This Ally Bank online savings account review provides information about online checking, online savings, certificates of deposit, money market accounts, and other savings and financial products offered by the bank. Ally Bank is part of Ally Financial, the former General Motors Acceptance Corporation, was formerly owned by General Motors (GM). GM sold its auto loan arm several years back and, in the aftermath, GMAC became Ally.
Today, people in search of competitive interest rates, technology tools, and excellent customer service choose Ally Bank’s checking, savings, and retirement accounts to manage their money. According to customer reviews, Ally Bank’s mobile app is considered easier to use than most. At a glance, Ally has many attractive features that some of the other high yield savings account frontrunners don’t.
Ally Bank’s Deposits are FDIC-Insured
Of course, your money invested in Ally Bank is federally-insured by the FDIC up to USD 250,000 per depositor. You can add single-named accounts for each member of the family, open joint accounts, deposits under the Uniform Gift to Minors Act (UGMA) if allowed in your state, or add trust accounts to increase your FDIC-insurance coverage.
Ally Bank Online Banking Overview
If you’re hoping to consolidate your liquid assets in one place, Ally’s user friendly account portal, remote check deposit services, online bill pay, and Popmoney services (to transfer money from your Ally account to friends and family) can help you achieve this goal.
Unlike some of its competitors, Ally’s customer service support is ready to communicate in any format you’d like, including phone, email, and live chat support on a 24/7 basis. Ally Bank doesn’t keep customers waiting: you’ll see the wait period if you initiate a customer service chat during a busy period. Pew Charitable Trusts ranked Ally as one of the nation’s most “consumer-friendly” banks.
Ally’s well-laid out help center usually makes it simple to find the information you’re looking for. The firm is also social media-savvy, with links to YouTube, Facebook, Instagram, and Twitter in the customer help center page.
Ally Bank Online Banking Access
Ally offers more than 43,000 Allpoint® network ATMS around the country. The mobile app makes it easy to locate free ATMs, but you’re not limited to them. Ally reimburses up to USD 10/statement cycle if you use out of network ATM machines.
Like most online banks, Ally doesn’t have brick and mortar branch locations. If you’re looking for one-on-one live customer service, you probably won’t choose Ally. However, if you’re looking for competitive rates and low to no fees and user-friendly tools, Ally Bank’s online banking accounts might be just what you’re looking for.
Ally Bank Online Banking: Checking with Interest Accounts
As noted above, Ally’s user-friendly site and mobile app are two of the top reasons customers choose to bank there. The mobile app’s color coding and flat modern design make it simple to find what you’re looking for. For instance, you can find prior transactions using keywords or dates on which transactions occurred in your online savings or checking accounts.
If you’re searching for a combined online checking plus savings account, start with a review of Ally Bank’s interest checking:
- Deposit balances: You’ll earn the highest APY on your checking account with a minimum balance of at least USD 15,000. (If you keep less than USD 15,000 in checking, you’ll earn less on your checking funds.) It’s easy to check rates any time through the customer portal.
- Mobile banking: Use Ally’s eCheck Deposit app to deposit checks remotely.
- Deposits: Direct deposits clear the same business day. Arrange direct deposits to your Ally checking or savings account by providing an employer or other depositor with the bank’s routing information and your account number.
- Funds transferred between your Ally Bank accounts are instantly available. If Ally receives funds from another bank by 6 am Eastern Time, the funds are available the same business day. If received after 6 am, your funds are available the next business day.
- Funds you transfer from Ally by 7:30 pm ET are typically available at the beginning of the third business day after the transfer. For instance, if you request funds transfer from an Ally account on Monday, you’ll receive the money in your non-Ally bank by Wednesday for availability on Thursday.
You can make unlimited deposits each month but can’t deposit cash.
- Fee structure: No monthly maintenance/account fees, foreign transaction fees, or ATM fees if you use ATMs in the designated network. No minimum balance is required to open a new account, but you must fund the account within 30 days to avoid account closure.Standard account checks, deposit slips, prepaid envelopes, and debit cards are free but stop payments, returned deposits, and overdrafts cost you. For instance, you pay USD 25 per overdraft but pay a maximum of just one fee/day. You also pay for outgoing domestic bank wires, rush delivery, overnight bill pay (by mail), same day bill pay, account research, or currency conversion/cross-border transactions.
- Cost control features: Signing up in Ally’s overdraft transfer service is free. You can link checks written on your Ally interest-bearing checking account to your online savings account or money market account. If you don’t have enough money in checking to cover a check, Ally automatically transfers money in USD 100 amounts at no charge. You may receive up to six overdraft transfers/statement period.
Ally Bank Online Savings Account
Ally Bank online savings accounts are similarly easy to understand and use. Ally’s consistently high online savings APY (in the top 10 online savings accounts in the U.S.), no monthly account/maintenance fees, and daily compounded interest are the short list of reasons why people choose Ally for their online savings account. Other reasons include:
- Deposits: You can make an unlimited number of deposits (but, under federal law, you can make up to six free withdrawals or transfers per statement period). Use Ally eCheck Deposit app to deposit checks on a remote basis.
- Transfers: You can easily transfer money to/from your Ally online savings account to other Ally accounts or non-Ally accounts. If you prefer, you can transfer money by phone.
Ally’s “Online Savings Account Straight Talk Product Guide” makes it easy to understand the account features. You can find thousands of actual consumer reviews on Ally Bank’s website.
If you’re looking for higher rates on your liquid funds, Ally Bank also money market accounts and high-yield certificates of deposit (CDs).
Ally Bank Money Market Accounts
Depending on current market conditions and promotional initiatives, you may earn a higher APY on your liquid funds in Ally’s money market account. Like Ally’s checking and online savings accounts, you can deposit checks with the eCheck Deposit mobile app, earn interest compounded daily, make unlimited deposits and ATM withdrawals.
You pay nothing to maintain your money market account at Ally Bank. Costs for stop payments, returned items, overdraft paid items, and so on, are the same as costs charged for these services in other Ally Bank accounts. According to the Ally Bank Deposit Agreement, services and fees “are subject to change.”
It’s possible to use the Allpoint® ATM network to withdraw money. You may deposit checks from any location from your computer or mobile banking app or deposit paper checks through the mail.
Ally Bank High Yield Certificates of Deposit
If you want to earn higher interest on your money and don’t need to access it for a certain period of time, Ally offers seven CD term lengths from three months – five years. You’ll earn higher APYs on longer term CDs. In addition:
- There are no monthly account or maintenance fees assessed.
- Ally’s “10-Day Best Rate Guarantee” ensures your benefit of the top CD APY rate offered in the first 10 days of your new CD.
- Interest is compounded daily.
- Early withdrawal penalties may apply if you access money before an Ally Bank CD matures.
- You have a 10-day grace period in which to notify Ally Bank about the disposition of your CD funds at maturity. If you don’t notify Ally, your funds are automatically rolled into a new CD in the same term you previously selected.
Ally Bank Online Savings Account Review
In addition to a highly competitive savings APY rate, reliable customer service, and commitment to fee transparency, it’s important to note that Ally Bank offers other financial products and services. Since Ally Financial still makes auto loans and has re-entered the mortgage business, it’s possible to receive additional offers if you need these products and services.
The bottom line of this Ally Bank online savings account review is positive. If you’re looking for one of the top savings rates in the land, Ally’s consistently competitive rate is worth your consideration. If you’re looking for combined interest-bearing checking and online savings, Ally’s easy-to-use format may earn your thumbs-up vote.