Overview
The main attraction at Ally Bank is the APY they pay on deposit products:
Ally Bank will check your credit, even though you may not intend to borrow. They want to verify your identity and try to predict if you’ll use your overdraft provisions responsibly.
Interest Checking
Ally Bank offers an interest checking account that allows you to earn money while keeping it liquid. The interest checking account does not have a limit on withdrawals from the account (but other accounts do).
- Learn the basics of Interest Checking
CD Accounts
Ally offers decent rates on CD accounts, and a variety of options. Their 'no penalty' CD allows you to take money out early without paying fees. The 'high yield' CD pays more, but has traditional CD penalties if you cash out before maturity.
Deposit Accounts
Ally also offers savings accounts and money market accounts. The main difference is that the money market account includes a debit card. Keep in mind that you can only make 6 withdrawals (as electronic transfers or purchases) per month from these accounts.
Pros and Cons
When Ally Bank started operations, their advertising campaign was controversial. Their goal seemed to be to bash banks and set themselves apart as a friendlier, different kind of bank. They also used TV ads that disturbed some viewers. Ultimately, they are a bank that makes money the same way other banks do.
Ally Bank does keep fees relatively low. There are no monthly fees, although certain transactions can cause fees. They don’t charge ATM fees for withdrawals, and they’ll refund any fees charged by other banks' ATMs at the end of each month.
Ally Bank is popular because you can set up unlimited ACH links with other bank accounts. Some online banks limit you to 3 or so.
Finally, Ally Bank offers 24/7 customer service on the phone and via chat. The customer service representatives get mixed reviews, but if you like talking to a real person you may find Ally Bank attractive.
Your Ally Bank Review
Have you used Ally Bank? Well, what do you think about it? Share your own Ally Bank review at the bank review page.
