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Ally Bank Review [2023]: A Comprehensive Guide for Beginners to Advanced Users

Ally Bank Review [2023]: A Comprehensive Guide for Beginners to Advanced Users

July 23, 2020

8

minutes


Ally Bank Images

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 Dashboard


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

Read Axos Bank review here

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

Read Chime review here

Chime is a mobile-only banking app offering fee-free checking and savings accounts.

Chime Pros:

  • No monthly fees

  • Automatic savings tools

  • Early access to direct deposits

Chime Cons:

  • 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

Read iGobanking review here

iGobanking is an online bank offering a simple line of deposit accounts.

iGobanking Pros:

  • Simple, easy-to-use platform

  • No minimum balance requirements

iGobanking Cons:

  • 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.


7. Ally Bank vs Marcus by Goldman Sachs

Read Marcus by Goldman Sachs review here

Marcus by Goldman Sachs is an online bank focusing on high-yield savings and lending.

Marcus by Goldman Sachs Pros:

  • High-yield savings accounts

  • No fees on savings accounts

Marcus by Goldman Sachs Cons:

  • No checking account options

  • Limited customer service hours

Ally Bank outperforms Marcus by Goldman Sachs in terms of product variety, including the availability of checking accounts, and offers 24/7 customer support.


8. Ally Bank vs One Finance

Read One Finance review here

One Finance is an online bank with a unique pooled income feature for sharing finances.

One Finance Pros:

  • High APYs

  • Shared 'Pockets' for budgeting

One Finance Cons:

  • No joint accounts

  • Limited account offerings

While One Finance has an innovative approach to shared finances, Ally Bank offers a wider range of accounts and services, including joint account options.


9. Ally Bank vs SoFi

Read SoFi review here

SoFi is an online platform offering a range of financial products from loans to banking.

SoFi Pros:

  • Combines checking and savings features

  • High interest rates

  • Low or no fees

SoFi Cons:

  • Fewer account types

  • Limited customer support hours

Although SoFi offers an attractive blend of checking and savings, Ally Bank provides a wider array of banking products and 24/7 customer support.


10. Ally Bank vs Varo Bank

Read Varo Bank review here

Varo Bank is an online bank providing fee-free banking and high-yield savings.

Varo Bank Pros:

  • High APYs

  • No monthly maintenance fees

  • Early direct deposit feature

Varo Bank Cons:

  • No joint accounts

  • Limited product offerings

Ally Bank, with its broad range of products and the availability of joint accounts, offers a more comprehensive banking experience compared to Varo Bank.


11. Ally Bank vs American Express National Bank

Read American Express National Bank review here

American Express National Bank offers competitive rates on its high-yield savings account.

American Express National Bank Pros:

  • Competitive APYs

  • No monthly fees

  • Reliable customer service

American Express National Bank Cons:

  • No checking or loan products

  • No ATM access

While American Express National Bank provides competitive rates, Ally Bank offers a full suite of banking services, including checking accounts, loans, and ATM access.


12. Ally Bank vs Cash App

Read Cash App review here

Cash App is a mobile payment service with banking features such as direct deposits and a linked debit card.

Cash App Pros:

  • Peer-to-peer payments

  • Investing and Bitcoin features

  • No minimum balance requirements

Cash App Cons:

  • No traditional banking products

  • Limited customer support

In comparison to Cash App, Ally Bank offers more traditional banking services, including high-yield savings and checking accounts, which could be more beneficial for customers looking for a comprehensive banking solution.


13. Ally Bank vs Quontic Bank

Read Quontic Bank review here

Quontic Bank is an online bank offering high-yield savings and checking accounts with cash rewards.

Quontic Bank Pros:

  • Competitive APYs

  • Cashback checking account

  • No monthly fees on high-yield savings

Quontic Bank Cons:

  • High minimum balance for best APY

  • Limited account offerings

Ally Bank provides a broader range of products and does not require a high minimum balance to earn competitive interest rates, unlike Quontic Bank.


In the end, the best choice between Ally Bank and other online banks will depend on individual customer needs. Each institution has its unique set of offerings, and considering factors such as interest rates, fees, customer support, and ease of use is crucial. Ally Bank remains a strong competitor due to its customer-focused services and competitive rates.


Ally Bank Review Conclusion

In conclusion, Ally Bank's comprehensive offering of competitive banking products and services makes it a strong contender for those seeking an online-only banking experience. This Ally Bank review has aimed to provide a complete picture of the bank for everyone, from beginners to advanced users, millennials to retirees, and individual savers to small businesses. Despite some drawbacks, Ally Bank's competitive rates, low fees, and excellent customer support make it a worthy consideration in the digital banking space.

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