Ally Bank

Ally Bank is a mid-sized bank headquartered in Midvale, UT. This bank is an internet bank and does not have local branches. Ally Bank has deposits of $25.4 billion, and was established in August 2004.

This bank is FDIC insured - all deposits are protected for up to $250,000. Products offered by the bank include: High Yield CD, No Penalty CD, IRA High Yield CD, Online Money Market, Online Savings Account, IRA Online Savings and Interest Checking.

Bank website: www.ally.com
Phone: 1-877-247-ALLY
Headquarters: Midvale, UT
FDIC Certificate #: 57803

Current Ally Bank Rates

Name Term
APY
Min Deposit Max Deposit
High Yield CD 3 months
0.30 %
$1
6 months
0.61 %
$1
9 months
0.64 %
$1
1 year
0.94 %
$1
18 months
0.94 %
$1
3 years
1.20 %
$1
5 years
1.50 %
$1
No Penalty CD 11 months
0.85 %
$1
IRA High Yield CD 3 months
0.30 %
$1
6 months
0.61 %
$1
9 months
0.64 %
$1
1 year
0.94 %
$1
18 months
0.94 %
$1
3 years
1.20 %
$1
5 years
1.50 %
$1
IRA Raise Your Rate CD 2 years
1.05 %
$1
4 years
1.30 %
$1
Raise Your Rate CD 2 years
1.05 %
$1
4 years
1.30 %
$1

Customer Reviews

Account Opening Problems

Ally offers a superior product, but their customer service and bank processes are lacking. I opened an Online Savings account with $20,000. I received a call the next week from Ally notifying me that they accidentally withdrew the $20,000 twice from my account, and asked me to call my other bank to try to stop the transaction. My other bank told me that Ally was the only entity that could stop the transaction since they were the side that was initiating the withdrawal. I called Ally back and the agent told me that Ally's system is not able to stop an initiated transaction. The entire time they treated me like it was my fault and I received no apology. I contemplated closing my Ally account in frustration, but decided that it would be counterproductive. My other bank charged me a $25 insufficient funds fee that Ally only refunded once I sent them a scan of my other account statement and after several calls. The credit shows up as a "Goodwill Credit" in my Ally account. It should have said, "Refund due to Ally mistake." Now I have spent several hours and have a returned check status at my original bank due to an Ally mistake and have yet to get an apology or anything for my trouble from Ally.

Review posted by hokie March 31, 2012

About Ally Bank

Built on the foundation of GMAC, Ally is an online bank with no monthly fees, no minimum balances and no minimum deposits. Our rates are always among the top and we offer live 24/7 Customer Care Support. Member FDIC.

We're a bank that values integrity as much as deposits. A bank that will always be open, accountable, and honest. Yes, honest. We won't deal in half-truths, kindatruths, or truths only buried in fine print. That's because we don't have anything to hide. We're always going to give it to you straight.

Put simply, we want to find the pain points of traditional banking and improve them. Consider our 24/7 customer service. We think it's reasonable that a customer should be able to reach us and talk to a person anytime they want.

What means no monthly fees, no minimum deposits, and no minimum balances. It means developing new products that give you more options, like our No Penalty CD that lets you withdraw your money if you need to. And it means having rates that are always among the most competitive in the country.