Banking » Bank Review » Ally Bank Review 2021 – reliable and dependable online banking
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Ally Bank Review 2021 – reliable and dependable online banking

Whether you are expanding your financial portfolio with long-term or short-term goals, Ally Bank is a great resource you can depend on.
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Ally Bank Review

About Ally Bank

Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation.  GMAC was an auto financing company but was converted into Ally Bank.  Today, this bank offers a wide selection of products.  The products include credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts, and savings accounts.  Ally bank serves millions of customers and provides high-quality banking service.

Ally Bank is ideal for customers comfortable with banking entirely online.  Ally Bank offers unlimited access to loans, high-yield deposit products, and credit cards.  This is a high-quality banking service that offers a reliable service that provides modern banking needs that are flexible and adaptable to your banking needs.

ally bank review

On Ally Secure Website

Account Types

No Minimum Deposit



Here are the main products Ally bank offers for savers:

Ally Bank Savings Account

No minimum deposit

Initial Deposit


Minimum Balance



The Ally Bank online savings account offer many benefits for the busy adult.  Ally Bank offers a high-yield savings account that is competitive with other online banking services.  The APY is not the highest, but it is a top-tier when compared to the average APY.  Another benefit to an online Ally Bank savings account is the lack of minimum deposit required to open an account and no monthly service fees.  These are great incentives for opening an account when you are trying to grow your finances.  

Along with great incentives, they are some limitations to this savings account system.  There is no ATM card, so you have to transfer your online funds, wire transfer, telephone transfer, or request a check to access your savings account funds.  This may be more of a hassle to organize and you should determine if you are okay with the limited accessibility of your savings account.

Ally Bank offers a reliable and secure service that is competitive with other top-yielding financial banking institutions that readily grow and sustains your savings.  This is a flexible savings account system that you will be rewarded with as your account grows over time.

Ally Bank Checking Account

No minimum deposit

Initial Deposit


Minimum Balance

0.1 - 0.25%


The Ally Bank interest checking accounts is a singular checking account that offers a tiered interest rate structure.  The yields vary depending on your minimum daily balance in your account.  There are no monthly maintenance fees with your checking account. 

You can access your checking account in more than 43,000 ATMs through the Allpoint network.  You can also deposit your checks remotely through your phone and computer.  This allows you to stay connected and update your finances regardless of your location.  Your checking accounts also come with free checks and debit cards, which is an added bonus. 

Some positive aspects of the Ally Bank checking account system are the ability to earn interest on your daily balance.  You do not need a minimum deposit and there are zero monthly fees.  Along with the lack of monthly fees, there are no added costs to having standard checks or debit cards.

Along with the positive benefits of having an Ally Bank checking account, there are also limited overdraft fees that are below the national average.  You must be aware of your balance because you cannot incur more than one overdraft fee in a single day.

Along with the multitude of positive aspects with the Ally Bank checking account system, there are also some drawbacks to using this service.  You need to be aware that there are no physical branches, so your internet connection must be reliable.  Ally Bank does not accept cash deposits and compared to other online checking accounts, Ally Bank pays significantly less high yields. 

All of the positive and negative aspects of working with Ally Bank are important to consider and decide what you need from your online banking service. 

Ally Bank CDs

No minimum deposit

Initial Deposit

3 months - 5 years

CDs Terms

0.2 - 1.0%


There are three different types of CDs you can pick from at Ally Bank.  The three offers include high-yield CDs across multiple terms, a couple of bump-up CDs, and an 11-month no-penalty CD. All of these incur interest daily that do not require a minimum deposit to open any CD.

Along with the daily compounded interest, you can also qualify for a high-interest rate.  Qualifying for a high-interest rate depends on your balance amount and CD term.  Your rate will rise within 10 days of opening and funding your account.  This provides a great incentive to have long-term savings plans to reach a specific financial goal.

Ally Bank has many positive aspects to the CD services due to the many types of CDs available and the lack of minimum deposits required to open a CD and less harsh early withdrawal penalties, which are better than competitive banks.  Amongst all of these excellent services, you need to be aware that Ally bank does not have as high a yield as other competitive banks.  Also, a 2 year and 4 year CD is only available as bump-up CDs.

All of these are great offers and considerations as you expand your financial portfolio.  

Ally Bank Money Market Account

No minimum deposit

Initial Deposit


Minimum Balance



The Ally Money Market account offers tiered interest rates that change based on your minimum daily balance.  There are free checks and debit cards provided with a money market account, which differs from the savings account service.  The money market account does not offer as high an APY that the savings account has. 

The money market account offers many ways for you to grow and access your money.  You should be aware that the money market accounts offered through Ally are less than twice the APYs available with other accounts.  This means you could find more reasonable and financially incentive money market accounts compared to Ally. 

There are many great aspects to having an Ally Bank money market account.  Their APY is more than 4 times the average money market account rate, which is a great indicator of financial growth and stability.  You are also reimbursed up to $10 per statement cycle for any fees at non-Allpoint ATMs, which is a great program when you are traveling. 

You can also incur daily compounded interest, which steadily grows your finances. 



Alternatives Banks For Consideration

Here are our alternatives to Ally Bank:

Chime Bank is an internet banking platform in America and offers services through a mobile application. The site provides a savings account with an automatic saving feature to save as you spend and get paid.

The chime visa debit card rounds up the money in the account to the nearest dollar after each purchase, and the remaining cents will move into your savings account. For clients to save as they get paid, a percentage of each paycheck may be deducted and transferred into the savings account. Chime bank accounts have several debit card benefits: no hidden charges, no minimum deposits, free ATM charges, cashback, no monthly payments, no overdraft fees, and FDIC insurance coverage up to $250,000.

The site will request clients to fill in their personal details before they can open an account. it may include name, social security number, phone number, email, and account info; eligible clients must be US citizens, aged 18 years and above. The Bank is not for customers who like in-person services because there is no live office or physical building.

The Bank has a highly rated application best known for its high-quality graphic designs and interface that ensures a smooth running on most device operators like android and ios. 

The bank claims to have an enduring history of service in the financial industry although the TIAA Bank brand came into existence only in 2018. This is because the bank was borne in 2017 out of a sale of EverBank, a bank that has been in service since 1998. In 2018, they rebranded EverBank together with TIAA Direct to come out with the new TIAA Bank.

The bank has a primary focus to cater to the financial needs of non-profits, institutions, and educators in the country. This is understandable because the bank’s owner is the Teachers Insurance and Annuity Association. Their bank products aim to help their customers regardless of what life stage they are in. TIAA Bank is a Fortune 100 company.
Although the main headquarters is in Jacksonville, the bank has a nationwide reach because of its online and mobile banking capability.
Customers can remotely access and manage their accounts through digital technology or in-person at financial centers all over Florida or home lending offices scattered across the U.S.

You’d find that TIAA Bank strays somewhat from the usual mold of an online bank. When most online banks have no or little minimum opening deposit requirements, the bank asks for a steep initial deposit for many of its accounts. For example, you must shell out $5,000 to open a Yield Pledge Checking account.  


Ally Bank is a reliable and dependable online banking service that offers many savings and checking programs to fit a variety of financial needs.  Whether you are expanding your financial portfolio with long-term or short-term goals, Ally Bank is a great resource you can depend on. 

Your finances are the top-priority at Ally Bank and your ability to access your finances at any point in time is a goal of this company.  With the available savings opportunities available you can choose which plan suits your lifestyle the best. 

You can access your money at the easiest convenience.  The app and website function reliably and consistently, therefore you are always current on the growth of your accounts.  Ally Bank is a great service you should take advantage of.