Ally Bank Review: High Savings Interest And No Stores

Ally Bank Review: High Savings Interest And No Stores

Company Info: ALLY Bank
Address: P.O. Box 380901 Bloomington, MN 55438
Customer Service Phone: 1-877-247-2559

Service Description:

Ally Bank offers a variety of service including banking accounts, credit cards, and car/home financing. The company is most well known for its banking services such as it’s checking and savings account. They offer an online only service that allows them to offer higher return savings rates on both checking and savings accounts compared to other banks.  They offer a .600 percent checking interest rate (with a $15,000 balance deposited) and a 1.00 percent savings interest rate. This interest rate is significantly higher than the average interest rate awarded by major banks such as US Bank, Wells Fargo, etc.

Ally bank also charges zero banking fees. There are no interest fee’s, minimum balance fees or service and maintenance charges.

Due to the fact that Ally bank offers no brick and mortar locations for banking services, you are able to deposit checks by using their online banking app. You are able to take a photo of your paycheck and send the information to Ally for check depositing. Ally also allows free usage to All Point network ATM’s and reimburses up to ten dollars a month for using out of network ATM fees.

High-Interest Rates (In Your Favor)
Online Check Deposits (through app)
All Point ATM Network
Reimbursed ATM Fee’s (Up to 10 dollars monthly)
Online Banking Access
24/7 Customer Service
Debit Card (MasterCard)
Easily Send Money With PopMoney
No Store Locations
May Be Inconvenient
Reviews Around The Web:
Nerdwallet: 2.6/5.00 Average Stars (65 Reviews)
CreditKarma: 2.4/5.00 Average Stars (75 Reviews)
Deposit Accounts: 4.0/5.00 Average Stars (416 Reviews)

Overall Consensus:

Ally bank offers a number of great features through their online banking services. They offer a very competitive interest rate and many other features such as ATM access. Reviews around the web are mixed with many complaints about accessing funds, transferring funds and making deposits. Some users claimed that the online-only system was in fact very inconvenient. Positive reviews talked about the great interest rates and for them an easy of use. Overall, we will place Ally bank at a 3/5 rating based on the variety of complaints, review scores on other websites and features of the service. Worth a try, but may not be a total home run.

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CV Staff Erik S.
Written by
Erik S. is a writer and product reviewer for Consumer Votes. He likes to try out and review almost every type of product, even beauty.
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