Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. By using Investopedia, you accept our, Investopedia requires writers to use primary sources to support their work. Using the camera on your mobile phone, you take a picture of the check and then deposit it. © 2020 Forbes Media LLC. Like other online banks, Ally is suitable for consumers who are comfortable banking from their smartphone or desktop computer. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. Many or all of the products featured here are from our partners who compensate us. This review focuses on Ally Bank’s banking products and services. Customers also get free standard checks, a free debit card and a free bill pay service. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, , much higher than the national average of. Account holders are free to withdraw both interest and principal funds any time, starting six days after funding an account, with no penalties. Benefits In our review, we found that Ally Bank is a solid option for anybody that wants free online banking. The federal government insures banking products from Ally up to $250,000 per depositor, per account ownership category. That’s the case with the Ally Interest Checking Account, the only checking product offered by this bank. For terms between 37 and 48 months, the fee is 120 days of interest. Learn more about how we review products and read our advertiser disclosure for how we make money. You also can transfer money, hear recent transactions and get the current rates on its products. "Interest Checking Account." Both high-yield CDs and raise-your-rate CDs from Ally have early withdrawal penalties that vary by term. var faqAnswer = parent.find('.faq-answer'); Accessed May 4, 2020. Customers who use an Allpoint ATM never face any charges. Customers can also log into their online account to send secure messages. $('.faq-section').prev().addClass('faq-separator'); If in-person banking isn’t a requirement, choosing Ally gives you a chance to build up savings more quickly through mostly competitive rates. In addition to 24/7 customer service and online banking, Ally has a mobile app for Windows, iOS and Android. Headquartered in Sandy, Utah, and founded in 2009, Ally Bank is the digital-only banking division of Ally Financial Inc., which has roots dating back to the 1920s. Ally offers a way to earn interest with its interest checking account. There are plenty of ways to get your questions answered — by phone, email, snail mail, or chat — but Ally's stellar help center will likely answer many frequently asked questions. For terms of 24 months or less, it charges 60 days of interest. Investopedia uses cookies to provide you with a great user experience. Accessed May 4, 2020. All Rights Reserved. "Money Market Account." Ally Bank makes it easy to access your banking products, relying on technology to amp up the convenience factor. Ally claims you can open an account in as few as five minutes. Ally Bank also offers its Raise Your Rate CD with two- and four-year terms. FDIC insurance protects your money in the event of a bank failure. var parent = $(this).parents('.faq-wrapper'); Ally.com. There are no monthly fees associated with the account, nor is there a minimum deposit to open an account. You won't be able to escape fees entirely at Ally, but at least the bank clearly highlights what you'll owe for certain services and transactions. Ally will email you if and when your account is approved. The charge moves up to 90 days of interest for terms between 25 and 36 months. Along with checking, savings, money market and certificate of deposit (CD) accounts, Ally provides mortgages, auto loans, personal loans and investing and retirement services. Ally Bank Review – Complete Guide. Ally Bank charges a $10 charge per transaction over the limit.. faqAnswer.slideToggle(); Phone support is available 24 hours a day, seven days a week. Ally.com. Ally even reimburses charges from out-of-network ATMs, up to $10 per statement cycle. Ally Bank should appeal to individuals looking for a full-service online bank. Accessed May 4, 2020. Interest rates aren’t always the highest. "Interest Checking Account: FAQs: How will I add money to my Interest Checking Account?" This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. $('.faq-question-wrapper').off('click').on('click', function () { But Ally Bank is competitive, so you can earn a decent return without putting effort into chasing rates and switching accounts frequently. } else { Accessed May 4, 2020. parent.addClass('collapsed'); All balances currently earn a 0.50% APY. Here’s a detailed look at what this bank offers and how it compares to similar online banks. Want to see more options? Raise Your Rate CDs let you bump up your APY once or twice, depending on the term length, to the rate currently on offer for new CDs. However, this does not influence our evaluations. Although the bank has a free overdraft transfer service for linked Ally accounts as an alternative, it doesn't offer an overdraft line of credit. var chevronArrow = parent.find('.chevron-arrow'); This CD is currently available in an 11-month term and pays 0.60% APY. Select withdrawals and transfers are limited to a combined total of six per statement period. Accessed May 4, 2020. You can start drawing down your money on the seventh day following the funding of the CD. NerdWallet strives to keep its information accurate and up to date. } Online banks tend to offer higher rates on savings deposits and Ally Bank is no exception. Interest compounds daily. There’s no minimum deposit requirement to open a CD. There are no minimum opening deposit or ongoing balance requirements, but rates are based on your account balance. Access to over 43,000 free ATMs via checking or money market accounts.

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