Ally Bank Review 2022: High-yield savings with a wide range of CD terms but no physical branches
Ally is an online-only bank that offers a wide range of financial products and services including checking and savings accounts, credit cards, auto loans, personal loans, robo-advisors, and more. Despite the lack of physical branches, Ally offers customers free access to a network of more than 43,000 ATMs and 24/7 customer service assistance depending on the product. All rates and fees are current as of November 21, 2022 and are subject to change.
Ally Bank offerings
Ally offers various deposit options, including an online savings account, money market account, interest-earning checking account, and a few different certificate of deposit (CD) options.
Ally Online Savings
APY: 2.75%
Fees:
Monthly maintenance fee: $0
Overdraft item fees: $0
Standard or expedited ACH transfers: $0
Deposit slips and prepaid envelopes: $0
Returned deposit item: $7.50 per item
Excessive transactions: $10 for each transaction over the allotted six transactions per statement cycle. Due to recent changes in federal regulation, Ally is not applying transaction limits right now, and is temporarily refunding excessive transaction fees.
Outgoing wires (domestic only): $20 per wire
Expedited delivery (overnight checks): $15 per delivery/per item
Account research fee: $25
Minimum opening deposit: $0
Minimum balance: $0
ATM reimbursement: Use any Allpoint ATM in the U.S. for free. Plus, receive up to $10 per statement cycle for fees charged at other ATMs nationwide.
Money market accounts
Ally Money Market
APY: 2.75%
Fees:
Monthly maintenance fee: $0
Overdraft item fees: $0
Standard or expedited ACH transfers: $0
Standard checks and debit cards: $0
Deposit slips and prepaid envelopes: $0
Excessive transactions: $10 per transaction over the allotted six transactions per statement cycle (currently on pause)
Stop payment: $15 per request
Returned deposit item: $7.50 per item
Outgoing wires (domestic only): $20
Expedited delivery (debit cards, checks, etc.): $15 per delivery/per item
Account research fee: $25 per hour
International transaction fee: Up to 1% of the transaction amount
Minimum opening deposit: $0
Minimum balance: $0
ATM reimbursement: Use any Allpoint ATM in the U.S. for free. Plus, receive up to $10 per statement cycle for fees charged at other ATMs nationwide.
Certificates of deposit
Ally High-yield CD
APY:
3-month CD: 1.50%
6-month CD: 2.75%
9-month CD: 2.85%
12-month CD: 3.75%
18-month CD: 4.00%
3-year CD: 4.05%
5-year CD: 4.10%
Minimum opening deposit: $0
Minimum balance: $0
Fees:
Official/cashiers checks: $0
Incoming wires: $0
Outgoing wires (domestic only): $20 per wire
Expedited delivery: $15 per item
Account research fee: $25 per hour
Early withdrawal penalty: Varies depending on CD term
24 months or less: 60 days of interest
25 months to 36 months: 90 days of interest
37 months to 48 months: 120 days of interest
49 months or longer: 150 days of interest
Raise your rate CD
APY
2-year CD: 3.00%
4-year CD: 3.00%
Minimum opening deposit: $0
Minimum balance: $0
Fees:
Monthly maintenance fee: $0
Official/cashier’s checks: $0
Incoming wires: $0
Outgoing wires (domestic only): $20 per wire
Expedited delivery: $15 per delivery/per item
Account research fee: $25 per hour
Early withdrawal penalty: Varies depending on CD term
24 months or less: 60 days of interest
25 months to 36 months: 90 days of interest
37 months to 48 months: 120 days of interest
49 months or longer: 150 days of interest
No penalty CD
APY:
11-month CD: 3.30%
Minimum opening deposit: $0
Minimum balance: $0
Fees:
Monthly maintenance fee: $0
Official/cashier’s checks: $0
Incoming wires: $0
Outgoing wires (domestic only): $20 per wire
Expedited delivery: $15 per delivery/per item
Account research fee: $25 per hour
Early withdrawal penalty: You can withdraw all your money, including interest earned, without any penalties, any time after the first 6 days following the date you fund your account.
Other services Ally Bank offers
Apart from Ally’s checking and savings account options, customers can also benefit from a number of other products, including:
Credit cards: Ally offers four different credit cards—the Ally Platinum [hotlink]Mastercard[/hotlink], Ally Everyday Cash Back, Ally Unlimited Cash Back, and the Ally Unlimited Cash Back for Nurses and Educators. With these cards, customers can earn cash back on purchases made at gas stations, grocery stores, drugstores, and more.
Investment accounts and services: Ally offers a host of investment accounts and tools including a self-directed trading account, robo portfolios, personalized guidance from experienced wealth advisors, Forex trading, IRAs, cryptocurrency accounts, and more.
Home loans: Ally also provides mortgage loans and refinancing for homebuyers with zero lender fees and a pre-approval in just a few minutes.
Auto loans: Ally offers auto financing for personal and business vehicles.
Personal loans: Customers can also look to Ally for personal loans to cover the cost of medical treatments, procedures, home repairs, renovations, and more.
The Ally Bank platform and customer support
Ally offers both online and mobile banking and has a 4-star rating on the [hotlink]Apple[/hotlink] app store and 3.9 stars on [hotlink]Google[/hotlink] Play. For assistance with any of Ally’s bank accounts, credit cards, investment products, or services, customers can reach a representative via live chat, email, or phone 24/7. For auto loan help, representatives are available Monday through Friday, 8 a.m. to 11 p.m. ET, and Saturday from 9 a.m. to 7 p.m. ET.
For assistance with new home loans, representatives are available Monday through Friday, 8 a.m. to 10 p.m. ET, Saturday, 10 a.m. to 4 p.m. ET. For existing home loans, phone service hours are 8:30 a.m. to 8 p.m. ET, Monday through Friday and 8:30 a.m. to 1 p.m. ET on Saturday. For questions related to Ally’s lending products, customers can call Monday through Friday, 8 a.m. to 10 p.m. ET and Saturday, from 8 a.m. to 9 p.m. ET.
Pros and cons of Ally Bank
If you’re considering banking with Ally, here are a few of the major perks and drawbacks to note:
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Pro: No monthly fees or minimum balances. Ally does not charge its customers maintenance fees or minimum balances on checking, savings or CDs.
Pro: Ally has a large network of fee-free ATMs. Despite not having a physical location where customers can make withdrawals or deposits, Ally customers have access to a network of more than 40,000 fee free ATMs and offers ATM reimbursement up to a certain amount per statement cycle.
Con: Ally does not have any physical branches. For customers looking for a more personal banking experience, they won’t be able to visit a brick-and-mortar location as an Ally customer. For less digitally-savvy customers, this could be a major drawback.
Con: Ally customers cannot make cash deposits. Ally does not accept cash deposits, customers will need to make deposits via mobile deposit, online transfers, direct deposit, wire transfers, or via mail.
Frequently asked questions
Is Ally Bank a legit bank?
Ally Bank is an online-only bank but it is a legitimate, FDIC-insured bank.
Where can I deposit cash into Ally Bank?
Ally does not accept cash deposits, but customers can still deposit checks via mobile app, online transfers, direct deposit, wire transfers, or mail.
How do I withdraw money from Ally Bank?
You can withdraw funds from your Ally bank account by using any of the 43,000+ Allpoint® ATMs in the U.S. for free.
This story was originally featured on Fortune.com
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