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.

Ally 8-Month 5.25% APY - 9/21/2023

https://www.ally.com/go/bank/8m-select-cd/ Special Promotional Offer Details APY is accurate as of 9/21/2023 and is subject to change prior to the end of the promotional term and upon renewal. Promotional term available through 3/20/2024. No minimum balance to open or earn APY. Interest compounded daily. Automatically renews into a 9-month High yield CD . Your deposits are insured by the FDIC up to the maximum allowed by law. Early withdrawal penalty will apply. APY is fixed for the term of the CD. When you fund your CD on the same day you open it or on one of the next 9 calendar days, you'll get the best rate we offer for your term and balance if our rate goes up within that time. This Ally Ten Day Best Rate Guarantee also applies at renewal.

Ally Bank CD Rate Changes For 9-15-2023 - 9/15/2023

Ally Bank CD rate changes for 9-15-2023 include: 9-month @ 5.00% (no change) 11-month No-Penalty @ 4.55% (no change) 12-month @ 4.85% (no change) 14-month Select @ 5.10% (was 5.00%) 18-month @ 5.15% (was 5.00%) 3-year @ 4.25% (no change) 5-year @ 4.10% (no change) To view all Ally Bank CD rates, see: https://www.ally.com/bank/cd-rates/ https://www.ally.com/go/bank/14m-select-cd/ Ally is no longer offering new 20-month Select CDs. The 14-month Select CDs are still available.

Ally Bank - $200 Bonus For Opening A New Spending (Formerly Interest Checking) Account - 8/24/2023

Here’s how to get this $200 bonus: "1. Open your first Spending Account. Use code GET200 by Nov. 30, 2023. Make sure to fund your account within 30 days of opening it. 2. Set up one or more direct deposits. Make sure they total at least $1,500 within 90 days. 3. Get your $200. We’ll send your bonus within 30 days of your account receiving $1,500 in qualified direct deposits." "Notably for this offer, we are defining a New Customer as: someone with no current, nor within the last twelve (12) months, Ally Bank Spending Account(s) , at any ownership level, whether it be primary owner, joint/secondary owner, or fiduciary owner. Additionally, customers who received a cash bonus from Ally Bank within the last twelve months for setting up Qualifying Direct Deposit, regardless of account type, are not eligible for this bonus and not considered a New Customer." ht

View all posts from:

2023
2022
2021
Earlier

5/11 - 14-Month Select CD
5/10 - Online Banks and Same-Day Wire Transfers - My Experience at Ally
3/22 - Ally Bank Lowers Yield On Several Cds
2/8 - 15-Month Select CD

Reviews (869)

Maybe I Should Be Knocking On Wood?

Posted by: WonderingWoman | Aug 17, 2022

Gosh after seeing so many negative reviews maybe I've just been lucky and something bad is around the corner........... But so far they have been easy to use and I've had an account with them for a few years. It's simple to link other banks for quick transfers, never had an issue. When I've had to wire money it's a simple process, changing or adding POD's super easy and your beneficiaries show under account info so you don't have to wonder if they actually recorded and filed what you requested. Amazing how many banks don't show that info. Anyway, I know things can always change, but so far I don't have anything to complain about.....

Ally Rendered My Active Account Dormant Without Warning

Posted by: JoeyJoe | Mar 29, 2023

Received snail mail from Ally today dated 10 days ago. Friendly advice that “they hadn’t heard from me in a while”, cited five ways to stay in touch, including logging into ally.com, which I already do at least monthly. No mention of rendering my account dormant or otherwise locking it. I haven’t moved money into or out of the account in probably over a year. I immediately called Ally per the number listed as another of the 5 friendly ways. Call was quickly answered by a knowledgeable young lady, sounded like the call hadn’t departed the continent for a foreign call center. Ran through ID confirmation protocol, then discovered a couple of frustrating contradictions to the contents of the snail mail. Ally’s computer is set up to dormant the account if money doesn’t move in and out of the account at intervals, the length of which the agent could not discover. Logging into the website isn’t adequate contact, unlike all of my other financial institutions. And by the time their snail mail reached my mailbox, the account was dormant and locked. I can log in, see my balance and confirm my linked account is still linked, but no commands are allowed. Message center: nothing, no warning, no notification of status change. So, from my standpoint, Ally has frozen my account, without warning, for nothing. They email me promos all the time, didn’t email their actual criteria to keep account active. The agent predicts two to three business days for the back office to free the dollars. Not happy in the meantime.
Addendum: Account reactivated after one business day, controls seem to work. Received a thoughtful-toned on-website message apologizing and explaining that intended protocols didn't happen, surprise dormancy was unintended. Apology accepted.

I Only Use This Bank In Conjunction...

Posted by: brifd1 | Aug 17, 2023

I only use Ally Bank in conjunction with my investment accounts there, as this allows for transactions to and from.

The good: it's convenient if you have an investment account(s) there.
The okay: their interest rate is better than the big commercial banks.
The could be better: the knowledge and skills of their customer service reps is hit-and-miss.
The bad: their interest rate trails many, many other better choices.

Yikes - Look Elsewhere

Posted by: Carter3456 | May 7, 2022

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.

VIEW MORE REVIEWS

Health

B+

Data as of Q1 2023

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	57803
Year Established	2004
Employees	10412
Primary Regulator	FED

Profit Margin
Return on Assets - YTD	1.08%
Return on Equity - YTD	14.65%
Annual Interest Income	$2.94B

Assets and Liabilities
Assets	Q1 2023vs Q1 2022	$186.4B$174.5B
Loans	Q1 2023vs Q1 2022	$132.8B$122.1B
Deposits	Q1 2023vs Q1 2022	$158.5B$145.2B
Equity Capital	Q1 2023vs Q1 2022	$13.84B$15.57B
Loan Loss Allowance	Q1 2023vs Q1 2022	$3.78B$3.33B
Unbacked Noncurrent Loans	Q1 2023vs Q1 2022	$1.37B$1.35B
Real Estate Owned	Q1 2023vs Q1 2022	$2.0MM$0

Rates

Skip to rates for:

Savings
Money Market
Checking
CD
IRA

Report an Issue

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
4.25%	-	-	IRA Savings
4.25%	-	-	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
4.40%	-	-	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^*	-	Spending 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
5.25%	-	-	8 Month Select CD Special
5.15%	-	-	18 Month High Yield CD
5.10%	-	-	14 Month Select CD Special
5.00%	-	-	9 Month High Yield CD
4.85%	-	-	12 Month High Yield CD
4.55%	-	-	11 Month No Penalty CD
4.25%	-	-	3 Year High Yield CD
4.10%	-	-	5 Year High Yield CD
3.75%	-	-	2 Year Raise Your Rate CD
3.75%	-	-	4 Year Raise Your Rate CD
3.50%	-	-	6 Month High Yield CD
3.00%	-	-	3 Month High Yield CD

Ally Bank IRA Rates

APY	MIN	MAX	ACCOUNT NAME
5.15%	-	-	18 Month IRA High Yield CD
5.00%	-	-	9 Month IRA High Yield CD
4.85%	-	-	12 Month IRA High Yield CD
4.25%	-	-	3 Year IRA High Yield CD
4.10%	-	-	5 Year IRA High Yield CD
3.75%	-	-	2 Year IRA Raise Your Rate CD
3.75%	-	-	4 Year IRA Raise Your Rate CD
3.50%	-	-	6 Month IRA High Yield CD
3.00%	-	-	3 Month IRA High Yield CD