Ally Bank
P.O. Box 951
PA 19044
Reviewed by 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.
Deposit Rates - December 22, 2024
Online Savings and Money Market
Rates
| Online Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings Account
|
3.85% | $0 | - |
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|
|
Money Market Online Money Market |
3.85% | $0 | - |
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|
Online CD Rates
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 3 Month CD
|
2.90% | $0 | - |
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|
| 6 Month CD
|
4.20% | $0 | - |
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|
| 9 Month CD
|
4.10% | $0 | - |
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|
| 11 Month CD No Penalty
|
4.00% | $0 | - |
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|
| 1 Year CD
|
4.00% | $0 | - |
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|
| 18 Month CD
|
3.80% | $0 | - |
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|
| 2 Year "Raise Your Rate" CD
|
3.40% | $0 | - |
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|
| 3 Year CD
|
3.40% | $0 | - |
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|
| 4 Year "Raise Your Rate" CD
|
3.40% | $0 | - |
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|
| 5 year CD
|
3.40% | $0 | - |
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|
Bank Offers
Ally Bank raises its online savings rate
Jun 29, 2018
Ally Bank has raised its online savings rate to 1.75%. The complete list of the best savings and money market rates is here. Ally Bank has also raised some of its CD offerings, including its 2-year and 4-year "Raise Your Rate" CDs to 2.50% on balances over $25,000. Ally's new rate on its 11-month no penalty CD is now 1.85% on balances over $25,000. All of Ally's rates are listed here.
Ally Raises Savings and 11-Month No Penalty CD rates
Aug 3, 2018
Ally Raises Online Savings Rate to 1.90%
Oct 5, 2018
Ally Bank has raised its online savings rate to 1.90% on all balances. Those with more than $25,000 to deposit will find Ally's 11-Month No Penalty CD at 2.10% to be more compelling.
Ally Drops Its 11-Month No Penalty CD Rate to 2.20%
Aug 11, 2019
Ally has dropped its 11-Month No Penalty CD rate to 2.20%. The product, which BestCashCow had strongly recommended while the rate stood at 2.30% APY, has a $25,000 minimum deposit requirement. See all special term CDs here.
Ally Reduces Savings Rate From 1.90% to 1.80%
Oct 9, 2019
Ally has lowered its savings rate, yet again, in anticipation of further Fed Funds rate decreases later this year.
Once Again Ally Lowers Savings Rates
Nov 13, 2019
Ally Bank has lowered its savings rate to 1.70% from 1.80%. Ally seems intent to become less competitive for your money.
Ally Lowers Online Savings Rate to 1.60%
Dec 21, 2019
Ally has lowered its savings rate to a decidedly uncompetitive 1.60% APY. A better bet is its 11-month No Penalty CD which is now 1.85% APY.
Ally Lowers Online Savings Rate to 1.50%
Mar 13, 2020
Ally Bank has lowered its online savings rate by 10 basis points today.
Ally's Online Savings Rate Lowered from 1.25 to 1.10% APY
Jun 11, 2020
Savings rates continue to fall.
Ally Lowers Online Savings Rate to 1.00% APY
Jul 7, 2020
Ally has lowered its online savings rate 1.00% APY.
Ally Lowers Its Online Savings Rate to 0.80% APY
Aug 13, 2020
Ally has lowered its owline savings rate today from 1.00 to 0.80% APY.
Ally Lowers Online Savings Rate to 0.60% APY
Sep 24, 2020
Ally has lowered its online savings rate from 0.80% APY to 0.60% APY.
Ally's Online Savings Account Rate Lowered from 0.60 to 0.50% APY
Dec 10, 2020
Ally's OSA rate keeps falling.
Ally Raises Online Savings Rate to 1.75% APY
Aug 16, 2022
Ally has raised its online savings rate to 1.75% APY from 1.60%.
Ally Raises Online Savings Rate to 1.85% APY; No Penalty CD is Still at 2.00% APY
Aug 29, 2022
Ally has raised its online savings rate by 10 bps.
Ally Raises Online Savings Rate to 2.00% APY
Sep 1, 2022
Ally has raised its online savings rate to 2.00%, effective September 2, 2022.
Ally Offering 4.75% 11-Month No Penalty CD
Mar 13, 2023
This product certainly makes sense compared to Ally's savings and money market accounts, both of which are over 1% lower. The 11-Month No Penalty CD offers the same liquidity as those products after 6 days.
Ally Lowers Online Savings and Online Money Market Rates to 4.25% APY
Mar 16, 2024
Whether you are in Ally's online savings or its online money market account, your rate just went down by 10 BPS.
Ally Brings Online Savings Down to 4% APY
Sep 26, 2024
Ally has lowered its online savings rate to 4.00% APY.
The bank, which failed to compete with the best rates during the entire 2022 to 2024 rate increase cycle, continues to maintain a rate well below rate leaders.
It has also lowered all of its CD rates across the board.
Climate Policy and Initiatives
Ally Bank's Corporate Social Responsibility report touches on environmental sustainability as an important principle. The bank also claims to a yearly climate change questionnaire to CDP, an environmental reporting organization, for assessment and calculation of its emissions.
Updated March 31, 2024
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.
Customer Reviews for Ally Bank (58)
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.
Is this review helpful? Yes:1 / No: 1
yesiam
August 16, 2022 |
ally is still the gold standard in online banking, but the rate needs to get more competitive and the wait to speak to someone on the phone is just ridiculous.
Is this review helpful? Yes:8 / No: 0
JC
November 5, 2021 |
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.
Is this review helpful? Yes:8 / No: 1
JBMoney
September 8, 2020 | | Replies 1
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.
Is this review helpful? Yes:4 / No: 3
EduardoC | Dec 12, 2020
"keeping their savings rate competitive" - they aren't.
HRoss1957
July 19, 2020 |
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!
Is this review helpful? Yes:8 / No: 0
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