CEO, informed me the CEO does NOT want to hear concerns of clients and he would NOT bring forth concerns to the CEO and also told me NO feedback would be provided to me regarding a serious security issue with Ally Bank..

Be careful, customer service is horrendous!

Never Have An Unauthorized Transaction

Posted by: ChicagoBelle | Apr 19, 2021

I've been a customer of ally bank for about 3 years, and am now switching to a new bank. Everything was great until there was an unauthorized transaction to my account. Someone made a POS purchase at a Home Depot, but I never went to that Home Depot and I had my card with me the whole time (never stolen). I reported the fraudulent transaction as soon as I saw it and requested a new card. Ally deposited the disputed amount 10 days later, but a few months later, they withdrew it claiming the amount was authorized and that their decision is final. No way I can appeal it. I don't know how someone used my debit card for a POS purchase at Home Depot, but it wasn't me. I can't believe there is no way to appeal. I didn't authorize it! Very disappointed that there is apparently nothing more I can do. So instead, I'm warning you. Find another online bank that actually cares about their customers.

Comment

Ally Improvement Necessary

Posted by: bestpaboxer | Apr 6, 2021

Ally does many things well but some quite poorly. Ally customer service needs significant improvement and soon

The most common phrase with Ally is --- "DO YOU MIND HOLDING FOR 3-5 MINUTES". Unfortunately this "hold" happens multiple x during each call. Ally needs to allow their employees to resolve issues which isn't the case currently.

I recently did a mobile deposit from a large domestic insurance carrier for just over $200 that was rejected 2x. Let's be clear:
Spoke to multiple Ally representatives including a supervisor
After multiple calls (over 1.5 hours spent on the phone- mainly on 3-5 minute holds).
Check was clearly payable to me
Check is/was a reoccurring payment from a "stretch IRA from a deceased family member.
Initial Ally representative did not know what a stretch IRA was
Ally repeatedly and incorrectly stated check was two payee payable -- IT WAS NOT.
Ally had accepted this same check, with same wording on multiple prior occasions.

Ally repeatedly stated it was a "automated check scan issue", stating to resubmit, only to have it rejected again.

Ally although admitting this rejection should never have occurred (twice) seemed POWERLESS to resolve asking me for dates of previous submitted checks from this US insurance carrier. After supervisor involvement I protested it was not my responsibility to research prior submission dates on checks that Ally had accepted.

FINALLY Ally reconfirmed their records that prior checks had been accepted and the deposit was honored.

Ally from initial call KNEW and ADMITTED the problem was with THEIR mechanized scanning system. ?Instead of immediately correcting they wasted my time and their resources.

THIS IS SO VERY UNACCEPTABLE

Comment

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Health

Data as of Q4 2020

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	57803
Year Established	2004
Employees	8620
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.1%
Return on Equity - YTD	11.24%
Annual Interest Income	$7.47B

Assets and Liabilities
Assets	Q4 2020vs Q4 2019	$172B$167.5B
Loans	Q4 2020vs Q4 2019	$114.3B$122.7B
Deposits	Q4 2020vs Q4 2019	$141.7B$123B
Equity Capital	Q4 2020vs Q4 2019	$17.14B$16.95B
Loan Loss Allowance	Q4 2020vs Q4 2019	$3.28B$1.23B
Unbacked Noncurrent Loans	Q4 2020vs Q4 2019	$1.38B$850.0MM
Real Estate Owned	Q4 2020vs Q4 2019	$2.0MM$9.0MM

Rates

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Money Market
Checking
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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
0.50%	-	-	IRA Online Savings
0.50%	-	-	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
0.50%	-	-	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 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
0.25%^*	$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.

APY	MIN	MAX	ACCOUNT NAME
0.80%	-	-	5 Year High Yield CD
0.65%	-	-	3 Year High Yield CD
0.60%	-	-	18 Month High Yield CD
0.60%	-	-	14 Month Select CD
0.55%	-	-	12 Month High Yield CD
0.55%	-	-	2 Year Raise Your Rate CD
0.55%	-	-	4 Year Raise Your Rate CD
0.50%	-	-	11 Month No Penalty CD
0.30%	-	-	9 Month High Yield CD
0.25%	-	-	6 Month High Yield CD
0.20%	-	-	3 Month High Yield CD

Ally Bank IRA Rates

APY	MIN	MAX	ACCOUNT NAME
0.80%	-	-	5 Year IRA High Yield CD
0.65%	-	-	3 Year IRA High Yield CD
0.60%	-	-	18 Month IRA High Yield CD
0.55%	-	-	12 Month IRA High Yield CD
0.55%	-	-	2 Year IRA Raise Your Rate CD
0.55%	-	-	4 Year IRA Raise Your Rate CD
0.30%	-	-	9 Month IRA High Yield CD
0.25%	-	-	6 Month IRA High Yield CD
0.20%	-	-	3 Month IRA High Yield CD