ally savings bank

Its products included savings accounts, certificates of deposit, and money market accounts. In an attempt to. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank. Money's best savings accounts of 2021: Capital One, PenFed, Barclays, CIT Bank, Marcus by Goldman Sachs, Vio Bank, and Ally Bank.

Ally savings bank -

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I made a really smart money move when I opened a savings and checking account at Ally. While they might not always have the highest INTEREST rates, they do always offer very competitive rates, making Ally one of the best online banks to make money on your money.

I’ve earned more interest in the nine months I’ve banked with Ally than I did over the last ten years at other lending institutions.

female holding a phone with the Ally Bank app showing

This review of her online banking experiences with Ally was written by Vicki, one of the co-founders of Women Who Money.

Apathy Can Cost You Money

I’ve used local banks and credit unions for almost 40 years.

They approved me for mortgages when I bought homes and rental properties, and my paychecks were direct-deposited with them for decades. I also have many automated payments coming out of these accounts.

While automating things has generally been a smart decision for me, it has also cost me money. Without frequently reviewing my accounts, I didn’t take action and look for lenders offering a high-interest rate.

I’ve kept part of my family’s emergency fund in a savings account paying around .01% APY (annual percentage yield) for years. Ally’s current APY is 2.20%.

My 1099-INT at tax time reported earnings of $1-2 most years. It cost the bank more to send me the form than I earned in interest some years!

At Ally, I earned $44, and the money was only in my savings account for part of last year.

This article on Ally’s site includes a chart showing the impact of three different APY’s (.01%, .03%, and 1.45%) on a balance of $25,000.

Even if you don’t have anywhere near that much in savings, you might be surprised by how much one or two percentage points matter on the money you can earn!

If you miss out on those earnings year after year, you can lose hundreds or even thousands of dollars.

More About Ally Bank

Almost a decade ago, GMAC Bank transformed into Ally Bank as a result of GMAC changing their business models toward the end of the Great Recession.

Ally Bank is a part of Ally Financial, Inc. headquartered in Detroit, Michigan. Accounts at Ally are FDIC insured up to $250,000.

Ally offers high-interest savings accounts with no minimum balance requirements and interest checking with no monthly maintenance fees.

You can put money in money market accounts, CD’s, and other investments or take out loans from Ally.

While you can access your account to withdraw money at over 43,000 Allpoint ATM’s, one thing you can’t do is deposit cash into your Ally account.

You can easily move money between Ally and other banks if you plan ahead. It just takes a few days for transfers to occur between financial institutions.

Ally’s customer service is also available 24/7 if you have questions or concerns.

Ally offers more financial services than I can write about in this review. I have only used their savings and checking accounts. Check out the Ally website to learn more about all that Ally offers its customers.

My Experience with Ally

Even though I understood I could earn a higher interest rate at Ally, I questioned whether an online bank made sense. I hardly used the online features at my local bank, and I was somewhat concerned about my money being safe.

This may seem silly to people who have used online banks for years, but I’ve always been able to walk into my bank and talk to someone if I had questions.

I spent time researching Ally and a few other online-only banks and decided I wanted to set up an account. I completed all of the forms online and then had to lift my credit freeze. This allowed Ally to do a “soft pull” and see my credit history.

After I was approved, I transferred money from my local bank to fund the accounts. The whole process took almost two weeks. I was somewhat surprised by that, but I wasn’t in a hurry, so it wasn’t a problem.

Mobile Banking From My Phone

Using the Ally app on my phone is easy now. I take pictures of checks and deposit them. If I need to write a check, I move money from my savings to my checking account in one click.

One day I forgot to move money to cover a check I wrote, and Ally moved it for me – without any fee! Ally sent me free checks to use, along with a debit card.

The tasks page helps you navigate to the things you do most often with your Ally accounts – bank transfers, bill pay, sending money, making deposits, viewing your bank activity, and finding ATM’s.

You can also access your tax forms in the app rather than waiting for the bank to send them to you.

The Ally app has a help/FAQ section, and you can also use secure messaging to ask questions. I use my data on my phone (not Wi-Fi) when I bank online. You can also explore pages to learn more about all of the different financial services Ally offers.

Final Thoughts About Ally

If you haven’t previously thought that making a move to online banking is worth it, do some more homework. I wish I had moved my money years ago.

I can’t compare Ally with any other online banks at this point, but I’m happy with Ally so far.

With one small mortgage at a local bank and a business account at a local credit union, I still need to stay local for some banking needs. But I’m going to continue using Ally for the bulk of my banking needs now and earn a higher interest rate on my money!

Источник: https://womenwhomoney.com/ally-bank-make-money-on-your-money/

Can I Open An Ally Business Checking Account?

Ally is a hugely popular online bank that offers checking and savings accounts as well as auto loans and mortgages. Regularly appearing on lists of the best online banks, Ally is known for its high-yield savings accounts where you can earn an APR that is 20 times the national average. 

If you’re a fan of the bank and are a business owner or freelancer, you’re likely looking to open an Ally business checking account. However, the online bank doesn’t have a business option. 

Read on to learn about Ally bank and what business account alternatives are available. 

What makes Ally so appealing

If you want to open Ally business account, it’s easy to understand why. 

Ally is an online bank, meaning there are no branches to visit. Instead, you can open a checking or savings account online, deposit checks remotely, and transfer money electronically. You can even transfer money with your voice through Amazon’s Alexa. 

For its checking option, there are no monthly maintenance fees, no minimum opening deposit, and incoming wire transfers are completely free — three outstanding features that would be useful for business owners. 

Can I use an Ally personal account for my business? 

Unfortunately, there isn’t an Ally business checking account option; Ally only offers personal accounts. 

You may be thinking about opening an Ally account and using it for your business anyway. While it’s technically possible to use a personal checking account for business if you’re a sole proprietor, it’s not a good idea. 

If you use a personal checking account for your business, your accounting can become a nightmare and you could run into trouble at tax time. If the IRS decides to audit your business, they’ll be able to review your personal accounts, potentially causing your income to be overstated — and leading to a higher tax bill. 

It’s also harder to receive payments from clients. Personal accounts usually can’t connect to credit card or debit card payments like business accounts can, which can cause issues when clients try to pay you. 

Finally, keeping a separate business account rather than a personal one may affect your legal liability. If your business runs into trouble or is part of a lawsuit, the only assets that can be compromised are your business assets. But if you run your business from a personal checking account, the line between your personal and professional finances becomes blurred, and you could be personally liable. 

Keeping finances separate is just one step to getting ready for a business loan. Nav’s Business Boost plan can help with the rest, from tradeline reporting to personalized financing suggestions.

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3 Ally business checking account alternatives

Although Ally doesn’t offer a business checking option, there are a couple of other banks out there that offer low fees and convenience. Here are our three favorite business checking account options: 

1. Runner-up online bank: Bank Novo

Bank Novo is designed for entrepreneurs on the go, allowing you to manage your account completely from your smartphone. There’s no minimum balance for a business checking account, and your Novo business debit account is accepted worldwide. 

You can deposit checks and make payments directly from your phone, and you can send electronic transfers or mail paper checks without having to worry about any fees. 

2. High-yield business savings: Citi

For a high-yield business savings account, consider the CitiBusiness Savings account. There is no minimum required deposit, and you can make an unlimited number of deposits each month. Plus, you’ll earn a competitive interest rate on the money you save. 

Unfortunately, you can’t open a CitiBusiness Savings account online. Instead, you have to visit a branch in-person. Accounts are only available to business owners in Los Angeles (CA), Orange County (CA), Riverside (CA), San Diego (CA), San Francisco (CA), Miami (FL), Chicago (IL), Baltimore (MD), Las Vegas (NV), New York City (NY), and Washington, DC.

Frequently asked questions about Ally

Here are some of the most commonly asked questions about banking with Ally:

1. Does Ally offer business checking accounts?

Unfortunately, Ally doesn’t currently offer business checking accounts or business savings account. It only has personal accounts, so you’re better off working with another bank for your business needs. 

2. Can you use a personal checking account for business?

While you can technically use a personal checking account for business purposes if you’re a sole proprietor, it’s not recommended. It opens you up to legal liability and tax issues that could cost you over the long run. 

Instead, open up a dedicated business checking and savings account with a bank — either online or traditional — that caters to small business owners. 

3. What is the best free online business checking account?

When it comes to the best online business checking accounts, Azlo stands apart. With no minimum balance required and no monthly maintenance fees, you can easily manage your cash flow and enjoy its benefits. 

4. What is the best business savings account?

If you’re looking for the best business savings account, check out CitiBusiness Savings. You’ll earn a competitive interest rate, and there’s no minimum required deposit. 

Opening a business checking account

If you’re thinking of opening a new business checking account, you may be disappointed to find out that Ally business checking isn’t an option. Luckily, there are a number of other business banking options that offer the same level of convenience that Ally has, with low minimums and low fees. 

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This article was originally written on September 30, 2019 and updated on March 1, 2021.

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Kat Tretina

Kat Tretina is a personal finance writer who is focused on helping people pay down debt, boost their incomes, and start their own businesses. Her work has appeared in publications like The Huffington Post, Entrepreneur, MarketWatch, and more.

Источник: https://www.nav.com/blog/can-i-open-an-ally-business-checking-account-241281/
Discover Bank vs. Ally Bank

If you’re looking for the highest savings interest rates the industry can offer, you’ll want to turn to an online bank. Without the maintenance costs of physical branches, online banks can offer the most competitive rates – not only on savings accounts, but also on certificates of deposit, money market accounts and even checking accounts. Discover and Ally are two online banks with consistently high rates, and each offers a range of consumer-friendly features and product offerings. Here’s how they compare.

Who Should Use Discover Bank?

With a wide range of account offerings, Discover Bank is great for customers who want to keep all of their bank accounts together with one bank. That’s especially true if you already have a Discover credit card or are considering getting one. Keeping multiple accounts under one roof means you only need to visit one website to manage your money.

The Discover website offers a full suite of online banking services, allowing you to transfer money, monitor account activity, pay bills, and more. You’ll also have mobile access through the Discover mobile app, as well as through your mobile internet browser. The mobile app allows you to easily deposit checks by photographing them, pay bills with Bill Payment Service, redeem your Cashback Bonus, check on account balances and more. If you have concerns about doing your banking online or through an app, you can rest assured that Discover keeps your money safe through SSL encryption and fingerprint and passcode security.

While some online banks have limited or no access to ATMs, Discover isn’t one of them. If you need cash, you can use your Discover ATM/debit card at over 415,000 ATMs, including any Allpoint® and MoneyPass® ATM. And like traditional banks, Discover’s deposit accounts are FDIC-insured.

Who Should Use Ally Bank?

Ally Bank is great for customers who don’t need physical branches, want to grow their savings substantially and want the option to open multiple kinds of accounts. Ally provides access to all 55,000+ Allpoint® ATMs for in-person access to your money.

User-friendly online and mobile banking is also available, including mobile deposit capabilities. You’ll also have access to classic mobile banking features like money transfers, alerts and bill pay with eBills. The Ally Bank mobile app also includes Ally Assist, a built-in, voice-enabled banking expert designed to help you manage your accounts. Ally also offers the ability to access your accounts and bank information through Amazon Alexa.

A common worry about online banks concerns their safety: If everything is kept online, how secure can your information be? Luckily, online banks like Discover and Ally keep you safe by taking precautions to keep you and your accounts as secure as possible. Ally employs firewalls, data encryption, constant monitoring and more to ensure your online sessions are safe.

You can also count on FDIC insurance to protect your money at Ally, with up to $250,000 per account guaranteed in case of bank failure.

Discover Bank vs. Ally Bank: Products

Discover Bank vs. Ally Bank

Both Discover and Ally offer a great variety of accounts. This includes savings accounts, certificates of deposit at various terms and rates, money market accounts, checking accounts and IRAs.

Neither bank’s savings account requires a minimum deposit to open. In fact, Ally doesn’t require a minimum to open any of its deposit accounts. Discover, on the other hand, requires an opening deposit of at least $2,500 to open a CD account or a money market account.

Ally’s checking account earns interest at competitive rates, while Discover’s checking account is pretty unique in that it earns cashback rewards. You earn 1% cash back on purchases you make with your Discover debit card, though you’re limited to earning cash back on the first $3,000 you spend each month. Still, that can help boost your savings, especially in conjunction with a savings account.

Ally also stands out for its CD offerings. It has three different CD account types, offering opportunities to save your money in whichever way works best for you. The High Yield CDs are the more standard accounts, ranging from three months to five years long. The 2-year and 4-year Raise Your Rate CDs offer the opportunity to request a rate boost at some point during the account’s term in the event that interest rates rise. Finally, there’s an 11-month No Penalty CD, which allows you to withdraw money from your CD before the account reaches maturity. This is atypical of certificates of deposit, which usually apply heavy penalties if you need to withdraw funds before the end of the term.

Discover Bank vs. Ally Bank: Fees

Both Discover and Ally are customer-friendly when it comes to fees. Ally Bank doesn’t charge monthly service fees on any of its accounts. Discover charges only one service fee: A $10 fee on its Money Market Account, charged only if your account balance falls below $2,500 after the third statement cycle.

Both banks are transparent about their other fees. Discover won’t charge you for bank checks, incoming wire transfers and deposited items returned. You may face fees for excessive withdrawals, stop payments, insufficient funds and outgoing wires. At Ally, you’ll face fees for returned deposit items, excessive transactions, expedited delivery, outgoing domestic wires and overdrafts (both paid items and returned items).

Discover Bank vs. Ally Bank: Rates

Discover Bank vs. Ally Bank

As prominent online banks, Discover and Ally both earn at competitive interest rates on all accounts. Both banks’ Online Savings Accounts currently earn at a high 1.90% APY. Their CD rates are fairly aligned as well: Ally offers 2.50% on a 12-month CD, and Discover just edges it out with a 2.60% interest rate on its 12-month CD. Beyond that, Ally generally offers higher rates on its shorter-term accounts, while Discover has the advantage on long-term accounts, with both higher rates and a more robust offering of long-term CDs.

Each of Ally’s High Yield CDs earns interest according to balance tiers, which means that higher balances can earn at higher interest rates. By contrast, Discover CD does not vary its rates based on account balance.

Discover’s Money Market Account does outperform Ally’s. While both earn on balance tiers, Discover offers 1.75% APY or 1.80% APY, while Ally can offer 0.90% APY and 1.00% APY.

The Takeaway

Discover Bank generally wins on rates, and it also gets points for a favorable fee schedule and a wide account selection. The only potential downside is that Discover requires a minimum deposit to open a CD or money market account; by contrast, Ally does not require a minimum deposit on any of its various accounts.

In terms of accessibility, however, you won’t have trouble with either Discover or Ally. Despite their lack of branches, the online, mobile and ATM offerings will give you constant and convenient access to your money.

Tips for Choosing the Right Bank

  • If you’re still not convinced an online bank is right for you, not to worry. Chase, Bank of America and Wells Fargo are a few traditional banks that maintain thousands of branches throughout the country for easy access, and they also have their own online and mobile banking offerings.

  • When choosing a bank, it’s all about determining your own banking needs and habits. Do you need a free checking account? Are you looking for the best possible savings rate? Or is having nearby branches more important to you?

  • For more help with your finances, you can start working with a financial advisor. The right one can help you maximize your savings, especially when it comes to saving for retirement. Our advisor matching tool can connect you with up to three qualified advisors in your area to get you started as soon as possible.

Photo credit: ©iStock.com/martin-dm, ©iStock.com/Squaredpixels, ©iStock.com/Eva-Katalin

The post Discover Bank vs. Ally Bank appeared first on SmartAsset Blog.

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Источник: https://www.yahoo.com/now/discover-bank-vs-ally-bank-150045446.html

Thinking about opening a bank account and wondering if that bank should be Ally Bank?

Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options.

Years ago, I made Ally Bank my main online bank. I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any other reason. It’s the center of my financial map and one of my favorite savings accounts available.

In this review, I’ll go through all of their offerings and you can decide if it’s the bank for you.

Is Ally Bank Safe?

Ally Bank started as GMAC, the financing division of General Motors, and only got into banking services in 2000 with the creation of GMAC Bank. They were founded all the way back in 1919 and expanded their financing operations in the 1940s to include trains, then household appliances (1951), and financed their 75th millionth vehicle in 1977. In 2009, they rebranded from GMAC Bank into Ally Bank.

Ally Bank (FDIC #57803) is completely safe and FDIC insured up to $250,000.

Ally Bank has an extensive history in lending but for the purposes of this review, I look at their core banking and deposit products and my experiences with them as an online bank. They also acquired TradeKing and rebranded it Ally Invest (which I use as my discount broker too) so you can do nearly everything under one roof.

Ally Bank Deposit Products

Ally Bank offers the full suite of deposit products – savings, checking, and certificates of deposit (a High Yield, a Raise Your Rate, and a No Penalty CD).

Interest Checking Account

The interest checking account has no minimums, no maintenance fees, and an interest rate that crushes traditional brick and mortar banks. The interest rate is tiered, currently at 0.10% APY for balances under $15,000 and 0.25% APY on balances over $15,000. You can transfer instantly between the savings and checking account (keep in mind the Fed’s 6 ACH transfer rule) so you should keep the minimum you need in the checking.

The checking account also offers bill pay and Zelle for payments to other individuals. The debit card is nothing extraordinary, it’s a regular debit MasterCard.

How do I withdraw cash from my Ally Bank account? To get cash from your Ally Bank checking account, you have to use your debit card at another bank’s ATM. Ally Bank won’t charge you a fee when you use another bank’s ATM and they will automatically reimburse the other bank’s fees of up to $10 each statement cycle. They have also partnered with the Allpoint ATM network (43,000+ ATMs) so if you use that network’s ATMs then you won’t be charged a fee.

With a brick and mortar banks, if you use another bank’s ATM then you usually pay two fees – one by the bank that owns the ATM and one by your bank. Many online banks partner with ATM networks to give you fee-free ATM access but not many offer reimbursement of fees like Ally does.

With their debit card, you can also get cashback from purchases without a fee.

Ally Bank has a daily ATM withdrawal limit of $1,000 per day.

How do I put money into my Ally Bank account? You can transfer money into your account via an ACH transfer, you can deposit checks through the app, and you can mail in checks using their prepaid envelopes (or mail it directly yourself to Ally Bank, P.O. Box 13625, Philadelphia, PA 19101-3625). You can’t deposit cash directly into the account, Ally Bank doesn’t accept cash deposits. To get your cash into an account, you have one of two options. You can deposit at a different bank account and then transfer it or you can buy a money order and deposit the money order.

Online Savings Account

The online savings account has no minimums, no maintenance fees, and a high-interest rate that applies to all balance tiers.

The Online Savings Account interest rate is 0.50% APY and compounds daily.

Ally Bank also has a money market account with a tiered interest rate:

  • < $5,000 minimum daily balance: 0.50% APY
  • $5,000 minimum daily balance: 0.50% APY
  • > $25,000 minimum daily balance: 0.50% APY

I mention it because it exists, and may become a factor in the future, but right now it’s inferior to the savings account.

Savings Buckets Feature

Ally Bank recently added a new feature to their savings accounts – “buckets.” Buckets are ways to organize your savings without having to create separate savings accounts. There are ten pre-made buckets (Emergencies, Home, Vacations, Occasions, Education, Family, Tax Payments, Bill Payments, Vehicles, Pets) and a “Make Your Own”. When you pick the ones you want, you’ll get those plus one called “Core Savings.”

Afterward, you can distribute the amount in your savings across the various buckets to help you understand how your money is being allocated. It’s all still in your savings account but can help you understand how you’re saving towards each goal.

Finally, you can set how you want new money to be allocated into each bucket. You can keep it 100% Core Savings and manually distribute it or you can set percentages on each category.

Finally, you can set the bucket where interest is deposited (you can only select one category for this).

Savings Boosters

Savings Boosters are under the “Optimize” tab and consist of two features:

  • Recurring Transfers: Set up a referring transfer to help you save money.
  • Surprise Savings: This is where Ally analyzes your checking account (that you add yourself) and it transfers money when it could work harder in savings. It never transfers more than $100 at a time and only does it on Monday, Wednesday, or Friday.

Surprise Savings transfers do not count towards the 6 ACH limit (the six transaction limit on savings accounts was rescinding on April 2020).

These two features are less exciting than buckets but they’re nice little bonuses.

Certificates of Deposit

There are three types of CDs:

  • High Yield CD: This is their name for a standard certificate of deposit. They have all the standard maturity periods up to 60 months (5yr).
  • Raise Your Rate CD: This type of CD allows you to raise your rate should rates increase for your term and balance tier. It’s available as a 2yr and 4yr CD. You can increase the rate one-time on the 2yr and two-times on the 4yr.
  • No Penalty CD: You can withdraw your money at any time and pay no penalty. The only exception is that you can’t withdraw within the first six days. This is currently available for 11-month terms only.

On top of all this, they have a “Ten Day Best Rate Guarantee.” If the rate for your CD’s maturity and balance tier goes up in the first ten days of opening, they will increase your rate to that higher rate. There’s no fear that you open a CD and suddenly the rates go up and you miss out.

Ally Bank has one of the most generous CD early withdrawal penalties I’ve ever seen:

  • 24 months or less: 60 days of interest
  • 25 months – 36 months: 90 days of interest
  • 37 months – 48 months: 120 days of interest
  • 49 months or longer: 150 days of interest

Finally, when you renew your CD you get a “Loyalty Reward.” When rates were higher, I saw Loyalty Rewards of almost half a percent. It’s less generous these days but still better than nothing!

Retirement CDs & Savings

At Ally Bank, you can open an IRA, Roth IRA or SEP-IRA version of the High Yield CD, the Raise Your Rate CD, and even an IRA Online Savings account – all with rates that are comparable with the non-IRA versions. As someone who is in their mid- to late-thirties, this isn’t appealing BUT it might make sense for someone who is nearing retirement and looking to squeeze a little extra return out of their retirement cash holdings.

Ally Bank Fees & Penalties

Ally Bank has no monthly maintenance fee, no minimum account balance, and no fee for incoming wires. You can get cashier’s checks for free and get unlimited deposits too.

You do pay a fee for:

  • Returned deposit item: $7.50
  • Overdraft item (maximum 1 per day) $25
  • Excessive transactions: $10 per, this is based on the 6 ACH rule
  • Outgoing wires (domestic): $20

Pros and Cons

Ally Bank offers every good feature of a bank and avoids any negatives. A competitive interest rate on all their products as well as no minimums and no maintenance fees.

Competitive Certificates of Deposit rates: The certificates of deposit rates are competitive with a generous early withdrawal penalty, should you need to, plus a small loyalty renewal bonus if you re-up a CD. The No Penalty CD and Raise Your Rate CD options are nice for some flexibility but their rates are typically lower than the regular CD, but that’s to be expected since you are paying for that flexibility.

Cashback rewards card: If you want a no annual fee rewards card, Ally Bank has one that gives you 2% cashback at gas stations and grocery stores, 1% elsewhere. You also get a 10% bonus when you deposit the cashback into an Ally Bank account. Finally, a new sign up bonus of $100 bonus when you make $500 in purchases.

No-Commission Discount Brokerage account: If you don’t have a discount brokerage account, Ally Invest is well-integrated with the bank and offers free trades, no account minimum, and no surprise fees. It also offers the most generous new account brokerage promotion with up to $3,500 in cash depending on how much you deposit.

Finally, Ally Bank has a very easy to use a smartphone app that includes eCheck depositing, a must these days because who wants to mail checks for deposit? If that describes you, they offer postage prepaid envelopes you can use to mail the checks. If you need to reach them, they have email, phone (1-877-247-2559), and online chat.

As for Cons, I really can’t think of any that apply to Ally Bank and not to other online savings accounts. Ally Bank will periodically run new account bonuses but there isn’t one right now. Sometimes it’s nice to be able to go to a branch… but I may love the option of it more than actually doing it. The only feature that another bank offers that Ally doesn’t is the ability to quickly create new savings or checking accounts, as I do with Capital One 360, but they simplified that with Buckets.

Final Verdict

If you’re comfortable with an online bank, I can’t think of a better one than Ally Bank. It’s the reason why I opened an account with them many years ago and the reason why I still use them today.

Ally Bank

Ally Bank

Strengths

  • Competitive interest rates
  • No minimums, no maintenance fees
  • Overdraft protection if you have a savings account
  • $10 per statement ATM reimbursement (automatic)
  • Mobile deposit of paper checks

Weaknesses

  • No business accounts
  • Can't deposit cash
Источник: https://wallethacks.com/ally-bank-review/

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Ally Bank is a US based online bank offering fully digital banking services. The platform offers all of the services offered by traditional banks, plus a few extra value-added services. Some of these services include savings, home loans. investments, lending, checking and more. The company has been around since 2009 and has received numerous awards such as the ‘Best Online Bank of 2021’.

Pros

  • $0 adivsory fees on investments – the platform also has a low minimum starting investment amount of just $100, making it ideal for novices.
  • High annual percentage yield (APY) – Ally Bank offers 0.5% APY on all of your savings with them, which is relatively higher than most other banks.
  • No withdrawal fees at Allpoint ATMs – there are over 43,000 ATMs in the US where you can withdraw money from your online savings account for free.
  • Great customer service – the platform offers 24/7 customer support so you can get help no matter what time you encounter any banking issues.

Cons

  • No way to deposit cash – the only 3 ways to deposit money are by remote check deposits, online transfer or direct deposits, and wire tranfers or mail.
  • High fee for wire transfers – Ally Bank charges a $20 fee for every outgoing domestic wire transfer that you make to another US bank account.

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What is Ally Bank & How Does it Work?


Ally Bank is a leading company providing digital financial services. The company offers a full-service online bank with competitive fees, no minimums and 24/7 customer service.

Here’s the full list of banking services Ally Bank offers:

  • Checking
  • Savings
  • Money Market
  • Certificate of Deposit (CD)
  • Mortgages
  • Auto loans
  • Personal loans
  • Investing services
  • Retirement services

In order to further simplify how you do your online banking, Ally Bank offers you mobile apps for iPhone and Android smartphones. These apps allow you to manage all your accounts and make transfers on the go.

Is Ally Bank Safe & Legit?


Yes, Ally Bank is absolutely safe and legit institution. Even though this bank is 100% online and doesn’t have any physical locations like traditional banks, Ally still has to follow the same legal rules and regulations to be allowed to operate.

That’s why Ally Bank holds the Federal Deposit Insurance (FDIC) that protects and insures your accounts with up to $250,000.

Ally Bank Fees


The best thing about Ally Bank is that they offer no fees on their banking services. This means, there are no setup or monthly maintenance fees on checking, savings and CDs accounts.

Cashing out your money from over 43,000+ Allpoint ATMs is also free of charge.

Although, they have an overdraft fee of $25.

Ally Bank Account Types


Ally Bank offers different types of accounts for your different banking needs. Let’s take a look at each of the accounts you can open with Ally Bank. 

Ally Bank Online Savings Account

Ally Bank offers an Online Savings Account that pays a relatively high APY (annual percentage yield) on your deposits of any amount. 

Here’s all the features Online Savings Account includes:

  • 0.50% on your deposits
  • No minimum initial deposit
  • Fund your savings account from any other account, checks, wiring funds or mobile check deposit
  • Withdraw your funds to any of your Ally Bank accounts, request a check or an outgoing wire
  • Organize your financial goals – save for home improvement, new car, vacation, etc.
  • No monthly fees

Ally Bank Interest Checking Account

Ally Bank offers an Interest Checking Account that rewards you for just doing banking with them.

Here’s what you can expect from this account:

  • Earn 0.10% on balances of less than $15,000
  • Earn 0.25% on balances of $15,000 or more
  • No monthly maintenance fees
  • Use any of 43,000+ no-fee Allpoint ATMs

Ally Bank Money Market Account

Ally Bank’s Money Market Account is basically a conjunction of checking and savings accounts. This means, you can earn interest on your balance while you can spend your money anytime as well.

Certificates of Deposit (CDs)

Ally Bank High Yield CD

For when you want to not just save but also grow your money, Ally Bank offers a variety of CDs (Certificates of Deposits), including what they call a High-Yield CDs

This is a traditional CDs account that requires your commitment to leave your funds with the bank for a specific time period. But unlike traditional CDs, Ally Bank offers a higher annual percentage yield (APY) on your funds.

In return for leaving your funds with the bank for the specific time period, the bank will pay you higher rates at issue compared to more flexible options like savings accounts.

The best part is, you have the flexibility to choose the term for your high yield CDs.  And the bank offers different APYs for different terms. For example, you can get a higher annual percentage yield if you open your CDs account for 1 year compared to a 3-month period.  

Ally Bank high yield CD rates:

TermAPY (Annual Percentage Yield)
3-Month0.20%
6-Month0.25%
9-Month0.30%
12-Month0.60%
18-Month0.60%
3-Year0.65%
5-Year0.85%

When you open your high-yield CD account with Ally Bank, there is no minimum deposit required to get started. 

Another advantage of a high-yield CDs account at Ally Bank is that there is no minimum deposit required to get started. On the other hand, other banks usually require a minimum deposit of at least $500. This condition is especially beneficial for when you don’t want to commit higher amounts.

Raise Your Rate CDs

Ally Bank offers the ‘Raise Your Rate CDs’, which have a potential that their rates go up, eliminating the situation where you get stuck with the low CD rate for several years.

What does this mean? Well, let’s say you opened your account for a 3-year period at the rate of 0.65%. However, after some time, Ally changed their conditions and increased their APY up to 0.70%. In this case, you have the opportunity to request a APY raise on your existing CDs account.

No Penalty CDs

Typically, when you open a CDs account, you’re required to leave your money in the account for a predetermined period of time. But things happen and you might need your money at any given moment. If you suddenly decide you want to cash out your money and use it, you would get a penalty.

But Ally Bank offers a No Penalty CDs account where your funds are liquid and you can withdraw 100% of your money after the first 6 days of opening your account. 

The No Penalty CDs at Ally Bank are 11-month CDs and you’ll get 0.50% on deposits of any amount.

How to Open an Ally Bank Account?


Ally Bank offers various account types you can choose based on your needs. You can also choose multiple features and manage them all in one Ally Bank account.

In order to get started and open any of your Ally Bank accounts, simply visit Ally.com, select any of your preferred account types. You can find accounts in the header section of the website and click the button to open your account.

Alternatively, you can call Ally Bank at 1-877-247-2559 to request opening an account.

Be aware that just like with any financial institution, you’ll be required to provide your personal and legal information when opening a bank account.

Once you have opened your Ally Bank account, you can download the Ally Bank app on your iPhone and Android and log in.

Ally Bank Pros & Cons


Pros

  • No monthly maintenance fees or minimum balances on checking, savings and CD accounts
  • An above-average annual percentage yield (APY) of 0.50% on savings.
  • Access to over 43,000 free ATMs 
  • 24/7 customer support 
  • A well-designed and self-explanatory platform

Cons

  • No way to deposit cash
  • No physical branch available

Ally Bank Alternatives


Ally Bank vs Revolut

Revolut Summary

  • Allows you to hold different currencies
  • From $300 per month ATM Wwithdrawals for free
  • Perks such as travel insurance
  • Ever expanding features

While Revolut is a great alternative to Ally Bank when it comes to investing, the 2 platforms have their differences. First of all, Ally Bank has low trading and non-trading fees while Revolut offers free stock trading. Plus, Ally Bank offers a more diverse product portfolio compared to Revolut.

Ally Bank vs Chime Bank

Chime Bank is a good alternative to Ally Bank. And while the both banks offer online banking with the same features and account options, there’s not much difference between the two.

Plus, both of them offer no fees on their basic accounts.

However, the only advantage Ally Bank offers is a reimbursement of $10 on out-of-network ATM withdrawals every month, which Chime doesn’t.

Ally Bank vs CIT Bank

One of the major alternatives to Ally Bank is CIT Bank. While CIT Bank offers multiple high interest savings accounts and CDs, Ally Bank is best for online interest checking accounts. 

Moreover, Ally Bank is more convenient for people with any amount of funds in their bank. It’s true that CIT Bank offers higher savings rates than Ally does, but they have a minimum balance requirement of $25,000 for higher APYs, whereas Ally offers lower rates, but has no minimum balance requirements.

Is Ally Bank Worth it?


In general, I would say Ally Bank is worth serious consideration if you’re interested in saving and growing your money with higher rates than typical. 

Plus, there are no minimum deposit requirements and the bank offers low fees, not to mention the ability to manage all your accounts online.

Источник: https://www.dollarbreak.com/ally-bank-review/

Ally Bank Review

  • Free online signup
  • No minimum balance
  • No overdraft fees
  • Plenty of accounts to choose from
  • No monthly maintenance fees
  • Free ATM withdrawal
  • Mobile check deposit
  • Custodian accounts
  • CDs and investing options

Do you want a bank that you can use on the go and has a long history of helping others with their financial situations? Are you tired of waiting in line only to see an indifferent teller that won’t help you? You can have everything with Ally Bank. The history of Ally Bank goes back over 100 years, and their commitment to evolution allows them to work entirely online.

Ally Bank is super easy to use and has so many options that you’ll find one that fits you perfectly. It goes beyond being just one of a hundreds challenger banks. Below is our comprehensive Ally Bank review covering a bit of the history, the types of accounts you can have, overdraft fees, financial travel concerns, and more.

About Ally Bank

Ally Bank is all about innovation and adaptation, even when the company wasn’t Ally Bank. The history of Ally Bank started in 1919 as part of General Motors to help auto dealers be successful as the car assembly line took off. Then, during WWII, they helped support the military by supplying tanks, trucks, airplanes, and submarine engines.

Over the years, they grew and changed from their humble beginnings to a massive digital corporation that does more than many mobile banks or digital banks do. In 2009 they changed their name to Ally Bank and founded three principles that they stick with to this day. These principles are to: do right, talk straight, and be obviously better.

Pros and Cons

Pros:

  • No overdraft fees
  • Free transfers
  • No minimum balance requirement
  • No monthly maintenance fees
  • 43,000 ATMs
  • No fees on cashier checks
  • Checking, Savings, CDs are all included at Ally Bank

Cons:

  • No cash deposits
  • You can’t find ATMs with their app
  • If you use a Windows phone, you can’t pay bills with the app

Fees:

  • $7.50 for returned deposit item
  • $15 for expedited delivery
  • $20 on outgoing domestic wires
  • $25/hour on account research

Ally Bank Accounts

Ally Bank is more than one of the simpler digital banks. It takes pride in delivering plenty of options to choose from. From two savings accounts to three different types of CDs, each comes with benefits that directly help you get the most out of your money.

Online Savings

  • Buckets for separating your money
  • Boosters such as automatic transfers and round-up to optimize your savings
  • No monthly maintenance fee or minimum balances
  • Up to 0.50% Annual Percentage Yield (APY) depending on the financial market
  • Turn on Surprise Savings and have safe-to-save cash transferred from checking to savings
  • Six withdrawals per statement cycle

Money Market

  • Get a debit card and checks
  • Compounded daily interest
  • Deposit checks remotely
  • No overdraft fees
  • No monthly maintenance fees
  • Free ATM withdrawals at their 43,000 Allpoint ATMs

Interest Checking

  • Easy money transfers through voice with Amazon Alexa or through Zelle
  • Use Round-Up that puts the extra change in your savings account
  • Decide when, where, and how you use your debit card
  • No minimum balance requirement
  • Free ATM withdrawals
  • Up to 0.25% APY depending on financial market

Certificate of Deposits

High Yield CDS

  • Anywhere from three months to five years CD
  • Competitive fixed rates
  • Get a reward when you renew
  • Early withdrawal penalty applies

Raise Your Rate CDs

  • Two to four year CD
  • Increase your rate once with the two-year and twice with the four-year
  • Early withdrawal penalty applies

No Penalty CD

  • Flexible until maturity
  • Keep interest, even if you withdraw all the money you deposited
  • Can withdraw from this CD as early as seven days after deposit
  • No penalty for withdrawing from the CD

No doubt that Ally Bank tries to cover all its bases by offering a wide variety of banking types meant to fit anyone’s needs. Ally Bank does not have monthly maintenance fees or set up fees for all of their accounts and no overdraft fees or a minimum balance requirement for their checking and savings accounts.

They offer two savings accounts, their traditional Online Savings and a more flexible Money Market. Both of these accounts have an First national bank of america lansing of up to 0.50%, depending on the current financial market. You can separate your money into buckets and optimize your savings with boosters.

Their Interest Checking account is free and comes with a free debit card as soon as you add funds to your account. You also have the option of physical checks instead. In addition, get free ATM withdrawals at over 43,000 ATM locations and get up to $10 back in external ATM processing fees.

If you’re looking for longer savings options, CDs can make the difference, and Ally Bank has three to choose from. 

Their High Yield CDs have competitive fixed rates with extra money coming your way when you renew your CDs. The Raise Your Rates CD allows you to increase your APY once for a two-year CD and twice for a four-year CD. A No Penalty CD has no penalty for removing funds after six days, and you get to keep the interest it generated.

How to Add Funds to an Ally Bank Account

You can add funds to Ally bank through direct deposit or online transfers, Ally eCheck deposit, wire transfers, and through the mail.

  • Linking an External Account

Linking an external account is easy with Ally Bank. All you have to do is log in to your account, click on Transfers, and then Linked accounts. Then you’ll add in the routing number, account number, and the account type you’ll be using to transfer money. Once Ally Bank verifies the ownership, you are good to go.

Wire transfers are another way to transfer funds between accounts electronically. You want to use this option when you need to move money quickly. Ally Bank charges $20 for all domestic transfers. Ally Bank may contact you by phone for verification.

You’ll need your routing number, account number, your name, and the physical address you’re sending the money to. Unfortunately, Ally Bank does not do international wire transfers to reduce the risk of scammers trying to access your money.

You can now deposit checks in the comfort of your own home or wherever you would like. Simply use your phone to take a couple of pictures, and your money will be in your account very quickly but typically no more than a couple of business days.

Once you’re in your account, select Deposit Checks. Follow the instructions by taking a picture of both sides of your check. Then you’ll enter the amount on the check. Finally, you’ll hit submit, and the money is on its way to ally savings bank bank account. There is a $50,000/day and a $250,000/month limit for eChecks.

Ally Bank may not have a way to deposit cash, but you can send checks through the mail and deposit them into your account. Ensure the back of the check has both “For Deposit Only” and your signature, so it gets appropriately deposited.

Get pre-paid, self-addressed Ally Bank envelopes by calling or sending them an online message if the ones in your welcome kit are gone. Do not send cash through the mail to Ally Bank. Ally Bank will return it to you.

While it does take longer for the check to get deposited into your bank account, there are no amount limits to what you can send by mail, so if you’re at your eCheck limit, you can always do it this way.

The Ally Bank App

Digital banks are awesome because they travel with us anywhere, safe in an app on our phone. The Ally Bank mobile app is easy to download and is available to almost anyone with a smartphone. Comenity bank pottery barn card a fast and easy way to check your balance. The app allows iPhone and Android users to pay bills straight from the app, and iPhone users get Ally Assist to help you with your banking questions.

The one thing the app doesn’t do yet is let you know where the no-fee ATMs are. Here’s to hoping they add that soon, ally savings bank we don’t have to go to the mobile web version to figure it out.

Saving with Ally Bank

Out of the many challenger banks we try, two things stand out as unique for saving with Ally Bank. First, the way they split savings into buckets and then optimizing the money we save.

Boosters are automatic ways to increase your savings and put more money in the piggy bank best bank fishing spots near me a rainy day, and the great thing is that they can be as hands-on or hands-off as you’d like them to be.

You won’t have to worry about having to transfer money over from checking to savings ever again. Take a few minutes and have peace of mind that your money will roll right into your savings account like clockwork.

When you activate this, you’ll automatically save whenever you use your Ally Bank debit card. Each transfer will be between $5 and $20, and Ally will ensure that your checking balance isn’t close to zero before they do. In addition, these transfers are instantaneous and are unstoppable. So if you find you need the money, you can always transfer it back to checking.

Allow Ally Bank to keep track of your checking account to spot hidden savings that they call safe-to-save money. Then, Ally Bank will transfer this money into savings without you having to lift a finger, and since they analyze your account, you’ll never have to worry that it’s money that you need.

Buckets are fascinating. Instead of having multiple savings accounts for all the different things you save for or having it all in one savings account and keeping track manually, you can sort your savings into buckets with Ally Bank.

Buckets allow you to split your savings by category, and you can have up to ten buckets per account. Choose from their popular selection, which includes an emergency fund, vet, bills, and vacation, or create your own for something off-the-wall.

Change it up whenever you wish. It’s your savings account, and Ally Bank offers you the greatest flexibility it can. We wish we’d found something like this sooner. It would save a lot of headaches trying to plan a senior high school trip to Germany.

Traveling with Ally Bank

When you decide to travel, you should always notify your bank not to freeze your account when using it in a different country. It’s only common courtesy. Your Ally Bank debit card can be used wherever VISA is accepted.

As for withdrawals from an ATM, while you’re abroad, as long as you can find a free ATM on their website, you’re good to go, but you can get hit with an external fee. Also, Ally has an international processing fee of 1% when withdrawing money from your account at an ATM.

Holding Custodial Accounts

You want to set your kids up for success and teach them good banking habits, and that’s great. However, Ally Bank does not do joint accounts with minors. If you’d like to put money aside for them when they’re grown, then you should look into a custodial account.

Custodial accounts are accounts you hold in your child’s name until they reach the age of majority. Please call them at 1-877-247-2559 or through the chat service online to discuss the type of custodial accounts Ally Bank offers.

Transferring a Custodial Account When the Minor Becomes an Adult

When your child reaches the age of majority, the custodial account goes to your child. For that to happen, there are a few things that need to get done first.

Your grown child will need to call Ally Bank to set up their login credentials and open a new account with Ally Bank, where Ally Bank will transfer the funds from the custodial account. If Ally Bank needs more identity verification, they may ask the former child for a copy of their ID or social security card.

As for you, the parent, you need to contact Ally Bank through their messaging system and let them know if you’d like to transfer the funds directly into your child’s account and have the money sent by check instead.

Once all the T’s have been crossed and the I’s dotted, Ally Bank reviews everything. If it all checks out, then the funds get released to your child.

Overdraft Fees

Ally Bank does not have overdraft fees. This rule came about during the 2020 pandemic, and Ally Bank brought it back permanently at the end of July 2021. They continue to scrub their site of any obsolete overdraft fee information, so if you see any, please either bring it to their attention or ignore it entirely.

Ally Bank does provide a free overdraft fee service that transfers money in $100 increments from a linked account or savings account should you overdraft, but it counts towards your six transfers per statement cycle.

Investing With Ally

Ally Bank has checking and savings accounts, but they also have investing options you can sign up for. So whether you’d like to do it yourself or have someone manage your portfolio for you, Ally Bank’s got you covered. See their website for details and learn how to get started investing today.

FAQ

  • Who Can Apply for an Ally Bank Account?

Any permanent United States resident that’s 18 years of age or older can open an Ally Bank account.

  • How to Open an Ally Bank Account

There are three ways you can open an Ally Bank account. 

The easiest option is through their website, which you can do from your smartphone, tablet, or computer. Simply select which account you’d like to open, add your personal details, choose the funding options and terms you prefer. Once Ally Bank reviews your information and your account gets approved, you’ll receive an email from Ally Bank.

You can call them at 1-877-247-2559 to open an account. In addition, the Ally Bank customer support team’s phone lines are open 24/7.

You can also mail the information in by downloading the forms you need, printing them, filling them out, and then mailing them to the address on the application.

  • Is My Money Safe With Ally?

Ally Bank is FDIC insured up to $250,000. As long as your account is under that number, you don’t have to worry. You are not liable for any unauthorized transactions as long as you call them at 1-877-247-2559 within 60 days from when your statement was made available.

Ally Bank also uses anti-virus and malware protection to make sure your money and data are safe. So you can breathe easy knowing everything is alright.

Ally Bank’s current headquarters is in Utah, and the CEO, Jeffrey J. Brown, has been on the board since 2015. In 2019 Jeffrey was honored as CEO of the Year by the Thurgood Marshall College Fund, and in July of 2020, Ally Bank won the award for Best Internet Bank by Kiplinger’s Personal Finance.

Customer Reviews

Ally Bank has a 3.6-star rating out of five on Consumer Affairs. Many praise the banking system and are loyal customers. Those who don’t seem pleased seem to be more on the auto loan side of things, making finding fact from fiction very confusing.

Competitors

With plenty of different mobile banks out there, we would be here listing competitors all day, but ally savings bank few stood out. So let’s take a quick look at a few competing mobile banks.

Axos Bank

Axos Bank is an all-in-one that functions as a big bank corporation but without all the fees attached to it, and that’s all due to it being a mobile bank. It’s free to sign up, and you can get everything from checking and savings to investing. You can even set up a commercial account with them for all you entrepreneurs out there.

Cogni

One of the newest in the line of challenger bank startups, Cogni is a people-based service offering fast and easy banking solutions for those on the go or unable to make it to an actual bank. Perform instant transfers to other Cogni accounts and deposit money through Visa ReadyLink locations. You can even write digital checks.

Lili Bank

If you’re a freelancer that needs all your financial stuff in one place, Lili Bank is your go-to. It’s free to sign up with low or non-existent fees and has an all-inclusive tax and expense tool. In addition, Lili Bank is an actual digital-only bank and is exclusively done through smartphones. There are also no hidden fees, so what you see is what you get.

Ally Bank in a Nutshell

That’s it for the Ally Bank review. What can we say other than Ally Bank is a great all-in-one digital bank and perfect for those looking to combine multiple types of accounts under one roof. It looks like a neobank powerhouse with its ability to function as a bank and an investment firm, auto loan dealer, home loan dealer, and personal loan dealer.

The Ally Bank mobile app gives people the freedom to do banking from anywhere and integrates perfectly with a busy person’s life. There are many ways to save your money and lots of money management tools that you should expect from a digital bank.

The history of Ally Bank is over 100 years old, and their attention to adaptation makes them a cut above the rest when it comes to mobile banks. They’ve been around this long, so they must be doing something right.

Источник: https://topmobilebanks.com/digital-banks/ally-bank-review/

(Please note, this page may contain affiliate links and we may earn fees from qualifying purchases at no additional cost to you. These earnings help us offset the cost of running this site. Read our Disclosure and Disclaimer for further info.)

 

I made a really smart money move when I opened a savings and checking account ally savings bank Ally. While they might not always have the highest INTEREST rates, they do always offer very competitive rates, making Ally one of the best online banks to make money on your money.

I’ve earned more interest in the nine months I’ve banked with Ally than I did over the last ten years at other lending institutions.

female holding a phone with the Ally Bank app showing

This review of her online banking experiences with Ally was written by Vicki, one of the co-founders of Women Who Money.

Apathy Can Cost You Money

I’ve used local banks and credit unions for almost 40 years.

They approved me for mortgages when I bought homes and rental properties, and my paychecks were direct-deposited with them for decades. I also have many automated payments coming out of these accounts.

While automating things has generally been a smart decision for me, it has also cost me money. Without frequently reviewing my accounts, I didn’t take action and look for lenders offering a high-interest rate.

I’ve kept part of my family’s emergency fund in a savings account paying around .01% APY (annual percentage yield) for years. Ally’s current APY is 2.20%.

My 1099-INT at tax time reported earnings of $1-2 most years. It cost the bank more to send me the form than I earned in interest some years!

At Ally, I earned $44, and the money was only in my savings account for part of last year.

This article on Ally’s site includes a chart showing the impact of three different APY’s (.01%. 03%, and 1.45%) on a balance of $25,000.

Even if you don’t have anywhere near that much in savings, you might be surprised by how much one or two percentage points matter on the money you can earn!

If you miss out on those earnings year after year, you can lose hundreds or even thousands of dollars.

More About Ally Bank

Almost a decade ago, GMAC Bank transformed into Ally Bank as a result of GMAC changing their business models toward the end of the Great Recession.

Ally Bank is a part of Ally Financial, Inc. headquartered in Detroit, Michigan. Accounts at Ally are FDIC insured up to $250,000.

Ally offers high-interest savings accounts with no minimum balance requirements and interest checking with no monthly maintenance fees.

You can put money in money market accounts, CD’s, and other investments or take out loans from Ally.

While you can access your account to withdraw money at over 43,000 Allpoint ATM’s, one thing you can’t do is deposit cash into your Ally account.

You can easily move money between Ally and other banks if you plan ahead. It just takes a few days for transfers to occur between financial institutions.

Ally’s customer service is whole foods near me available 24/7 if you have questions or concerns.

Ally offers more financial services than I can write about in this review. I have only used their savings and checking accounts. Check out the Ally website to learn more about all that Ally offers its customers.

My Experience with Ally

Even though I understood I could earn a higher interest rate at Ally, I questioned whether an online bank made sense. I hardly used the online features at my local bank, and I was somewhat concerned about my money being safe.

This may seem silly to people who have used online banks for years, but I’ve always been able to walk into my bank and talk to someone if I had questions.

I spent time researching Ally and a few other online-only banks and decided I wanted to set up an account. I completed all of the forms online and then had to lift my credit freeze. This allowed Ally to do a “soft pull” and see my credit history.

After I was approved, I transferred money from my local bank to fund the accounts. The whole process took almost two weeks. I was somewhat surprised by that, but I wasn’t in a hurry, so it wasn’t a problem.

Mobile Banking From My Phone

Using the Ally app on my phone is easy now. I take pictures of checks and deposit them. If I need to write a check, I move money from my savings to my checking account in one click.

One day I forgot to move money to cover a check I wrote, and Ally moved it for me – without any fee! Ally sent me free checks to use, along with a debit card.

The tasks page helps you navigate to the things you do most often with your Ally accounts – bank transfers, bill pay, sending money, making deposits, viewing your bank activity, and finding ATM’s.

You can also access your tax forms in the app rather than waiting for the bank to send them to you.

The Ally app has a help/FAQ section, and you can 026009593 aba use secure messaging to ask amazon fire stick discount code. I use my data on my phone (not Wi-Fi) when I bank online. You can also explore pages to learn more about all of the different financial services Ally offers.

Final Thoughts About Ally

If you haven’t previously thought that making a move to online banking is worth it, do some more homework. I wish I had moved ally savings bank money years ago.

I can’t compare Ally with any other online banks at this point, but I’m happy with Ally so far.

With one small mortgage at a local bank and a business account at a local credit union, I still need to stay local for some banking needs. But I’m going to continue using Ally for the bulk of my banking needs now and earn a higher interest rate on my money!

Источник: https://womenwhomoney.com/ally-bank-make-money-on-your-money/

Can I Open An Ally Business Checking Account?

Ally is a hugely popular online bank that offers checking and savings accounts as well as auto loans and mortgages. Regularly appearing on lists of the best online banks, Ally is known for its high-yield savings accounts where you can earn an APR that is 20 times the national average. 

If you’re a fan of the bank and are a business owner or freelancer, you’re likely looking to open an Ally business checking account. However, the online bank doesn’t have a business option. 

Read on to learn about Ally bank and what business account alternatives are available. 

What makes Ally so appealing

If you want to open Ally business account, it’s easy to understand why. 

Ally is an online bank, meaning there are no branches to visit. Instead, you can open a checking or savings account online, deposit checks remotely, and transfer money electronically. You can even transfer money with your voice through Amazon’s Alexa. 

For its checking option, there are no monthly maintenance fees, no minimum opening deposit, and incoming wire transfers are completely free — three outstanding features that would be useful for business owners. 

Can I use an Ally personal account for my business? 

Unfortunately, there isn’t an Ally business checking account option; Ally only offers personal accounts. 

You may be thinking about opening an Ally account and using it for your business anyway. While it’s technically possible to use a personal checking account for business if you’re a sole proprietor, it’s not a good idea. 

If you use a personal checking account for your business, your accounting can become a nightmare and you could run into trouble at tax time. If the IRS decides to audit your business, they’ll be able to review your personal accounts, potentially causing your income to be overstated — and leading to a higher tax bill. 

It’s also harder to receive payments from clients. Personal accounts usually can’t connect to credit card or debit card payments like business accounts can, which can cause issues when clients try to pay you. 

Finally, keeping a separate business account rather than a personal one may affect your legal liability. If your business runs into trouble or is part of a lawsuit, southern bank account balance only assets that can be compromised are your business assets. But if you run your business from a personal checking account, the line between your personal and professional finances becomes blurred, and you could be personally liable. 

Keeping finances separate is just one step to getting ready for a business loan. Nav’s Business Boost plan can help with the rest, from tradeline reporting to personalized financing suggestions.

Check out Business Boost

Check out Business Boost

Get your full business credit reports & scores, PLUS Nav reports your account payments to the business bureaus as a tradeline.

Explore Business Boost

3 Ally business checking account alternatives

Although Ally doesn’t offer a business checking option, there are a couple of other banks out there that offer low fees and convenience. Here are our three favorite business checking account options: 

1. Runner-up online bank: Bank Novo

Bank Novo is designed for entrepreneurs on the go, allowing you to manage your account completely from your smartphone. There’s no minimum balance for a business checking account, and your Novo business debit account is accepted worldwide. 

You can deposit checks and make payments directly from your phone, and you can send electronic transfers or mail paper checks without having to worry about any fees. 

2. High-yield business savings: Citi

For a high-yield business savings account, consider the CitiBusiness Savings account. There is no minimum required deposit, and you can make an unlimited number of deposits each month. Plus, you’ll earn a competitive interest rate on the money you save. 

Unfortunately, you can’t open a CitiBusiness Savings account online. Instead, you have to visit a branch in-person. Accounts are san jose ca zip code and area code available to business owners in Los Angeles (CA), Orange County (CA), Riverside (CA), San Diego (CA), San Francisco (CA), Miami (FL), Chicago (IL), Baltimore (MD), Las Vegas (NV), New York City (NY), and Washington, DC.

Frequently asked questions about Ally

Here are some of the most commonly asked questions about banking with Ally:

1. Does Ally offer business checking accounts?

Unfortunately, Ally doesn’t currently offer business checking accounts or business savings account. It only has personal accounts, so you’re better why is olive oil so good for you working with another bank for your business needs. 

2. Can you use a personal checking account for business?

While you can technically use a personal checking account for business purposes if you’re a sole proprietor, it’s not recommended. It opens you up to legal liability and tax issues that could cost you over the long run. 

Instead, open up a dedicated business checking and savings account with a bank — either online or traditional — that caters to small business owners. 

3. What is the best free online business checking account?

When it comes to the best online business checking accounts, Azlo stands apart. With no minimum balance required and no monthly maintenance fees, you can easily manage your cash flow and enjoy its benefits. 

4. What is the best business savings account?

If you’re looking for the best business savings account, check out CitiBusiness Savings. You’ll earn a competitive interest rate, and there’s no minimum required deposit. 

Opening a business checking account

If you’re thinking of opening a new business checking account, you may be disappointed to find out that Ally business checking isn’t an option. Luckily, there are a number of other business banking options that offer the same level of convenience that Ally has, with low minimums and low fees. 

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This article was originally written on September 30, 2019 and updated on March 1, 2021.

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Kat Tretina

Kat Tretina is a personal finance writer who is focused on helping people pay down debt, boost their incomes, and start their own businesses. Her work has appeared in publications like The Huffington Post, Entrepreneur, MarketWatch, and more.

Источник: https://www.nav.com/blog/can-i-open-an-ally-business-checking-account-241281/
Discover Bank vs. Ally Bank

If you’re looking for the highest savings interest rates the industry can offer, you’ll want to turn to an online bank. Without the maintenance costs of physical branches, online banks can offer the most competitive rates – not only on savings accounts, but also on certificates of deposit, money market accounts and even checking accounts. Discover and Ally are two online banks with consistently high rates, and each offers a range of consumer-friendly features and product offerings. Here’s how they compare.

Who Should Use Discover Bank?

With a wide range of account offerings, Discover Bank is great for customers who want to keep all of their bank accounts together with one bank. That’s especially true if you already have a Discover credit card or are considering getting one. Keeping multiple accounts under one roof means you only need to visit one website to manage your money.

The Discover website offers a full suite of online banking services, allowing you to transfer money, monitor account activity, pay bills, and more. You’ll also have mobile access through the Discover mobile app, as well as through your mobile internet browser. The mobile app allows you to easily deposit checks by photographing them, pay bills with Bill Payment Service, redeem your Cashback Bonus, check on account balances and more. If you have concerns about doing your banking online or through an app, you can rest assured that Discover keeps your money safe through SSL encryption and fingerprint and passcode security.

While some online banks have limited or no access to ATMs, Discover isn’t one of them. If you need cash, you can use your Discover ATM/debit card at over 415,000 ATMs, including any Allpoint® and MoneyPass® ATM. And like traditional banks, Discover’s deposit accounts are FDIC-insured.

Who Should Use Ally Bank?

Ally Bank is great for customers who don’t need physical branches, want to grow their savings substantially and want the option to open multiple kinds of accounts. Ally provides access to all 55,000+ Allpoint® ATMs for in-person access to your money.

User-friendly online and mobile banking is also available, including mobile deposit capabilities. You’ll also have access to classic mobile banking features like money transfers, alerts and bill pay with eBills. The Ally Bank mobile app also includes Ally Assist, a built-in, voice-enabled banking expert designed to help you manage your accounts. Ally also offers the ability to access your accounts and bank information through Amazon Alexa.

A common worry about online banks concerns their safety: If everything is kept online, how secure can your information be? Luckily, online banks like Discover and Ally keep you safe ally savings bank taking precautions to keep you and your accounts as secure as possible. Ally employs firewalls, data encryption, constant monitoring and more to ensure your online sessions are safe.

You can also count on FDIC insurance to protect your money at Ally, with up to $250,000 per account guaranteed in case of bank failure.

Discover Bank vs. Ally Bank: Products

Discover Bank vs. Ally Bank

Both Discover and Ally offer a great variety of accounts. This includes savings accounts, certificates of deposit at various terms and rates, money market accounts, checking accounts and IRAs.

Neither bank’s savings account requires a minimum deposit to open. In fact, Ally doesn’t require a minimum to open any of its deposit accounts. Discover, on the other hand, requires an opening deposit of at least $2,500 to open a CD account or a money market account.

Ally’s checking account earns interest at competitive rates, while Discover’s checking account is pretty unique in that it earns cashback rewards. You earn 1% cash back on purchases you make with your Discover debit card, though you’re limited to earning cash back on the first $3,000 you spend each month. Still, that can help boost your savings, especially in conjunction with a savings account.

Ally also stands out for its CD offerings. It has three different CD account types, offering opportunities to save your money in whichever way works best for you. The High Yield CDs are the more standard accounts, ranging from three months to five years long. The 2-year and 4-year Raise Your Rate CDs offer the opportunity to request a rate boost at some point during the account’s term in the event that interest rates rise. Finally, there’s an 11-month No Penalty CD, which allows you to withdraw money from your CD before the account reaches maturity. This is atypical of certificates of deposit, which usually apply heavy penalties if you need to withdraw funds before the end of the term.

Discover Bank vs. Ally Bank: Fees

Both Discover and Ally are customer-friendly when it comes to fees. Ally Bank doesn’t charge monthly service fees on any of its accounts. Discover charges only one service fee: A $10 fee on its Money Market Account, charged only if your account balance falls below $2,500 after the third statement cycle.

Both banks are transparent about their other fees. Discover won’t charge you for bank checks, incoming wire transfers and deposited items returned. You may face fees for excessive withdrawals, stop payments, insufficient funds and outgoing wires. At Ally, you’ll face fees for returned deposit items, excessive transactions, expedited delivery, outgoing domestic wires and overdrafts (both paid items and returned items).

Discover Bank vs. Ally Bank: Rates

Discover Bank vs. Ally Bank

As prominent online banks, Discover and Ally both earn at competitive interest rates on all accounts. Both banks’ Online Savings Accounts currently earn at a high 1.90% APY. Their CD rates are fairly aligned as well: Ally offers 2.50% on a 12-month CD, and Discover just edges it out with a 2.60% interest rate on its 12-month CD. Beyond that, Ally generally offers higher rates on its shorter-term accounts, while Discover has the advantage on long-term accounts, with both higher rates and a more robust offering of long-term CDs.

Each of Ally’s High Yield CDs earns interest according to balance tiers, which means that higher balances can earn at higher interest rates. By contrast, Discover CD does not vary its rates based on account balance.

Discover’s Money Market Account does outperform Ally’s. While both earn on balance tiers, Discover offers 1.75% APY or 1.80% APY, while Ally can offer 0.90% APY and 1.00% APY.

The Takeaway

Discover Bank generally wins on rates, and it also gets points for a favorable fee schedule and a wide account selection. The only potential downside is that Discover requires a minimum deposit to open a CD or money market account; by contrast, Ally does not require a minimum deposit on any of its various accounts.

In terms of accessibility, however, you won’t have trouble with either Discover or Ally. Despite their lack of branches, the online, mobile and ATM offerings will give you constant and convenient access to your money.

Tips for Choosing the Right Bank

  • If you’re still not convinced an online bank is right for you, not to worry. Chase, Bank of America and Wells Fargo are a few traditional banks that maintain thousands of branches throughout the country for easy access, and they also have their own online and security state bank and trust banking offerings.

  • When choosing a bank, it’s all about determining your own banking needs and habits. Do you need a free checking account? Are you looking for the best possible savings rate? Or is having nearby branches more important to you?

  • For more help with your finances, you can start working with a financial advisor. The right one can help you maximize your savings, especially when it comes to saving for retirement. Our advisor matching tool can connect you with up to three qualified advisors in your area to get you started as soon as possible.

Photo credit: ©iStock.com/martin-dm, ©iStock.com/Squaredpixels, ©iStock.com/Eva-Katalin

The post Discover Bank vs. Ally Bank appeared first on SmartAsset Blog.

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Источник: https://www.yahoo.com/now/discover-bank-vs-ally-bank-150045446.html

Thinking about opening a bank account and wondering if that bank should be Ally Bank?

Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options.

Years ago, I made Ally Bank my main online bank. I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any nsb news reason. It’s the center of my financial map and one of my favorite savings accounts available.

In this review, I’ll go through all of their offerings and you can decide if it’s the bank for you.

Is Ally Bank Safe?

Ally Bank started as GMAC, the financing division of General Motors, and only got into banking services in 2000 with the creation of GMAC Bank. They were founded all the way back in 1919 and expanded their financing operations in the 1940s to include trains, then household appliances (1951), and financed their 75th millionth vehicle in 1977. In 2009, they rebranded from GMAC Bank into Ally Bank.

Ally Bank (FDIC #57803) is completely safe and FDIC insured up to $250,000.

Ally Bank has an extensive history in lending but for the purposes of this review, I look at their core banking and deposit products and my experiences with them as an online bank. They also acquired TradeKing and rebranded it Ally Invest (which I use as my discount broker too) so you can do nearly everything under one roof.

Ally Bank Deposit Products

Ally Bank offers the full suite of deposit products – savings, checking, and certificates of deposit (a High Yield, a Raise Your Rate, and a No Penalty CD).

Interest Checking Account

The interest checking account has no minimums, no maintenance fees, and an interest rate that crushes traditional brick and mortar banks. The interest rate is tiered, currently at 0.10% APY for balances under $15,000 and 0.25% APY on balances over $15,000. You can transfer instantly between the savings and checking account (keep in mind the Fed’s 6 ACH transfer rule) so you should keep the minimum you need in the checking.

The checking account also offers bill pay and Zelle for payments to other individuals. The debit card is nothing extraordinary, it’s a regular debit MasterCard.

How do I withdraw cash from my Ally Bank account? To get cash from your Ally Bank checking account, you have to use your debit card at another bank’s ATM. Ally Bank won’t charge you a fee when you use another bank’s ATM and they will automatically reimburse the other bank’s fees of up to $10 each statement cycle. They have also partnered with the Allpoint ATM network (43,000+ ATMs) so if you use that network’s ATMs then you won’t be charged a fee.

With a brick and mortar banks, if you use another bank’s ATM then you usually pay two fees – one by the bank that owns the ATM and one by your bank. Many online banks partner with ATM networks to give you fee-free ATM access but not many offer reimbursement of fees like Ally does.

With their debit card, you can also get cashback from purchases without a fee.

Ally Bank has a daily ATM withdrawal limit of $1,000 per day.

How do I put money into my Ally Bank account? You can transfer money into your account via an ACH transfer, you can deposit checks through the app, and you can mail in checks using their prepaid envelopes (or mail it directly yourself to Ally Bank, P.O. Box 13625, Philadelphia, PA 19101-3625). You can’t deposit cash directly into the account, Ally Bank doesn’t accept cash deposits. To get your cash into an account, you have one of two options. You can deposit at a different bank account and then transfer it or you can buy a money order and deposit the money order.

Online Savings Account

The online savings account has no minimums, no maintenance fees, and a high-interest rate that applies to all balance tiers.

The Online Savings Account interest ally savings bank is 0.50% APY and compounds daily.

Ally Bank also has a money market account with a tiered interest rate:

  • < $5,000 minimum daily balance: 0.50% APY
  • $5,000 minimum daily balance: 0.50% APY
  • > $25,000 minimum daily balance: 0.50% APY

I mention it because it exists, and may become ally savings bank factor in the future, but right now it’s inferior to the savings account.

Savings Buckets Feature

Ally Bank recently added a new feature to their savings accounts – “buckets.” Buckets are ways to organize your savings without having to create separate savings accounts. There are ten pre-made buckets (Emergencies, Home, Vacations, Occasions, Education, Family, Tax Payments, Bill Payments, Vehicles, Pets) and a “Make Your Own&rdquo. When you pick the ones you want, you’ll get those plus one called “Core Savings.”

Afterward, you can distribute the amount in your savings across the various buckets to help you understand how your money is being allocated. It’s all still in your savings account but can help you understand how you’re saving towards each goal.

Finally, you can set how you want new money to be allocated into each bucket. You can keep it 100% Core Savings and manually distribute it or you can set percentages on each category.

Finally, you can set the bucket where interest is deposited (you can only select one category for this).

Savings Boosters

Savings Boosters are under the “Optimize” tab and consist of two features:

  • Recurring Transfers: Set up a referring transfer to help you save money.
  • Surprise Savings: This is where Ally analyzes your checking account (that you add yourself) and it transfers money when it could work harder in savings. It never transfers more than $100 at a time and only does it on Monday, Wednesday, or Friday.

Surprise Savings transfers do not count towards the 6 ACH limit (the six transaction limit on savings accounts was rescinding on April 2020).

These two features are less exciting than buckets but they’re nice little bonuses.

Certificates of Deposit

There are three types of CDs:

  • High Yield CD: This is their name for a standard certificate of deposit. They have all the standard maturity periods up to 60 months (5yr).
  • Raise Your Rate CD: This type of CD allows you to raise your rate should rates increase for your term and balance tier. It’s available as a 2yr and 4yr CD. You can increase the rate one-time on the 2yr and two-times on the 4yr.
  • No Penalty CD: You can withdraw your money at any time and pay no penalty. The only exception is that you can’t withdraw within the first six days. This is currently available for 11-month terms only.

On top of all this, they have a “Ten Day Best Rate Guarantee.” If the rate for your CD’s maturity and balance tier goes up in the first ten days of opening, they will increase your rate to that higher rate. There’s no fear that you open a CD and suddenly the rates go up and you miss out.

Ally Bank has one of the most generous CD early withdrawal penalties I’ve ever seen:

  • 24 months or less: 60 days of interest
  • 25 months – 36 months: 90 days of interest
  • 37 months – 48 months: 120 days of interest
  • 49 months or longer: 150 days of interest

Finally, when you renew your CD you get a “Loyalty Reward.” When rates were higher, I saw Loyalty Rewards of almost half a percent. It’s less generous these days but still better than nothing!

Retirement CDs & Savings

At Ally Bank, you can open an IRA, Roth IRA or SEP-IRA version of the High Yield CD, the Raise Your Rate CD, and even an IRA Online Savings account – all with rates that are comparable with the non-IRA versions. As someone who is in their mid- to late-thirties, this isn’t appealing BUT it might make sense for someone who is nearing retirement and looking to squeeze a little extra return out of their retirement cash holdings.

Ally Bank Fees & Penalties

Ally Bank has no monthly maintenance fee, no minimum account balance, and no fee for incoming wires. You can get cashier’s checks for free and get unlimited deposits too.

You do pay a fee for:

  • Returned deposit item: $7.50
  • Overdraft item (maximum 1 per day) $25
  • Excessive transactions: $10 per, this is based on the 6 ACH rule
  • Outgoing wires (domestic): $20

Pros and Cons

Ally Bank offers every good feature of a bank and avoids any negatives. A competitive interest rate on all their products as well as no minimums and no maintenance fees.

Competitive Certificates of Deposit rates: The certificates of deposit rates are competitive with a generous early withdrawal penalty, should you need to, plus a small loyalty renewal bonus if you re-up a CD. The No Penalty CD and Raise Your Rate CD options are nice for some flexibility but their rates are typically lower than the regular CD, but that’s to be expected since you are paying for that flexibility.

Cashback rewards card: If you want a no annual fee rewards card, Ally Bank has one that gives you 2% cashback at gas stations and grocery stores, 1% elsewhere. Ally savings bank also get a 10% bonus when you deposit the cashback into an Ally Bank account. Finally, a new sign up bonus of $100 bonus when you make $500 in purchases.

No-Commission Discount Brokerage account: If you don’t have a discount brokerage account, Ally Invest is well-integrated with the bank and offers free trades, no account minimum, and no surprise fees. It also offers the most generous new account brokerage promotion with up to $3,500 in cash depending on how much you deposit.

Finally, Ally Bank has a very easy to use a smartphone app that includes eCheck depositing, a must these days because who wants to mail checks for deposit? If that describes you, they offer postage prepaid envelopes you can use to mail the checks. If you need to reach them, they have email, phone (1-877-247-2559), and online chat.

As for Cons, I really can’t think of any that apply to Ally Bank and not to other online savings accounts. Ally Bank will periodically run new account bonuses but there isn’t one right now. Sometimes it’s nice to be able to go to a branch… but I may love the option of it more than actually doing it. The only feature that another bank offers that Ally doesn’t is the ability to quickly create new savings or checking accounts, as I do with Capital One 360, but they simplified that with Buckets.

Final Verdict

If you’re comfortable with an online bank, I can’t think of a better one than Ally Bank. It’s the reason why I opened an account with them many years ago and the reason why I still use them today.

Ally Bank

Ally Bank

Strengths

  • Competitive interest rates
  • No minimums, no maintenance fees
  • Overdraft protection if you have a savings account
  • $10 per statement ATM reimbursement (automatic)
  • Mobile deposit of paper checks

Weaknesses

  • No business accounts
  • Can't deposit cash
Источник: https://wallethacks.com/ally-bank-review/

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Ally Bank is a US based online bank offering fully digital banking services. The platform offers all of the services offered by traditional banks, plus a routing number midfirst bank arizona extra value-added services. Some of these services include savings, home loans. investments, lending, checking and more. The company has been around since 2009 and has received numerous awards such as the ‘Best Online Bank of 2021’.

Pros

  • $0 adivsory west valley high school cottonwood ca on investments – the platform also has a low minimum starting investment amount of just $100, making it ideal for novices.
  • High annual percentage yield (APY) – Ally Bank offers 0.5% APY on all of your savings with them, which is relatively higher than most other banks.
  • No withdrawal fees at Allpoint ATMs – there are over 43,000 ATMs in the US where you can withdraw money from your online savings account for free.
  • Great customer service – the platform offers 24/7 customer support so you can get help no matter what time you encounter any banking issues.

Cons

  • No way to deposit cash – the only 3 ways to deposit money are by remote check deposits, online transfer or direct deposits, and wire tranfers or mail.
  • High fee for wire transfers – Ally Bank charges a $20 fee for every outgoing domestic wire transfer that you make to another US bank account.

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What is Ally Bank & How Does it Work?


Ally Bank is a leading company providing digital financial services. The company best brands for treadmills for home in india a full-service online bank with competitive fees, no minimums and 24/7 customer service.

Here’s the full list of banking services Ally Bank offers:

  • Checking
  • Savings
  • Money Market
  • Certificate of Deposit (CD)
  • Mortgages
  • Auto loans
  • Personal loans
  • Investing services
  • Retirement services

In order to further simplify how you do your online banking, Ally Bank offers you mobile apps for iPhone and Android smartphones. These apps allow you to manage all your accounts and make transfers on the go.

Is Ally Bank Safe & Legit?


Yes, Ally Bank is absolutely safe and legit institution. Even though this bank is 100% online and doesn’t have any physical locations like traditional banks, Ally still has to follow the same legal rules and regulations to be allowed to operate.

That’s why Ally Bank holds the Federal Deposit Insurance (FDIC) that protects and insures your accounts with up to $250,000.

Ally Bank Fees


The best thing about Ally Bank is that they offer no fees on their banking services. This means, there are no setup or monthly maintenance fees on checking, savings and CDs accounts.

Cashing out your money from over 43,000+ Allpoint ATMs is also free of charge.

Although, they have an overdraft fee of $25.

Ally Bank Account Types


Ally Bank offers different types of accounts for your different banking needs. Let’s take a look at each of the accounts you can open with Ally Bank. 

Ally Bank Online Savings Account

Ally Bank offers an Online Savings Account that pays a relatively high APY (annual percentage yield) on your deposits of any amount. 

Here’s all the features Online Savings Account includes:

  • 0.50% on your deposits
  • No minimum initial deposit
  • Fund your savings north america continent map from any other account, checks, wiring funds or mobile check deposit
  • Withdraw your funds to any of your Ally Bank accounts, request a check or an outgoing wire
  • Organize your financial goals – save for home improvement, new car, vacation, etc.
  • No monthly fees

Ally Bank Interest Checking Account

Ally Bank offers an Interest Checking Account that rewards you for just doing banking with them.

Here’s what you can expect from this account:

  • Earn 0.10% on balances of less than $15,000
  • Earn 0.25% on balances of $15,000 or more
  • No monthly maintenance fees
  • Use any of 43,000+ no-fee Allpoint ATMs

Ally Bank Money Market Account

Ally Bank’s Money Market Account is basically a conjunction of checking and savings accounts. This means, you can earn interest on your balance while you can spend your money anytime as well.

Certificates of Deposit (CDs)

Ally Bank High Yield CD

For when you want to what is the capital of new york just save but also grow your money, Ally Bank offers a variety of CDs (Certificates of Deposits), including what they call a High-Yield CDs

This is a traditional CDs account that requires your commitment to leave your funds with the bank for a specific time period. But unlike traditional CDs, Ally Bank offers a higher annual percentage yield (APY) on your funds.

In return for leaving your funds with the bank for the specific time period, the bank will pay you higher rates at issue compared to more flexible options like savings accounts.

The best part is, you have the flexibility to choose the term for your high yield CDs.  And the bank offers different APYs for different terms. For example, you can get a higher annual percentage yield if you open your CDs account for 1 year compared to a 3-month period.  

Ally Bank high yield CD rates:

TermAPY (Annual Percentage Yield)
3-Month0.20%
6-Month0.25%
9-Month0.30%
12-Month0.60%
18-Month0.60%
3-Year0.65%
5-Year0.85%

When you open your high-yield CD account with Ally Bank, there is no minimum deposit required to get started. 

Another advantage of a high-yield CDs account at Ally Bank is that there is no minimum deposit required to get started. On the other hand, other banks usually require a minimum deposit of at least $500. This condition is especially beneficial for when you don’t want to commit higher amounts.

Raise Your Rate CDs

Ally Bank offers the ‘Raise Your Rate CDs’, which have a potential that their rates go up, eliminating the situation breakfast cafe near me open you get stuck with the low CD rate for several years.

What does this mean? Well, let’s say you opened your account for a 3-year period at the rate of 0.65%. However, after some time, Ally changed their conditions and increased their APY up to 0.70%. In this case, you have the opportunity to request a APY raise on your existing CDs account.

No Penalty CDs

Typically, when you open a CDs account, you’re required to leave your money in the account for a predetermined period of time. But things happen and you might need your money at any given moment. If you suddenly decide you want to cash out your money and use it, you would get a penalty.

But Ally Bank offers a No Penalty CDs account where your funds are liquid and you can withdraw 100% of your money after the first 6 days of opening your account. 

The No Penalty CDs at Ally Bank are 11-month CDs and you’ll get 0.50% on deposits of any amount.

How to Open an Ally Bank Account?


Ally Bank offers various account types you can choose based on your needs. You can also choose multiple features and manage them all in one Ally Bank account.

In order to get started and open any of your Ally Bank accounts, simply visit Ally.com, select any of your preferred account types. You can find accounts in the header section of the website and click the button to open your account.

Alternatively, you can call Ally Bank at 1-877-247-2559 to request opening an account.

Be aware that just like with any financial institution, you’ll be required to provide your personal and legal information when opening a bank account.

Once you have opened your Ally Bank account, you can download the Ally Bank app on your iPhone and Android and log in.

Ally Bank Pros & Cons


Pros

  • No monthly maintenance fees or minimum balances on checking, savings and CD accounts
  • An above-average annual percentage yield (APY) of 0.50% on savings.
  • Access to over 43,000 free ATMs 
  • 24/7 customer support 
  • A well-designed and self-explanatory platform

Cons

  • No way to deposit cash
  • No physical branch available

Ally Bank Alternatives


Ally Bank vs Revolut

Revolut Summary

  • Allows you to hold different currencies
  • From $300 per month ATM Wwithdrawals for free
  • Perks such as travel insurance
  • Ever expanding features

While Revolut is a great alternative to Ally Bank when it comes to investing, the 2 platforms have their differences. First of all, Ally Bank has low trading and non-trading fees while Revolut offers free stock trading. Plus, Ally Bank offers a more diverse product portfolio compared to Revolut.

Ally Bank vs Chime Bank

Chime Bank is a good alternative to Ally Bank. And while the both banks offer online banking with the same features and account options, there’s not much difference between the two.

Plus, both of them offer no fees on their basic accounts.

However, the only advantage Ally Bank offers is a reimbursement of $10 on out-of-network ATM withdrawals every month, which Chime doesn’t.

Ally Bank vs CIT Bank

One of the major alternatives to Ally Bank is CIT Bank. While CIT Bank offers multiple high interest savings accounts and CDs, Ally Bank is best for online interest checking accounts. 

Moreover, Ally Bank is more convenient for people with any amount of funds in their bank. It’s true that CIT Bank offers higher savings rates than Ally does, but they have a minimum balance requirement of $25,000 for higher APYs, whereas Ally offers lower rates, but has no minimum balance requirements.

Is Ally Bank Worth it?


In general, I would say Ally Bank is worth serious consideration if you’re interested in saving and growing your ally savings bank with higher rates than typical. 

Plus, there are no minimum deposit requirements and the bank offers low fees, not to mention the ability to manage all your accounts online.

Источник: https://www.dollarbreak.com/ally-bank-review/

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