Ally Bank offers direct banking, competitive rates

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Ally Bank logo thumbnailAlly 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.

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