Ally Bank account review

Discover the Benefits of Ally Bank Accounts

Since its establishment in 2009, Ally Bank has become a disruptive force in the traditional banking industry. As a digital financial services company, Ally Bank offers a wide range of banking products, including checking and savings accounts, mortgages, loans, and investment opportunities. With no physical branches, Ally Bank focuses on delivering competitive rates, low fees, and convenient online banking solutions that can be accessed through its mobile app and website.

With a customer base of over 825,000 and more than $45 billion in retail deposits, Ally Bank has established itself as a favorite among customers, earning a satisfaction score of over 90%.

Ally Bank Account Options

Ally Bank provides three main types of accounts: the Interest Checking account, the Savings account, and the Money Market account. Let’s explore the features of each:

Interest Checking Account

The Ally Bank Interest Checking Account is an online checking account that offers an Annual Percentage Yield (APY) for balances below $15,000. This account has no monthly maintenance or overdraft fees and offers all the features you would expect from a checking account. Additionally, Ally Bank provides the following benefits to its Interest Checking account holders:

• Access to over 43,000 no-fee Allpoint ATMs nationwide, with up to $10 reimbursement per statement cycle for fees from other ATMs.
• Spending buckets to help you stay on top of your expenses.
• Early direct deposit, allowing you to receive your payments up to 2 days sooner.
• Overdraft Transfer Service and CoverDraft service to protect against accidental overspending.

Savings Account

The Ally Bank Savings Account is a high-yield savings account that offers an annual percentage yield of 3.75% on all balances. This account has no monthly maintenance fees or minimum balance requirements. In addition to earning interest on your savings, Ally Bank provides helpful tools such as personalized recommendations, savings buckets for organization, and surprise savings that analyze your linked checking accounts for safe-to-save money and transfer it to your savings. The Savings Account allows up to 6 withdrawals per statement cycle and deposits are insured by the FDIC.

Money Market Account

The Ally Bank Money Market Account offers a competitive 4% Annual Percentage Yield on all balance tiers. This type of savings account provides a higher interest rate compared to a traditional savings account. The Money Market Account has no monthly maintenance fees or minimum balance requirements, and you can make unlimited ATM withdrawals at Allpoint ATMs for free. Ally Bank also reimburses up to $10 per statement cycle for fees charged at other ATMs. Interest is compounded daily, deposits are insured by the FDIC, and 24/7 support is available. Withdrawals are limited to 6 per statement cycle.

In addition, Ally Bank offers a feature called Ally eCheck Deposit℠, allowing you to deposit checks directly from your smartphone by taking a photo of the check.

Requirements for Opening an Ally Bank Account

To open an account with Ally Bank, you must meet the following criteria:

• Must be a citizen or legal permanent resident of the United States.
• Must be at least 18 years old.
• Must have a Social Security number to open an Ally Invest account. For bank accounts, you can use either your Social Security number or a Taxpayer Identification number.
• Must have a U.S. street address.

Please note that non-resident aliens are not eligible to open accounts at Ally Bank. Opening an account with Ally Bank is simple and does not require any initial deposit. There are also no monthly service fees.

How to Apply for an Ally Bank Account

If you meet the eligibility requirements, you can proceed to apply for an Ally Bank checking account. The application process is straightforward and can be completed online through the Ally Bank website.

Written by

Claire Harrison