A full-service online bank, Ally Bank offers cheap costs, no minimums, and 24-hour customer assistance to its customers. Since its inception in 2009, Ally Bank has been a digital-only banking part of Ally Financial Inc., formed in the 1920s and headquartered in Sandy, Utah.
An ally is a good option for anyone who is used to doing their banking on a computer or a smartphone. Ally offers a wide range of financial products and services, including checking, savings, money market, certificate of deposit (CD) accounts, mortgages, car loans, and personal loans.
Account Basics
· Checking
Having no physical branches allows the bank to pass along savings to consumers in the form of cheaper costs. There are no monthly fees or a minimum deposit required to create an account with this account.
In addition, there are no overdraft fees with Ally. Standard checks and debit cards are also included in the freebies for customers. Using an Allpoint ATM is entirely free of charge for customers. Ally will pay you up to $10 every statement cycle if you use an ATM outside of the network of 55,000 Ally ATMs.
· Savings
Ally Bank is no exception to the rule regarding online savings accounts. Even while low-interest rates mean you won't make a lot of money off of the APY, you'll still receive a better deal than you would at a regular bank in most cases.
On its online savings account, Ally Bank pays an annual percentage yield (APY) of 0.50 percent, roughly nine times more than the national average.
Every day, the interest grows. With no monthly fees or balance limitations, this account has a maximum of six transactions every statement cycle. Due to the Covid-19, Ally Bank temporarily reimburses the bank's usual $10 cost for any further transactions.
· The Financial Market
If you're looking for an APY of 0.50 percent on your money market account, Ally Bank has you covered there. There are other options out there, but this is the best. Customers don't have to maintain a minimum balance or pay any monthly fees with this account. You're allowed an infinite number of free deposits and ATM withdrawals.
On the Go Access
Ally Bank uses technology to make it easier for customers to access their banking products. A mobile app for Windows and Android is available from Ally, in addition to its 24/7 customer support and online banking options. Depending on the operating system, the app's capabilities are different.
In terms of functionality, its iOS version is the best. In addition to checking balances and finding ATM locations and managing one-time and regular transfers, depositing checks, paying bills, sending money with Zelle, and using Ally Assist, this app provides a wide range of services. An Ally Skill for Alexa, Amazon's voice-activated digital assistant, has been developed by Ally.
Are Ally's Savings Accounts Secure?
In the beginning, you may question if your money is safe when you deposit it into an online bank account. Thanks to the Federal Deposit Insurance Corporation (FDIC), your money is safe with banks like Ally. Even more so, like an online bank, Ally has taken the further step of ensuring the protection of its customers' mobile devices.
As long as you report the unlawful transaction within 60 days of receiving your statement, you won't be held responsible for any charges. If you're still not convinced, Ally Bank provides free security software from Webroot SecureAnywhere to secure up to three devices as an added benefit.
The Ally platform also includes two-step authentication and other security measures, fraud prevention and identity theft tools, and personal advice.
Customer Service and Access to Your Account
Many people nowadays find it impossible to function without the ease of online and mobile banking. Most online savings accounts offer both options, allowing you to access your money from wherever you are, on whatever device you choose. With an Ally Bank savings account, you'll be able to talk to a person 24 hours a day, seven days a week.
Getting in touch with customer support quickly and easily through phone, chat, or email is possible. Additionally, you may look up the average wait time for customer support representatives on the internet before calling. You won't have to wait for more than a minute in most cases.
Ally Bank's Strengths and Weaknesses
Savers who want a bank that offers excellent interest rates, lower fees, and no minimum deposits might look into Ally. As a full-service bank, Ally can help clients looking for more than just checking and savings accounts, such as mortgages, loans, and investments.
It can handle all of your banking needs from the comfort of your own home, thanks to the bank's mobile app and internet banking capabilities.
Instead of having a physical branch, the bank provides client assistance by phone, live chat, or email, which is available 24 hours a day, seven days a week. This bank may not be the best option for people who like to do their banking transactions in person.
