Ally Bank Review

Ally Bank has been around for a long time although the name is probably new to banking customers. Ally Bank used to be GMAC prior to 2009. GMAC was a large financial services unit that gave both auto and home loans. When GMAC converted into a bank holding company in 2009, the company transitioned into its new name Ally Financial. Ally Bank is a subsidiary of Ally Financial.

You might have seen a television commercial or an Internet ad advertising the services of Ally Bank. The bank has been all over the media in recent years as the company has been making potential customers aware of its presence. The base of Ally Bank’s operations is located in Midvale, Utah and the company has been around since 2001.

Ally Bank Features:

Ally Bank has been around for a long time although the name is probably new to banking customers. Ally Bank used to be GMAC prior to 2009. When GMAC converted into a bank holding company in 2009, the company transitioned into its new name Ally Financial. Ally Bank is a subsidiary of Ally Financial.

You might have seen a television commercial or an Internet ad advertising the services of Ally Bank. The bank has been all over the media in recent years as the company has been making potential customers aware of its presence. The base of Ally Bank’s operations is located in Midvale, Utah and the company has been around since 2001.

Ally Bank Advantages:

Higher Interest Rates

Ally Bank offers higher interest rates on many of its financial products. Savings accounts, checking accounts, and certificates of deposits all offer competitive rates that are higher than commercial bank rates.

No ATM Fees

This is one of the most attractive features that Ally Bank offers. Some online banks charge a fee for customers to access the money via an ATM. Those small $3 fees that other banks charge can quickly add up.

No Monthly Maintenance Fees

Ally Bank has no fee checking which is a rarity today with all of the checking account fees that most banks offer. There is no monthly maintenance fee regardless of your account balance. This true for checking and savings accounts. All of the following services are free:

  • Online Banking
  • Online Bill Pay
  • Debit MasterCard®
  • ATM access
  • Online Alerts
  • Overdraft Transfer Service
  • Ally standard checks
  • Postage paid deposit envelopes

 

No Penalty CD’s

One of the main drawbacks of certificates of deposits is that you are charged a fee to access your money before the maturity date. Ally Bank has an 11 month no fee CD that will allow you to withdraw your money anytime that you wish. You can take your money out anytime between 6 days after you opened the account and the 11th month. That is an attractive offer because it enables you to move your money around and see if you can find a better interest rate.

High Yield IRA CD’s

Ally has CD IRA plans that can be opened with $0. The high yield CD’s pay some of the highest rates on the market. I particularly like the Raise Your Rate CD because it offers flexibility. If interest rates have risen, you can bump your rate up so you can take advantage of the higher rate. The Raise Your Rate CD allows you to increase your rate once or twice during the entire term of the CD. Two year CD’s can be raised once and four year CD’s can be raised twice.

Ally Auto Financing

This is one option that I have never tried out but Ally Bank does finance vehicles. The company specializes in offering low financing for GM products. That would include Cadillac, Dodge, Buick, GMC, Chevy, Chrysler, Jeep, Ram, and Saab. Both personal and business loans are available to customers.

Customer Service

Ally Bank has incredibly responsive customer service. The website lets you speak with a customer representative live on the website. Every time that I visit the site there is some sort of tab asking if I want to speak to a live agent. Sometimes I get tired of all of the requests to speak to someone but it is good customer service. This is 24 hours a day and 7 days a week. You can also get in contact with customer service via email or phone.

My Take On Ally Bank

This is surprising but I really have not found any drawbacks to using Ally Bank. There were no hidden fees or surprise charges that popped up. All of the offers are straightforward and you receive exactly what the bank says that you will. Account funding can be done just as you can with any online bank. You can mail in deposits or fund it electronically via another bank account.

I give Ally Bank two thumbs up and consider it a solid banking choice for customers in search of an online bank.

Ally Bank: Open a High Interest Account and Save

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6 Responses to “Ally Bank Review”

  1. Plus, access to low mortgage rates on a variety of home loans.

  2. avatar Ed says:

    While their online site isn’t as easily navigable as ING’s nor as cool.
    I do like how on the bill pay they don’t take the money out of your account until the day the bill is supposed to be paid instead of when they ‘start the process’ like ING. A few extra days float is cool

  3. avatar MD says:

    No auto loan customer service e-mail? Snail mail or call-in only? This may be an oversight, but can be misconstrued – people do take notice.

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