Ally Bank Review: Why Ally’s Online Savings Account Crushes the Competition

Posted in Savings Account , Ally Bank • July 26, 2013

Ally Bank ReviewThe team behind Ally banking recognizes that your time is just as valuable as your money. So why waste your time and money in hectic branches with long lines and poor savings account rates? Ally is an online financial institution who is committed to improving and simplifying their customers’ money management experience. An online Ally savings account makes saving money a burden of the past. They provide new and existing customers with an easy-to-setup savings account that is also convenient to manage.

Tyler of Phoenix, AZ shared how “perfect” Ally savings was:

“Online setup was perfect. No hidden fees. Attach AS MANY bank accounts as you want. [Their] very helpful chat-reps [are] ALWAYS available. Can’t rave enough!”

Open an Ally savings account today!

In truth, there are thousands of Ally customers nationwide who share the same sentiments, due to the savings account’s basket of benefits that keep depositors saving without any hiccups along the way.

Ally Savings Account Benefits

The Ally savings account has a lot to offer depositors with short- and long-terms goals. The most notable difference that this savings account provides in comparison to traditional banking establishments is its high-yield savings account rate, which is presently at 0.85% APY.

This interest rate is among the highest savings account rates available. Most other online financial institutions and national banks fall considerably below Ally’s savings rate:

  • Capital One 360: 0.75% APY
  • HSBC Advance: 0.05% APY
  • Chase Bank: 0.01% APY
  • Wells Fargo Bank: 0.01% APY

With the greater gains depositors receive from an Ally savings account and its daily compounding interest, customers can accomplish personal financial milestones in less time and with greater monetary benefit.

Regardless of a customer’s financial status — whether they already have thousands saved up or are starting from $1 — customers can get proactive with their savings sooner rather than later, as Ally does not have restrictive minimum deposit requirements. This no minimum freedom allows depositors to save money at their own pace and preference. Additionally, Ally savings accounts are free of maintenance charges meaning depositors can keep the money they’ve earned instead of losing it to hidden fees.

To optimize their customers’ savings potential, Ally Bank offers “Sleeping Money Alerts” which notify depositors of beneficial tips and deposit accounts that can help their money reach its full potential. A savings estimate calculator is also available on the Ally Bank website, that gives customers a visual of how much their funds can grow with an Ally savings account.

Ally Savings Account

The advantages to the Ally savings account are clear, but those who are not accustomed to online banking may have reservations. Ally Bank puts these customers at ease with a user-friendly website and simple savings process from start to finish.

How Does Ally Banking Work?

Applying for an Ally savings account is straightforward. New customers simply need to go onto their website to open an Ally savings account. After standard verification measures, customers can begin depositing funds into their new savings account.

Ally Bank deposits, transactions and withdrawals can be conducted online so customers can handle financial obligations in the convenience of their own home and on their own time. Due to federal regulation, a maximum of six transactions are permitted each statement cycle at no cost. Additional transactions beyond six occurrences will result in a $10 fee. However, there is no restriction on how many deposits customers can make into their account.

Customers who need to deposit funds into their Ally savings with a check can use the Ally eCheck Deposit option to scan the check and submit it electronically. Depositors can also reach Ally Bank service representatives 24/7 by calling 1-877-247-ALLY (2559) or through live chat.

Ally Savings Brings Returns and Results

All in all, the Ally savings account is a top contender among online savings accounts. Their always competitive rates coupled with a hassle-free process of opening an account, linking external bank accounts and money-saving resources are factors that give depositors tangible results they can rely on as emergency savings.

Since opening an Ally savings account involves no minimum deposit requirement, no maintenance fees and no parallel Ally checking account obligation, depositors have nothing to lose when opening an account with Ally Bank.

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We would love to hear your comments and feedback

  • nik

    Ally still makes excuses why they don’t have features they promised – just teasers, while not delivering anything. On top of that I just had an experience where their loss prevention/ fraud department gave me a major attitude with the “I don’t care” attitude about them taking my money hostage. They froze my account without any warning. I lost access to my bank account, bills weren’t getting paid, couldn’t access to set up bills, couldn’t get cash out from ATM, etc. all b/c I had called in the general customer service dept raising my concerns about the billpay not working correctly (payee information was being altered without me doing it – such as payee address and acct number – which resulted in some of my bills not getting paid. Was able to find multiple case of similar glitches once I started investigating). The general customer service dept’s hands were tied as they also didn’t know what was going on and couldn’t get access to my account. Turns out that the fraud department started looking into the issues I reported, froze my account without notice, and left for the weekend as their FRAUD department only works 8am~5pm ET. I was left without access to my account all weekend without notice. Again, no bill pay, no access, no ATM use. When I finally got a human being from the fraud department on the phone on Monday, the gal who was handling the case took a tone with me (defensive). So I asked to speak with the supervisor – who all he did was try to get rid of me and totally had the “I don’t really care” attitude while giving me excuses. No sincerity for what they put me through what so ever. The general service department was clearly trained much better to be professional and be polite and apologetic when they couldn’t help. However the fraud department was unprofessional, insincere, and just a 8-to5′er who didn’t care.
    I am leaving Ally not only because they promised features they can’t deliver but because of the billpay issues I’ve experienced, along with the most terrible customer service I received from the fraud department. They took my account hostage without notice and they didn’t even apologize, just saying “that’s our process” – what a cop out to blame the “process”. I’ve spoken to other friends who recently also joined Ally. They told me their nightmare stories and we’re all leaving. I can’t stay with a bank I cannot trust. No way I can trust my money with this bank – I’m just so shocked they get away with this. They spend all their money on advertising and promising features they don’t have. Now I learned that their “process” is messed up and they don’t have respect for their customer and their money. I am baffled they can get away with this.

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