Ally bank, what you should know, savings rate, fees, etc.

Ally bank – If you follow financial services closely you’ll understand that online banking is a wave of the moment. It has redefined banking in a way that you’ll hardly visit a branch except on extreme cases.

Given this, ally bank is one of those digital online banks that offers a wide range of financial services in the most seamless way.

What is Ally bank?

Ally bank is a top online banking platform that offers deposit accounts with robust interest rates, with this the bank offers your personal banking solutions alongside other services which include

  • Home/mortgage loans
  • Auto/car loans,
  • Investment options in its portfolio.

Ally bank has enjoyed continued patronage considering it does not charge monthly fees on deposit accounts.

Read also: List of banks in California, and SWIFT codes

It offers relatively high rate on savings and CD accounts the online savings account earns 0.5% on (APY), operates on a zero balance which undoubtedly attracts large number of its customer base.

Using the bank’s ATM network does not come at a cost to its customers at large.

Ally bank target market

Ally bank is for consumers who are looking to bank digitally without the stress of a conventional bank and

  • Want to Access the ATM services without being charged
  • Want to bank without paying minimum balance and other fees
  • Want to have access to customer service support real time
  • Want to earn market dynamic rates on their CDs and savings account

Ally bank products

  • Savings account
  • Checking account
  • Money market account and
  • CDs
  • Auto loans
  • Mortgage loans/refinance mortgages
  • Individual retirement account (IRA)
  • Self-directed trading
  • Managed investment portfolios

Ally savings account

If you are looking for a savings account that offers 0.5% considered higher than the national average, ally savings account will do just that for you.

  • Monthly fee = 0
  • APY = 0.10% with a 0 minimum balance.

Ally checking account

Ally offers an interest bearing checking account with low fees, and you can have free access to over 43,000 ATMs nationwide.

In a situation you are charged for using out-of-network ATM in the US, Ally will refund up to $10 dollar per statement cycle.

For deposits, you are advised to consider the below formats since ally does not accept cash deposits,

  • Mobile check deposit
  • Direct deposit
  • Wire transfer/sending check by mail.

Daily deposit limit at ally bank is $50,000 and $250,000 per month.

CD rate

Ally offers a one year APY at 0.55%, 3-year APY at 0.65%, 5-year APY at 0.8%, minimum deposit = $0.

Overdraft fees

Ally no longer charge overdraft fee effect June 2, 2021.

However, your transaction may be approved or declined strictly on Ally bank’s discretion.

In this regard, as an overdraft customer you will have maximum of 6 days to return your balance to positive.

Read also: Discovery bank: Improving your financial health with rewards for managing your money

This means you are expected to reinstate your account in 6 days having received the overdraft facility.

Frequently asked questions

Ally bank savings rate

The ally savings account offers a rate of 0.5% considered higher than the national average pegged at 0.06%, while interest is compounded daily, this suggests an opportunity to make more money.

Ally bank locations

Want to get to various locations of Ally offices in the U.S, that is very possible

Kindly follow this link.

Is ally bank safe?

Your money is safe with Ally given that it is FDIC-insured. This means to say that your funds in Ally deposit accounts are insured up to $250,000 per customer, per ownership category if the bank goes out of business eventually.

Who owns Ally?

Ally is part of Ally Financial Inc. Ally originally launched operations in 1919 as GMAC, a division of GM, to allow auto dealers to finance their inventory and keep up with demand from consumers, which later rebranded to Ally Financial in 2010.

Ally bank customer service

You probably have a need to reach out to Ally’s customer service for any kind of support or enquiry, you can easily reach out through

  • 009 1757-247-2559
  • Auto – 1-88-925-2559
  • Dealer – 1-866-766-4622
  • Bank – 1-877-247-2559
  • Credit card – 1-888-916-2559
  • Home loans – 1-855-256-2559
  • Invest – 1-855-880-2559

3 comments on “Ally bank, what you should know, savings rate, fees, etc.

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