Ally Bank Bank Review
About the Bank
At Ally Bank, the focus is on doing right by its customers. Though not the first online-only bank, Ally is credited as being one of the financial institutions that helped bring online banking into the mainstream.
When Ally began its transformation and opened its online doors to customers, the initial focus was on offering high-yield savings accounts at competitive rates that outstripped brick-and-mortar banks.
Those savings accounts remain one of the bank’s most attractive features, but they’ve since been joined by a range of other financial products, including:
- Interest checking accounts
- Money market accounts
- A variety of high yield certificates of deposit (CD) options, including no-penalty and Raise Your Rate CDs
- IRA CDs for retirement savers
- Auto loans
- Mortgage and refinance loans
The Ally CashBack Credit Card, allows you to earn cash back on purchases, while also snagging a cash back bonus when you redeem your rewards into an eligible Ally Bank Account.
Ally Bank Fees
One of the things that makes Ally the online bank of choice for so many people is its fee structure. For example, Ally doesn’t charge any monthly maintenance fees for savings accounts or its interest checking account.
Overall, fees are relatively few and far between, with no incoming domestic or international wire transfer fees, no fees for standard or certified checks, and no overdraft transfers between linked Ally savings and checking accounts.
Bank Fees
| Fees | National Average | |
|---|---|---|
| Monthly Inactivity | $0 | $6 |
| Non-Sufficient Fund (Overdraft) | $9 | $30 |
| Stop Payment item | $15 | $27 |
| Domestic Wire Transfer (Outbound) | $20 | $22 |
| Domestic Wire Transfer (Inbound) | $0 | $10 |
| Non-Bank ATM | $0 | $1 |
Ally Mobile App
Ally offers comprehensive mobile apps that are easy to use. With mobile deposit, you get extremely generous deposit limits for an online bank.
You can move money quickly between your Ally and external bank accounts and make easy personal payments to friends and family with a U.S. bank account through Zelle (for free).
Finally, the mobile apps let an ATM locator show you nearby locations for free ATM access.
Ally Invest
In addition to the traditional line of banking products and services, Ally sets itself apart from the online banking competition with Ally Invest. This investing platform gives customers two ways to invest: through actively managed portfolios or self-directed trading.
The platform is designed to encourage existing banking customers and people considering switching to Ally to invest in a low-cost, transparent way. It suited both experienced investors and first-timers still learning the ropes.
ATM Network
Ally prides itself on its reputation for putting its customers first and offering maximum convenience. For example, customers have access to an extensive ATM network, including over 43,000 Allpoint ATMs nationwide.
ATM transactions within the network are free, and Ally appeals to cost-conscious customers by refunding up to $10 in foreign ATM surcharges per billing cycle.
The bank also created Ally Wallet Wise, a free financial education program, to help customers learn the basics of managing their money through online courses and live events.
