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Ally Bank Spending Account Review

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Ally Bank is a division of Ally Financial, one of the largest financial institutions in the US. Previously known as GMAC, Ally Bank operates as an online-only bank and is headquartered in Sandy, Utah. It offers deposit accounts (checking, savings, etc.), mortgage products, and other financial services.
 
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How is Ally Bank rated?

Breakdown

5.0/5
Account Features
5.0/5
Fees and Restrictions
5.0/5
Support, Reputation, and Financials

Overall Rating: 5 / 5 (Excellent)

Ally Bank has acquired a reputation as a leader in the internet-only banking sector thanks in part to the excellent value of its online checking accounts. Ally steers clear from many of the fees and minimums associated with traditional bank accounts. In addition, the bank's 24/7 live phone support, robust mobile app, online platform tools, and extensive digital wallet support, make its checking accounts a great fit for customers who do not require the services of a local branch.

Ally Bank Account Features

Account Features - 5 / 5

Ally Bank's checking accounts are free to open and operated completely online. They feature higher interest rates than average brick-and-mortar checking accounts do. The interest accrued varies on the number of funds present in the account on a daily basis. Ally also offers Money Market accounts, which feature an Annual Percentage Yield of 0.90% to 1.00% that also depends on the account's daily balance. The bank's overdraft protection is highly useful for customers with other kinds of Ally bank accounts, namely savings and money market accounts. For making withdrawals, Ally customers can visit one of 43,000+ AllPoint ATMs throughout the U.S. The bank's Debit MasterCard® is used for this and comes with EMV chip technology. Additionally, transactions can be made through the Zelle digital payment network. Customers who are interested in paying their bills online can do so through Ally's banking services online or on mobile device.
Types of Checking Accounts
Free Checking Accounts
Online Checking Accounts
Interest Bearing Checking Accounts
Money Market Checking Accounts
Methods of Deposits
Mail Check
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit
Integration with Other Online Accounts
Savings
External Banks
No-Fee ATM
No-Fee at Branded ATMs
No-Fee at Network ATMs
Reimbursement for Domestic ATMs
ATM Locations
Customers can withdraw money from more than 43,000 AllPoint ATMs nationwide for free.
Branch Offices
As an online-only bank, Ally has no physical branches to speak of.

Interest (APY)

0.10%, with less than $15,000 minimum daily balance; 0.60% with $15,000+ minimum daily balance

Overdraft Protection

Customers can link an Ally Online Savings or Money Market account to their Interest Checking account in order to protect themselves from overdraft fees. If they exceed their checking balance, Ally automatically transfers any available funds from linked accounts in increments of $100 to cover the transaction(s) for no extra charge. Keep in mind that these transfers do count towards the transaction limits for Ally's savings and money market accounts.
Integration with Mobile Payment Services
Zelle
Card Blocking
No
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
Yes
Mobile App
Yes

Ally Bank Fees and Restrictions

Fees and Restrictions - 5 / 5

Ally Bank sets hardly any restrictions and has very few fees associated with its accounts. There are no maintenance fees, no incoming wire or check delivery fees, and no minimum balance or number of transaction fees. Customers only need to make a single deposit within 30 days of the account being open to avoid it from closing down. Some fees they do have include stop payment, returned deposit Item, and rush delivery of debit cards or other items fees.
Maintenance Fee
$0
Minimum Balance
$0
Minimum Monthly Deposit
Accounts are closed if not funded within 30 days of being opened.
Minimum Number of Transactions
0
Other Fees
Expedited Delivery for Replacement Card Fee
Stop Payment Fee
Deposited Item Returned Fee

Ally Bank Support, Reputation, and Financials

Support, Reputation, and Financials - 5 / 5

Ally Bank was previously known as GMAC Bank, established in 2000 by Ally Financial. Ally holds good-to-average financial strength ratings with S&P and Moody's–a BB+ and Ba3, respectively. It has a page on the BBB but has not been as a result of numerous complaints against the business that have yet to be evaluated. Consumers can contact customer support representatives around the clock, 24 hours a day, 7 days a week, via phone call, email, chat, and social media.
BBB Rating
NR
BBB Total Complaints
1,638
BBB Resolved Complaints
119
Trust Pilot Rating
4.4 out of 5
Consumer Financial Protection Board (CFPB) Complaints
4,877
Date Collected
2018-08-31
Year Founded
2000
Standard & Poor's Financial Rating
BB+
Moody's Financial Rating
Ba3
Live Help 24/7
Yes
Customer Support Hours
24 hours a day

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media

Company Profile

Full Name
Ally Bank Spending Account
Company Website
https://www.ally.com/
Headquarters
200 West Civic Center Dr, Sandy, UT, 84070
Mailing Address
PO Box 951, Horsham, PA, 19044

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