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Ally Bank offers direct banking, competitive rates

| Money Rates Columnist

Ally Bank, a division of Ally Financial, is well-known today as an online bank with highly competitive savings products, but the company has actually been in business since 1919. Headquartered in Midvale, Utah, Ally Bank was known as the General Motors Acceptance Corporation (GMAC), the automotive financing giant, until its renaming in 2009.

Today the online bank services a little more than 1.1 million retail deposit customers and offers savings accounts, checking accounts, money market accounts and certificates of deposit (CDs). But in a direct-banking marketplace that's becoming increasingly crowded, Ally's products and services stand out in key ways.

Click here to open an Ally Deposit Account

24/7 customer service, strong bank rates

If you commonly use online or mobile banking to access your accounts, pay bills and transfer funds, you may be pleasantly surprised by an additional customer service feature of Ally Bank: 24-hour live customer service. While you can conduct all of your banking online if you prefer and you can reach an agent at any time if you have a banking issue.

Award-winning online bank

Ally Bank's savings and money market accounts have been consistent strong finishers in MoneyRates.com's America's Best Rates features, which highlight the nation's top-yielding deposit accounts. In fact, Ally Bank's savings account took the No. 5 spot in MoneyRates.com's list of best savings accounts on the strength of its performances in the America's Best Rates features.

Additionally, Ally took top honors for Best Online Bank in MONEY Magazine's 2015 list of the best banks in America.

Naturally for a company that focuses on online bank accounts, internet and mobile banking and bill paying are free services for all Ally Bank customers.

Ally Bank deposit account options

Ally Bank's direct banking business offers a variety of deposit accounts that offer two important features to consumers: no minimum balance requirements and no monthly maintenance fees. If you're looking for low fees, Ally Bank is a financial institution worth considering.

If you use ATMs often to get cash, Ally Bank offers another nice perk: Not only does the bank not charge any fee for using any bank machine anywhere in the country, but you'll currently also receive a refund at the end of each statement cycle for ATM fees charged by other banks.

In addition to refunds for ATM fees, customers don't have to worry about deposit requirements. You can open an interest checking account, money market account or online savings account with Ally Bank online without any minimum deposit requirement.

CD rates and accounts to earn interest

Ally Bank also offers a variety of CD rates and terms, including two Raise your Rate CDs that allow you to raise your CD interest rate once or twice during the certificate term if interest rates go up. Ally also offers a no-penalty CD that allows you to withdraw all your money anytime after the first six days following the date you funded the account and keep the interest with no penalties.

Deposits can be made through online transfers, postage paid envelopes or even more conveniently by Ally eCheck depositâ„  via your scanner and computer or applicable smartphone.

Other Ally Bank products and services

In addition to these deposit accounts, Ally Bank offers auto loans, mortgage loans and home-equity loans to customers. In 2016, Ally acquired online broker Trade King with plans to launch a platform that will help customers better manage their wealth. 

FDIC insurance coverage for Ally Bank accounts

All Ally Bank deposit accounts are covered under FDIC insurance limits to the maximum of $250,000 per depositor. If you open a joint account with one other person, each depositor is insured for up to $250,000 for a total of $500,000.

For the latest rates and information on Ally Bank's deposit accounts, please see the tables below.

Luke Phillips 7 February 2017 at 2:53 am

The only thing that's true about Ally is that their customer service team tries to be polite on the phone. If you are concerned about how ALLY will handle fraudulent charges on your checking account, they will try to handle it with the least amount of effort. STAY AWAY from ALLY if you are concerned about Fraud protection. I have a feeling that it is not so much as to purposely not help you (although that's has been the result for almost a month now), but pure incompetence. Fraudulent charges were made to a debit card from my ally checking account ( probably because Ally doesn't have a security chip on their debit card, which makes it that much easier for hacking and fraud to take place) via paypal. I submitted a dispute. Ally calls and says I need to contact Paypal to resolve the dispute. I called paypal, they recognizes that it's fraud and tries to do a charge back. At this point the ball has been in Ally's court to unblock the request to charge back the funds to my account. It's been almost a month with over a dozen call with Ally, Paypal, Paypal and Ally together on the same line, and Ally almost on every occasion comes up with a new reason why things aren't working. At this point I got a letter saying, because the fraud happened through paypal they are off the hook, but will try to help if I submit a 10 page dispute form explaining the problem, which they then state will take up to 90 days to come back to me. SMH the paypal fraud department is shocked as well as to how Ally is handling things and has been trying to find any legal way to help me get reimbursed. It would have been one thing if Ally had at any point in time reached out to figure out how to "focus on doing right by me and my finances." But I guess it's all catchy words to hook you in, but no substance.

Davette Robinson 30 April 2016 at 2:17 pm

Ally is a great online bank. It has 1.0% for regular savings which is considerably better than my credit union. Moving money online(either in or out) is fast an simple.

myekul 25 April 2016 at 5:00 am

I like Ally. Been with them a couple years online and they answer all my questions promptly. Never had an issue with them.

Doby 2 April 2016 at 4:03 pm

Patrick, I'd like to know why the comment. Thanks

Motown Man 1 April 2016 at 7:48 pm

Ally has fallen further. The telephone support has moved terrible and the Trust Department gets a -5 Stars. Sorry to say it but, "I DON'T recommend!

patrick donahue 10 March 2016 at 8:19 am

one of worst banks, avoid at all costs

Craig Wood 2 December 2015 at 3:48 pm

Ally does not have a minimum deposit requirement to earn the current 1% rate on savings accounts.

Trevor Calvert 26 August 2014 at 8:57 pm

Do you receive interest from the savings account yearly or monthly.

traici sexton 29 October 2013 at 5:21 pm

Although all banking is online, can I still get checks printed for the accounts?How do I make deposits to my accounts?

Elyssa 6 October 2013 at 12:42 pm

What are the current rates?