Written by Ali Cybulski, Published on 6/14/2024
Ally Bank, an online-only institution, offers an array of deposit and mortgage products and services. The Utah-based bank provides checking accounts, high-yield savings accounts, money market accounts and certificates of deposit (CDs). The subsidiary of digital financial services company Ally Financial Inc. also issues credit cards and auto loans and includes investment products in its lineup.
Ally’s Spending Account is its FDIC-insured checking account with no monthly maintenance fees and no overdraft fees. All accounts earn interest, but accounts with larger balances may earn a higher rate. You’ll get access to more than 55,000 fee-free Allpoint ATMs and reimbursement of up to $10 per statement cycle for fees charged at other ATMs nationwide.
The Ally Bank Savings Account offers an annual percentage yield (APY) of 4.20%, with no monthly maintenance fees or minimum balance requirements. The money market account also earns an APY of 4.20%, with no monthly fees or minimum balance requirements. Rates are accurate as of June 6, 2024.
Ally has a selection of three CDs. The high-yield CD comes in terms from three months to five years and pays an APY of 4.25%. The 11-month No Penalty CD has an APY of 4.00% and no minimum deposit to open, plus you can withdraw your full balance and interest any time after the first six days of funding the CD.
The Raise Your Rate CD comes in two- or four-year terms, with an APY of 3.75% and no minimum opening deposit required. If the bank’s rate goes up for your term and balance, you will have the opportunity to raise your rate once for the two-year CD or twice for the four-year CD.
Note that you can’t make cash deposits into checking, savings or money market accounts, but the bank allows remote check deposits, direct deposits, deposits by mail, online transfers and wire transfers.
You can access live support 24/7 via chat, email or phone at 877-247-2559.
Ally Bank pros and cons
Pros:
• Competitive rates on deposit accounts
• Large fee-free network of ATMs
• No monthly maintenance or overdraft fees on deposit accounts
Cons:
• No branch locations
• No cash deposits
• Limit of 10 withdrawals and transfers per statement cycle from your savings account; if you exceed the limit more than occasionally, the bank will close your account
I love Ally. I've been with them for a few years now. The website and the phone app is really nice, and I love the buckets system for the HYSA. I really love the debit card and no fees.
My only complaint would be that I had trouble opening the account years ago. I kept getting denied because they wanted to check my credit (which I keep frozen). Also, they claimed they couldn't verify my identity. I tried every 6 months or so for a couple of years. FINALLY, one day it went through, and I was approved. Ever since then, I have had a 100% positive experience with them. I love this bank.
end of story. i just posted news a month old lol.
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.
Terrible bank. They refused to close my CD when I asked, and jerked me around for weeks on end trying to get my money out. I spoke with 3 different support people who all just kicked the can to eachother. Bunch of scam artists! Avoid this bank at all costs!
Overall | |
---|---|
FDIC Certificate # | 57803 |
Year Established | 2004 |
Employees | 9952 |
Primary Regulator | FED |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.03% |
Return on Equity - YTD | 13.54% |
Annual Interest Income | $6.56B |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2024vs Q2 2023 | $182B$187.4B |
Loans | Q2 2024vs Q2 2023 | $135.3B$134.7B |
Deposits | Q2 2024vs Q2 2023 | $155.6B$158.9B |
Equity Capital | Q2 2024vs Q2 2023 | $14.18B$13.96B |
Loan Loss Allowance | Q2 2024vs Q2 2023 | $3.59B$3.8B |
Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $1.21B$1.4B |
Real Estate Owned | Q2 2024vs Q2 2023 | $1,000K$1,000K |
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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.20% | $0 | - | IRA Savings | |
4.20% | $0 | - | Savings Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.20% | $0 | - | Money Market Account |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $15k* | - | Spending Account | ||
OTHER TIERS: 0.10% → $0 - $15k |
Ally Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 200 W. Civic Center Dr. - Sandy, UT 84070