Ally Bank Reviews (59)
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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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After being a customer for 12 plus years, I attempted to open and Estate account.
Ally declined my application saying they could not verify me even though I am a long time customer with six figures in assets on deposit.
They got the FEIN from IRS, the court papers and letter of office but no! In addition, there was NO communication with Ally during the process.
I went to DISCOVER BANK and it was a piece of cake opening an Estate account. The process took about 1-2 weeks plus I was able to submit everything electronically. -
I opened an interest checking account with Ally after reading all the glowing comments online. My first experience with Ally was anything but glowing. The customer rep tried to charge me $15 for a debit card. When I challenged him on the charge and told him debit cards were free he backtracked and told me the charge was for expedited shipping. After I told him several times to use free standard delivery, even if it was by Pony Express, I still received my debit card via expedited delivery and was charged $15. I eventually received a refund after calling customer service to complain. This never should have happened in the first place. I guess the moral of my story is never believe everything you read.
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I have been a customer for years and have never had a bad experience. These days I really appreciate how they are keeping their savings rates competitive. .8% is lousy, but it is very competitive.
Review on the Online bankEduardoC | Dec 12, 2020
"keeping their savings rate competitive" - they aren't.
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The 11 month no penalty cd is an obvious choice here. You are guaranteed a rate over that time and have free access to your money. Plus, they gave me a 5% bonus for being a long time customer (call them) and that made the rate the same as the savings rate today. CON: Hold times to reach a representative on the phone are too long!
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I have used online banking with Ally for 8+ years after being disgusted with brick and mortar bank rates. I currently have CDs and online savings. Online banking with Ally is easy and their rates are always competitive. I will be an Ally customer for many more years!
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I have nothing but praises for this agency! They are quite careful to verify that your identity is not compromised! Even with phone contact, I have found them friendly and quite knowledgeable. This is the second time I have re-invested funds with them and they actually accumulate the interests funds you expect. Thanks YOU!
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You can basically do everything online via their easy-to-use website. I closed a CD and added the proceeds to another CD (within the 10-day grace period) in under five minutes. I have other online bank accounts but Ally is the best!
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I opened a new account sent app in by mail and never received a response by e-mail or post. Customer service parroted proceeduses promised documentation never came, had to contact the Utah Banking Commission home to Ally Bank Charter to get a response Ally wanted 20 more days after the two weeks I already waited for any kind of response they received my money, very poor customer service, there system is robotic and so are the people unable to even send a courtsey reply, big mistake
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I love Ally. It is the best bank on this list. find the 1.80% savings rate on this table to be deceptive. You can just open the 11 Month No Penalty CD and cancel whenever you want. The rate is 20 basis points higher than the savings rate right now and it is the same thing as a savings account. If you showed that rate and no this one it would be the best rate on the table and then nobody would have any need to mess with any of this other stuff.
Review on the Online bank -
I see on this website that there are some CDs higher than Ally which struck me as a little surprising since Ally has always been the gold standard. I think that before buying a CD, anyone needs to compare the early withdrawal penalty of the one that they are buying with those penalties Ally offers. From Ally's website:
High Yield CDs Purchased or Renewed on or After 12/07/13
The penalty we charge will depend on your CD term.
24 months or less - 60 days of interest
25 months – 36 months - 90 days of interest
37 months – 48 months - 120 days of interest
49 months or longer - 150 days of interest
Anything less that 2 years is only a two month interest penalty, and nothing is ever more than 5 months! This seems a whole lot safer than some of these other rates.
Review on the Online bank -
Ally Bank has great custormer service.. When moving money out of the no penalty CDs, expect it to take at least 3 days before it shows up in your money market and becomes liquid and transferable. Their no penalty CD rates fluctuate up and down. Best I have had is 1.85%. A person needs to monitor rates on a daily basis and take advantage of specials...
Review on the Online bankABSO BCC | Jul 2, 2018
Money comes out of these no penalty CDs instantly. You can close out of one instantly and buy another one instantly online. I just did it in 2 minutes to move my money from 1.75% to 1.85%.
Rob Deakin | Aug 7, 2018
I was able to end my 11 Month CD and open a new one paying 2% in about 3 minutes. No delays whatsoever.
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I applied for a savings account with Ally and Barclays. Neither could verify my identity on my initial application. Barclays asked me to fax them a copy of my SS card, drivers license and either a bank statement or utility bill. Too much hassle. Ally asked me to temporarily unfreeze my Transunion credit report, which is easy to do and free. I called them back and they had my identity verified in less than 5 minutes while I waited on the phone. The customer service rep walked me through the set-up and was very helpful. I refroze my credit after. So in the end Ally was a much easier process for me than Barclays.
Review on the Online bank -
I just cannot understand why anyone would keep cash anywhere other than in the 11M no penalty product if they have at least $25,000? I got in at 1.60% last week and gave them a call and the raised me to 1.75%.
Review on the Online bankAndre | Jun 26, 2018
Yes, I agree with this and this works well but you need to call and it takes about 20 minutes by phone.
ABSO BCC | Jul 2, 2018
Takes 3 seconds online. I had called previously too, but you can get out of this and into another in 3 seconds online.
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The 11-month no penalty CD is like a savings account. You should open one. I have several accounts with Ally and have found them to be an excellent bank to work with in my opinion. I can call any time of the day or chat online if I have an issue to discuss. The mobile app is very easy to use and they confirm deposits with an email. Their Customer Service Reps are some of the best I have ever dealt with in any type of business. Highly recommend Ally Bank.
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This is absolutely 100% what you want. There is no reason to be a savings account instead of one of these if you meet the $25,000 balance and can remember to call them before maturity to opt out of rolling to a 1-year CD. It is free money!
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Ally is fantastic. Service has always been miles above these others. I opened an 11-month CD with them at 1.50% in July. The CD has no penalty to break it earlier so it is like a savings account (except technically I cannot make a partial withdrawal, but I can because I can just break the product and get it again with the new balance). I look at these charts and cannot imagine who in their right mind would take a lower rate than that for worse service.
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To the degree that the game is about paying bills, depositing checks, reaching somebody on chat or by phone and using an online bank as a replacement for another bank, Ally is the best. The rate might be a little better here or there but this has worked for me for years now.
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Until there is another bank on this list that has a mobile app like Ally and does ACH transfers as fast as A does, it is the only one you need. If you are going to chase a fraction of a fraction of a fraction of a penny somewhere else and give up these things, then good luck ... and, I am just a customer, no relationship with the bank
Review on the Online bank
Rad
Aug 13, 2023