Ally Bank Review : A Comprehensive Guide for Beginners to Advanced Users
Updated: May 19
Welcome to our detailed Ally Bank review for 2023. This in-depth exploration focuses on the features, pricing, pros, cons, and usage of Ally Bank, making it a must-read for beginners as well as advanced users. We also compare Ally Bank with other online banks, offering a complete perspective to help you determine if it's the right choice for you.
Ally Bank, an online-only institution established in 2009, quickly rose to prominence under CEO Jeffrey Brown. Known for its customer-centric philosophy and robust banking products, Ally Bank attracts a range of customers from millennials and Gen Z to families and small business owners.
How Does Ally Bank Work?
With no physical branches, Ally Bank operates predominantly through its website and mobile app. Users, whether beginners or experienced, can easily access their accounts, apply for loans, and open new accounts. Ally Bank pricing is competitive, with the cost savings from the absence of physical branches passed on to customers in the form of low fees and competitive interest rates.
Ally Bank Feature Breakdown
Ally High Yield Savings Review: The Ally High Yield Savings Account offers competitive interest rates, no monthly maintenance fees, and no minimum balance requirements. Easy access to funds through the website and mobile app makes this savings account a solid choice for those looking to grow their savings.
Ally Home Loans Reviews: Ally Bank offers personal loans with competitive interest rates and flexible repayment terms. These loans can be used for various purposes, such as debt consolidation, home improvements, or major purchases. Borrowers can apply online and receive a decision quickly, making the process smooth and convenient.
Ally Bank No Penalty CD Reviews: The Ally No Penalty CD allows customers to withdraw their funds without incurring any penalties, offering a unique combination of security and flexibility. With competitive interest rates and various term lengths, this CD is a great option for those looking for a low-risk investment.
Ally Bank Credit Card Reviews: Although Ally Bank does not currently offer a credit card, it's important to consider other financial products and services they provide.
Ally Bank Reviews – Savings Options: In addition to the High Yield Savings Account, Ally Bank offers a variety of savings options, including money market accounts and Certificates of Deposit (CDs). Customers can choose from a range of terms and interest rates to find the best fit for their financial goals.
Ally Financial Reviews – Complaints: While Ally Bank has a generally positive reputation, there have been some complaints regarding customer service and account management. It's essential to consider both the positive and negative aspects of any financial institution when making a decision.
Ally Bank Reviews and Ratings: Ally Bank has received high ratings from various financial review websites and publications, reflecting its competitive interest rates, low fees, and user-friendly platform. However, it's crucial to consider your individual needs and preferences when selecting a bank.
Ally Bank High Yield Savings Review: The Ally High Yield Savings Account is a top choice for those looking to maximize their savings potential. With competitive interest rates, no monthly fees, and easy access to funds, this account offers a compelling option for savers.
Ally Bank Credit Card Reviews: While Ally Bank does not currently offer credit cards, it's worth keeping an eye on their future offerings as they continue to grow and expand their financial products.
Ally Bank Review – Consumer Reports: Ally Bank has received positive feedback in consumer reports for its competitive interest rates and user-friendly platform. However, it's essential to weigh these advantages against any potential drawbacks, such as limited product offerings and the lack of physical branches.
Ally Bank Reviews – Savings: Overall, Ally Bank offers a range of competitive savings products, making it an attractive option for customers seeking to grow their savings with an online-only banking experience.
Ally CD Reviews: Ally Bank's CD options offer competitive interest rates and various term lengths, making them a solid choice for those looking to invest in low-risk, interest-bearing accounts.
Ally Bank Rates: Ally Bank's competitive rates on savings accounts, CDs, and loans make it an appealing option for customers looking to maximize their earnings and minimize borrowing costs.
Ally Federal Tax ID Number: The Ally Bank Federal Tax ID number is a unique identifier used for tax purposes. While not directly related to the customer experience, it's important to have this information readily available for tax filings and other financial documentation.
Ally Bank Pros and Cons
Like any bank, Ally Bank has its strengths and weaknesses. On the pros side, it offers competitive interest rates, no monthly maintenance fees, round-the-clock customer support, and an intuitive website and mobile app. On the flip side, the cons include a lack of physical branches, limited product offerings compared to traditional banks, and no in-network ATM access for cash deposits.
Ally Bank Review For Specific Needs
Whether you're a student, couple, investor, or someone pursuing financial independence and early retirement, Ally Bank offers a range of products to cater to your needs. These include high-yield savings accounts, money market accounts, CDs, checking accounts, and more.
Ally Bank vs Other Online Banks
1. Ally Bank vs Axos Bank
Axos Bank is an internet bank that offers a variety of financial products and services.
Axos Bank Pros:
Full-service banking options
Competitive interest rates
No overdraft or insufficient funds fees
Axos Bank Cons:
Limited customer support hours
No physical branches
When compared to Ally Bank, Axos Bank offers similar interest rates. However, Ally Bank stands out with its 24/7 customer support.
2. Ally Bank vs Capital One 360
Read Capital One 360 review here
Capital One 360 is the online arm of Capital One, providing a range of banking services.
Capital One 360 Pros:
Wide variety of products
Physical branches and ATMs
User-friendly mobile app
Capital One 360 Cons:
Lower interest rates
Charges some account fees
While Capital One 360 has physical branches and a broad product range, Ally Bank offers higher interest rates and fewer fees, making it a potentially more cost-effective option.
3. Ally Bank vs Charles Schwab Bank
Read Charles Schwab Bank review here
Charles Schwab Bank is an online bank with a focus on investors.
Charles Schwab Bank Pros:
No ATM fees worldwide
No account minimums or service fees
Offers brokerage services
Charles Schwab Bank Cons:
Lower interest rates on savings
Fewer account types
While Charles Schwab Bank offers excellent features for investors, Ally Bank provides more competitive interest rates and a wider variety of account types, making it suitable for a broader range of customers.
4. Ally Bank vs Chime
Chime is a mobile-only banking app offering fee-free checking and savings accounts.
No monthly fees
Automatic savings tools
Early access to direct deposits
Lower savings account interest rates
No physical branches
While Chime offers a fee-free banking experience, Ally Bank provides higher interest rates on savings accounts and a broader range of financial products.
5. Ally Bank vs Discover Bank
Read Discover Bank review here
Discover Bank is an online bank providing a variety of accounts with competitive rates.
Discover Bank Pros:
High-yield savings account
No account minimums or fees
24/7 customer service
Discover Bank Cons:
No interest on checking accounts
Limited loan offerings
Ally Bank and Discover Bank are comparable in terms of customer service and fees, but Ally Bank has an edge with its interest-earning checking accounts.
6. Ally Bank vs iGobanking
iGobanking is an online bank offering a simple line of deposit accounts.
Simple, easy-to-use platform
No minimum balance requirements
Limited product offerings
Lower interest rates
While iGobanking offers a straightforward banking experience, Ally Bank shines with its diverse product offerings and competitive interest rates.