Ultimate Banking Guide To Ally Bank [Everything You Need To Know]

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Ally Bank is an impressive financial institution that offers a variety of products and services to its customers.

In this guide, we’ll take a look at each product in detail, including its benefits and drawbacks.

Ally Bank is known for its low-interest rates and lack of fees, so be sure to read on to learn more about how you can save money with this bank!

What is Ally Bank?

Before we get into the details of Ally Bank’s products, let’s look at some of the general information about this bank.

  • Ally Bank is an online-only bank. This means that it has no brick-and-mortar locations. This can be seen as a benefit or a drawback, depending on your banking needs.
  • They are FDIC insured. You can rest assured that your money is safe and sound.
  • Ally Bank is known for its great customer service. If you have any questions or concerns, you can be sure that someone will be there to help you.
  • Ally Bank offers a variety of products. This includes savings accounts, checking accounts, CDs, and loans. Their products are designed to help you save money and reach your financial goals.
  • They’ve got a great mobile app. Ally Bank makes it easy to bank on the go. You can track your spending, check your account balance, and transfer money between accounts.

Ally Bank Checking Accounts

Ally Interest Checking

Ally Bank’s checking account is called the Ally Interest Checking Account. This account offers great interest rates and has no monthly fees.

The Ally Interest Checking Account also has no minimum balance requirement, which is great if you don’t have a lot of money to deposit.

This account offers a 0.25% annual interest rate which is more than twice the national average.

Ally also offers free ATM withdrawals at any Allpoint ATM, which has over 55,000 locations nationwide, and refunds on ATM fees charged by other banks. This means that you can avoid paying any fees when using Ally’s ATM network.

The Ally Interest Checking account also offers a great way to increase your savings account balance as well. Through a ’round-up’ feature, Ally will round up your purchase to the nearest dollar and transfer the difference into your savings account.

For example, if you spend $12.50 at the grocery store, Ally will transfer $0.50 into your savings account.

Ally Bank Savings Accounts

Ally Online Savings (IRA option available)

Saving money is Ally’s specialty and their Online Savings account is Ally’s biggest and most popular product.

The Ally Online Savings Account offers a great rate of return with no minimums and no monthly fees. You can open an account with as little as $0.01 and there are no penalties for withdrawing your money.

On average, they offer 10x more interest than a traditional savings account at 2.25% APY (Annual Percentage Yield).

If you need additional help with your savings, Ally also offers ‘buckets,’ which is a tool to help you save toward specific goals.

For example, if you are saving for a vacation, you could create a ‘vacation’ bucket and Ally will help you save towards that goal. This can be a major benefit for both organizational and savings motivation.

Ally Money Market Account Accounts

A money market account is a type of savings account that typically offers a higher interest rate in exchange for a higher minimum balance. Ally’s money market account offers a great interest rate.

Ally Money Market

With a 0.90% interest rate, the Ally Money Market account is a great way to grow your money. This is in comparison to their top competitor’s 0.20% APY. Interest is compounded daily and paid monthly, so you can start earning right away.

There are no monthly fees or minimum balances, so you can open an account with any amount of money.

Ally Bank Certificate of Deposit (CD) Accounts

A certificate of deposit (CD) is a type of savings account that typically offers a higher interest rate in exchange for a longer-term commitment of funds.

Ally Bank offers a variety of CD terms, from three months to five years. Ally Bank’s CD rates are very competitive, and you can choose to have your interest payments deposited into your Ally Interest Checking or Money Market account.

Ally’s CD rates are some of the best in the industry with terms ranging from three months to five years.

Here is Ally Bank’s latest APYs:

  • High Yield CD: 0.50% APY for a 12-month term (IRA option available)
  • Raise Your Rate CD:  1.75% APY for a 2-year term (IRA option available)
  • No Penalty CD: 1.00% for a 1-year term

Note that the ‘Raise Your Rate’ CD allows you to increase your interest rate once during the term of your CD if Ally’s rates go up. This is a great way to protect yourself against rising interest rates.

The ‘No Penalty’ CD allows you to withdraw your money at any time without penalty. This is a great option for those who want the flexibility to access their money without having to pay a penalty.

The ‘High-Yield CD’ is a great option for those who want to earn a higher interest rate and grow their money over time.

There’s no minimum deposit needed for any of Ally’s CDs. You can start saving any amount of money. If you’re looking for a safe and secure way to grow your money, Ally’s CDs are a great option.

Also check out CIT bank’s no penalty CD.

Ally Bank Investing Services

Investing is important because it allows you to grow your money instead of allowing it to lose value over time.

Ally offers a wide variety of investment instruments including:

  • Stocks & ETFs
  • Commission-free ETFs
  • Options
  • Bonds
  • Mutual Funds
  • Margin Accounts
  • Securities Income Program

Let’s explore the different services that Ally Bank has to offer with respect to management of the instruments above.

Self-Directed Trading

With self-directed trading, Ally Bank gives you the ability to trade stocks, options, and mutual funds on your own.

The only fees that Ally Bank charges are a $0.65 per contract fee for options, $1 for bonds, $9.95 for mutual funds, and $4.95 for select securities.

Ally also offers a wide variety of resources to help you learn about investing and trading, so that you can make informed decisions about your own investments.

Robo Portfolios

If you prefer to have someone else manage your investments, Ally offers Robo portfolios. With this service, Ally will automatically invest your money based on your goals and risk tolerance.

You can start investing with as little as $100. Ally also does not charge any management fees for accounts with over $5,000 that have at least 30% of their holdings in cash.

If you don’t meet that minimum, you’ll pay an expense ratio that averages around 0.09%.

Overall, they offer 4 Robo portfolio types:

  1. Core
  2. Income
  3. Tax optimized
  4. Socially Responsible

These allow you to invest based on your goals and values. For example, if you want to invest in environmentally friendly companies, you can choose the Socially Responsible portfolio, and Ally Bank will do all the work for you.

Wealth Management

If you are seeking fiduciary advice, Ally Bank’s Wealth Management service can help.

With this service, you will work with a team of Ally financial advisors. The Ally financial advisor team can help you get set up with any of the following:

  • Retirement planning
  • Investment management
  • Tax planning
  • Estate planning
  • Risk management
  • Financial goal setting

The team will be available to help you 24/7.

However, keep in mind that Ally Bank’s Wealth Management service does have $100,000 in investable assets as a minimum account balance requirement.

The fee is about $71 a month for a portfolio of $100,000.


Ally Bank’s Forex Trading service gives you the ability to trade foreign currencies.

Ally offers over 50 currency pairs to choose from. You can also trade gold and silver in real-time. This means that you can take advantage of market changes as they happen.

Ally’s Forex Trading service has a minimum of $250.

Retirement Products

Ally offers the following retirement products:

  • Traditional IRA
  • Roth IRA
  • Rollover IRA

There are no annual or monthly maintenance fees.

US-listed stocks, ETFs, and options are also commission-free. This means that you can grow your retirement savings without having to worry about fees eating into your returns.

If you’d like to transfer an entire account, there are some fees, but they are only a one-time charge of under $100.

Ally Bank Mortgage Services

Mortgage Loans

Ally Bank offers a wide variety of mortgage products to fit the needs of any homebuyer.

If you’re looking for a fixed-rate loan, Ally has options for terms ranging from eight to 30 years.

For adjustable-rate loans, Ally offers 5/6, 7/6, and 10/6 ARMs.

Ally also offers jumbo loans for amounts greater than $647,200 in most markets (higher limits may be available in certain high-cost areas). This can help you finance a luxury home or a larger home than you might be able to with a conventional loan. Ally’s jumbo loans come with either fixed or adjustable rates.

There are no lender’s fees, and you could get approved in just a few minutes, saving you time and money when shopping for a mortgage.

Mortgage Refinancing

If you’re interested in refinancing your existing home loan, Ally offers several programs to help you save money on your monthly payments or pay off your current mortgage faster.

If you need additional client support, Ally has a team of mortgage specialists available to answer your questions.

You can apply online and get a decision in as little as 24 hours.

Ally Bank Auto Services

Personal  & Business Auto Financing

Ally’s Auto Loan program is designed to help you finance the purchase of a new or used car.

You can get pre-qualified for an auto loan in minutes. This can give you negotiating power at the dealership and help you get a lower interest rate.

Ally also offers competitive rates on both new and used cars.

There is no application fee, and you can get a decision in as little as 24 hours.

Vehicle Protection

Ally also offers vehicle protection as a way to insure your vehicle. Rather than shopping elsewhere for insurance, Ally offers a variety of coverage options to choose from. They’ve also got roadside assistance if that’s something you need.

Ally Bank Personal Loans

With Ally’s online app, you can get a decision in as little as 24 hours. You can apply for:

  • Loans for Medical Treatments and Procedures
  • Loans for Repairs and Renovations

They offer a 0% APR installment loan, and you can make monthly payments with no fees.

Additionally, they also offer a Fixed-Rate Loan for those who need a personal loan for a specific amount.

There’s no down payment or fees for paying off the loan early.

Why Do People Love Ally Bank?

Ally Bank offers a wide variety of products and services to its customers. Ally also has great rates, fees, and customer service. These are just a few of the reasons why Ally is one of the most popular banks in the country. Here are some other reasons why Ally is beloved by their clients.

Helpful Tools: Ally offers its clients helpful online tools. Ally has an online budgeting tool that can help you track your spending and see where you can cut back. They’ve also got an online mortgage calculator to help you estimate your monthly payments.

Competitive Rates: Ally offers some of the most competitive rates in the industry. For example, Ally’s savings account has a 0.90% APY. Ally also offers great CD rates, with terms ranging from three months to five years.

With a lower cost of entry to use financial products, clients can save more money. By doing so, Ally helps to improve the financial situation of its clients.

No Minimums: Ally does not have any minimum balance requirements for its checking or savings accounts. This is great for people who don’t have a lot of money to deposit into their accounts.

Great Customer Service: Ally has consistently ranked as one of the best banks in terms of customer service. Ally’s customer service representatives are available 24/7 to help you with any questions or concerns you may have.

Synergistic Accounts: Ally offers a few different types of accounts that can work together to help you meet your financial goals. Ally’s savings account, checking account, and CD’s can all be used to help you save money and reach your financial goals.

In Conclusion

Ally Bank is a great online bank that offers a variety of products and services. Their customer service is excellent, and their rates are very competitive. They have great client reviews across the board.

Are you an Ally Bank customer? If so, what do you think of them? Let us know, we’d love to hear all about it!

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