Ally Bank has been serving its customers for nearly 100 years but only made its transition to an online bank in the mid-2000s. Still, with several branches dealing with different needs such as personal banking, trading, credit cards and auto loans, it might be worth your time to see what Ally has to offer.
Keep reading this review to see why Ally Bank was voted the best online bank in 2018.
|Ally Bank at a Glance|
|Main Products||Online savings accounts, CDs, home loans and brokerage accounts with Ally Invest|
|Information accurate as of Oct. 10, 2018.|
With high-interest rates, low trading commissions and even tiered checking options, Ally is poised to help people save money. Learn more about:
- What You Need to Know About Ally Bank
- Best Features of Ally Bank
- Credit Card
- Should You Bank With Ally?
Ally Bank is able to provide more robust interest rates to its customers because it’s an online bank and doesn’t need to worry about overhead costs like traditional physical branches do.
This bank is best for:
- Those interested in high-yield savings
- Bank customers who have no need for physical branches
It’s hard to argue with Ally’s competitive rates, some of which are outlined in this table:
|Ally Bank Product Rates|
|3 Month CD||0.75%|
|1 Year CD||2.70%|
|2 Year CD||2.60%|
|3 Year CD||2.75%|
|4 Year CD||2.60%|
|5 Year CD||3.10%|
|Rates are accurate as of today.|
Ally Bank offers financing for both personal and business-related vehicle purchases. Its Ally Buyers Choice also allows customers to opt for one of the following on their Special Prepayment Date after 48 or 60 months:
- Sell your vehicle to Ally at a predetermined price — minus excess mileage and wear
- Keep the vehicle and continue making payments until the end of the contract term
This can be a useful way to recoup financial losses if it turns out the vehicle wasn’t right for you.
Ally Bank only offers one credit card with the following features:
- No annual fee
- Earn unlimited rewards as you shop: 2 percent cash back at gas stations and grocery stores, and 1 percent cash back on all other purchases
- Get a 10 percent Ally Deposit Bonus when you deposit your cash rewards into an eligible Ally Bank account
- Earn a $150 bonus when you spend $500 on eligible purchases in the first 90 days of account opening
- 0 percent intro APR for balance transfers within one year, then a variable APR of 14.99 percent, 19.99 percent or 24.99 percent thereafter, depending on creditworthiness
Ally Bank offers few drawbacks when it comes to dealing with your finances. Penny pinchers should find the bank’s savings and checking accounts agreeable. The limited credit card options might turn off some potential customers, but the one that Ally Bank does offer comes with several advantages.
Read about the other financial institutions that were voted the best online banks of 2018.
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