Ally Bank (a unit of Ally Financial) was launched in 2009 after being approved as a bank holding company under the U.S. Bank Holding Company Act in 2008. Originally founded as General Motors Acceptance Corporation (GMAC), the online bank has served over 500,000 customers.
Company Headquarters:
Ally Bank
6985 Union Park Center
Midvale, UT 84047
Website: www.ally.com
Customer service: 1-877-247-ALLY (2559)
Types of Accounts Available
Ally Bank functions as an online-only institution with a wide variety of accounts to make secure deposits.
Savings Accounts
The High-Yield Savings Account is the only savings option offered by Ally Bank. Here are some features and requirements to note:
- $0 to open
- Free online statements
- Free cashier’s checks
- No monthly fees
- No minimum balance
- Competitive variable rate interest
- 6 transactions per statement cycle with no fees
Interest compounds daily.
Checking Accounts
Ally Bank offers the Interest Checking Account as it’s only checking option. Some of its features and requirements include:
- $0 to open and no minimum balance
- No monthly fees
- Free Debit MasterCard, cashier’s checks and unlimited check writing
- Free online banking and Bill Pay
- Free online statements
- Incoming wires
- No ATM fees at any ATM
- Variable rate (where balances of $15,000 or more get an even higher rate)
- Free balance alerts
Interest compounds daily.
Money Market Accounts
Ally Bank offers one money market account. Its features and requirements include:
- $0 to open
- No minimum balance
- No monthly fees
- Check card
- Cashier’s checks
- Check images and statements online
- First 50 checks free
- No ATM fees at any ATM
- 6 transactions per statement cycle
- Variable interest rate
Interest compounds daily.
CDs
Ally offers three CD options: High Yield, Raise Your Rate and No Penalty that come with the following requirements and features:
- $0 to open
- No minimum balance
- No monthly fees
- Interest compounds daily.
- Automatic renewal at maturity
High-Yield
The High-Yield CD offers the bank’s highest fixed CD rate and the following terms:
- 3 month
- 6 month
- 9 month
- 12 month
- 18 month
- 36 month
- 48 month
- 60 month
Raise Your Rate
The Raise Your Rate CD offers a little more flexibility than the High-Yield CD. It comes with a 24-month term and allows for one rate increase anytime over a 2-year period, but comes with a lower interest rate.
No Penalty
The No-Penalty CD only offers an 11-month term with a fixed rate and allows for a no-fee early withdrawal in the event that money is needed before maturity.
Ally Bank offers no jumbo CDs.
How to Open Account
To open an account with Ally Bank, you can click “Open an Account” on its main page then select a product, create your account, make your opening deposit then set up online banking.
The bank requires the following to open:
- Must be at least 18 years old
- Social Security number
- U.S. mailing address
Ally also allows customers to open accounts via snail mail by printing the appropriate application from the website and mailing it in.
FDIC Insurance and Coverage
Ally Bank’s deposit accounts (including CDs) are fully insured up to $250,000 by the FDIC.
Customer Service
The bank offers four customer service options:
- Chat: Communicate with representatives via the bank’s online chats
- E-mail: Fill out a form to receive a response via e-mail
- Call: Call the bank’s 24-hour customer service phone number
- Snail mail: Mail inquiries to its customer care center in Pennsylvania
Security
Ally guarantees that its safeguards will protect personal and financial information. It says only agents, employees and contractors who need customer information to do their jobs will have access to it. Customers are asked to report unauthorized transactions on their accounts within 60 days to avoid being held liable for them.
In addition to deposit accounts, Ally Bank offers calculators to help determine the growth potential of its savings and money market accounts, as well as the various terms of its CDs. The bank also offers an online FAQ to answer questions about various accounts.
