Ally Bank
Analysis
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Edited by General
Ally Bank is one of the largest and most established online banks in the US. The bank was previously known as GMAC Bank but rebranded as Ally following the 2008 financial crisis.
Advantages
- Online bank customers can receive an ATM card that gives access to the Allpoint network of ATMs nationwide, plus they get up to $10 monthly reimbursed for using non-network US ATMs.
- The bank's mobile app is strong and enables easy cash movements.
- Chase often rewards customers with large bonuses for opening accounts or depositing large sums, particularly customers in New York and California.
Disadvantages
- Rates on savings and CD products have not been compeititve following the pandemic.
- The bank has no branches and cash deposits cannot be made.
- Wire transfers are severally limited and international wire transfers are not allowed.
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
Climate Strategy
Ally has an extensive Corporate Social Responsibility report and claims that it is not directly funding harmful fossil fuel emissions projects. It however is the former GMAC and should be able to take an aggressive roll in reducing funding for internal combustion vehicles in favor of electric ones.
Ally Bank Reviews
Rad
August 13, 2023
Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there currently 15k+ at 0.25%, though I wish they would increase it to at least 0.50%+ same as Sofi.
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