Banking and Finance

Online Banking Review | Ally Bank

KK
June 13, 2020

About Ally Bank 

Ally Bank is one of the best online-only banks which is organized by Ally Financial company. Ally Financial Company provides various financial services such as mortgage loans, car finance, and any other financial trade activities, making it strong and trustful. And Ally Financial Company ranked 19th in the list of the largest banks in the United States and provides services to millions of customers all around the world. One of the reasons why Ally Bank is successful is that it provides lots of attractive customer perks. If you are interested in digital banking, Ally Bank is a good option for you. 

Ally Bank
Picture source

Pros & Cons

Pros:

  • No minimum opening deposit

Unlike other banks who require an opening deposit, customers of Ally Bank don't need to put a minimum amount of money in the bank account, so your money is more flexible. 

  • No monthly maintenance fees

There is nothing worse than paying a monthly fee to the bank because you can buy two cups of coffee with this money instead of paying it to the bank. The only way you can waive the monthly maintenance fee is to meet the minimum checking /savings account requirement. Here is good news for all people: it waives all maintenance fees for its customers, so you can get more services but less payment.

  • Use over 55,000 Allpoint ATMs in the United State for free

Ally Bank will also reimburse up to $10 per statement cycle when you have been charged fees for using other banks’ ATMs nationwide. 

  • Customers can use Zelle

Ally Bank is one of the partners of Zelle (A quick way to pay people), so you can send money to your friend just in a few minutes. 

  • High interest on Ally Bank savings account

The purpose of putting money in the bank is to get higher returns. The Ally Bank offers a 1.50% APY rate in Ally savings account which is higher than the national average rate of 0.07%. Everyone is a wise investor, no one wants to drop down the profit by lowering the account rate.

  • Ally Bank account is FDIC-insured

Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). Every depositors’ account is insured by the FDIC up to $250.000. Click here for more details.

  • No ACH transfers fees and incoming wires fees

Ally Bank doesn’t charge standard or expedited ACH transfers fees and incoming wires fee no matter if it is international or domestic.

Cons

  • No cash deposit

If you have lots of cash in your pocket, you should think twice before you apply for the Ally card because there is no way to deposit the cash via ATM machine or banking. That is one of the annoying parts in this bank especially when you get lots of cashback from different stores and try to deposit into your bank account. Ally Bank service only allows a check deposit, direct deposit or wire transfer.

  • Extra Transfer fee from saving to Ally checking

Another disadvantage of this bank is customers will pay an extra $10 if you transfer the money from saving to checking more than 6 times. If you need a saving account that allows you to have more mobility and flexibility, it probably is not the proper financial bank for you. 

  • Zelle can’t send money immediately

Generally speaking, Zelle is a quick and convenient tool for sending money to your friends because the money can be sent immediately. But Some Ally’s customers said it took 3-5 business days for the money to arrive sometimes.  

  • No brick and mortar locations

As an online bank, Ally Bank doesn’t offer any brick and mortar locations for its customers. If you have any questions, you can call customer service. 

Bonus 

Recently, Ally Bank hasn't offered a cash bonus. Before, there was a cash bonus offering up to $250 when card holders meet some requirements. Now (04/2020) is not the best time to apply Ally Bank, people who are thinking of applying for account should wait until a new bonus being offered.


Accounts & APY

Ally Bank offers four general types of Ally Bank accounts: Ally Bank's checking, saving, CD and Ally money market accounts that are good for long-term Ally savings. And different APYs (Annual percentage yield)  are applied to each account. 

Ally Checking Account

Generally, the Ally checking account has the lowest APY since the amount of money in the Ally checking account is changing frequently fast. Be aware that if you want to transfer money from your Ally savings account to Ally checking account, the limit is 6 withdrawals per statement cycle.

Ally Savings Account

Ally’s Saving Account has a high APY on deposit no matter how much the deposit is. And there is something you should know that you won’t get an ATM card if you only open an online Ally savings account, which means you can’t withdraw money from any ATM. 

Ally Money Market Account

Ally Money Market Account is a hybrid of Ally checking and Ally savings accounts. You can earn a higher APY by depositing your money in the Ally Money Market Account and use the money whenever you want. And people who apply for the Ally Money Market Account can have an Ally debit card, which is so much better than applying for both an Ally saving account and Ally checking account.

Ally High Yield Certificates of Deposit

High Yield Certificates of Deposit account is the most basic Certificates of Deposit (CD) account that needs you to put your money as a deposit for a certain length of time and you get a higher APY as a return. The best thing about Ally’s High Yield Certificates of Deposit account is no minimum amount of deposit needed. Ally Bank provides a variety of Certificates of Deposit accounts, click here for more details. 

Ally Bank APY Comparison

Minimum Checking/Saving account Requirement

Most people do not read any paperworks when they apply for an account, leading them to have no idea that there is a minimum deposit requirement in their bank account. They will notice the minimum requirement when they have to pay the maintenance fee because the amount of money in the account is lower than the requirement. Luckily, Ally Bank has no monthly maintenance fee and no minimum balance requirements. 

How to Add Money to an Ally Bank Account?

Ally Bank doesn't have its own ATMs. It uses Allpoint ATMs nationwide.

Add Money

Adding money to an Ally Bank account could be a bit troublesome. Ally Bank service only allows a check deposit, direct deposit or wire transfer.

Withdraw Money

You can withdraw your money for free from 55K Allpoint ATMs nationwide. If not, you may have to pay certain fees. However, Ally Bank reimburses up to $10 at the end of each statement cycle for fees charged at other ATMs nationwide.

Fees

Overdraft Fee

The most expensive fee is the $25 overdraft fee in Ally Bank’s charge. However, the big difference between Ally Bank and other banks is it only charges 1 fee per day. If you have multiple overdraft activities in a single day, you won’t get an extra fee charged for the extra overdrafts. 

Wire Transfer Fee

Ally Bank will charge you a $20 extra fee for each outgoing domestic wire transfer from your Ally Bank account. Before the Bank takes money from your account, you have to fill out an online form of a domestic wire transfer request so that you can start your further action for wire transactions. But the good news is Ally Bank doesn’t charge incoming wires fees no matter its domestic or international.  With Ally Bank, you never go to the bank for wire transfer.

Foreign Transaction Fees

Ally Bank charges a standard foreign transaction fee of up to 1% of the transaction amount for the foreign currency conversion and/or cross border transaction when customers use an ATM overseas.

Ally Bank Fee
Picture source

Customer Service 

Customer service is one of the most important parts of a financial company. There are many customers who are concerned about their account safety and financial condition. Up to now the online feedback and reviews of Ally's customer service are higher than the average, the majority of customers are satisfied with Ally’s customer service, especially for the response part and problem solutions. If you have any questions about your account, do not hesitate to dial the customer service. The customer service number is 877-247-2559.


Except for Ally’s card, Cheese debit card is an excellent card as well, helping you save money easily. Cheese offers a cash bonus and no banking fee. Sounds attractive? Click here to apply for the Cheese debit card.


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