Ally Bank is one such online-only financial institution. It’s actually been around for over a century, but you probably didn’t hear about it until the last decade.
Ally has been in the news in 2021 because it eliminated all overdraft fees for its accounts. Ally had put the fees on pause through the pandemic but then decided in June to eliminate them permanently.
The bank started out in 1919 as GMAC, General Motors’ finance division. But in 2009, the company rebranded as Ally Financial, Inc., a leading digital financial services organization that offers everything from checking and savings accounts to home and auto loans to investment accounts.
Ally Financial’s portfolio includes:
- Ally Bank
- Ally Invest
- Ally Home
- Ally Lending, as well as Ally Corporate Finance and Ally Dealer Financial Services.
Our in-depth Ally Bank review paints a full picture of the institution, but specifically focuses on its checking and savings accounts. This review also includes information about Ally’s money market accounts, CDs, loans and investment options, as well as a review of Ally’s mobile app, level of convenience and customer service.
- What Is Ally Bank?
- Pros and Cons of Online Banking With Ally
- Banking With Ally
- Ally Bank Account Fees
- Other Ally Bank Products
- Ally Bank Customer Service
- Is Ally Bank Right for You?
- Our Bank Review Methodology
Ally Bank is an FDIC-insured online-only banking institution offering an array of personal finance services, beginning with its Online Savings and Interest Checking accounts. You can open a money market account or invest in CDs with High Yield CD, Raise Your Rate CD and No Penalty CD options. Ally Bank also offers competitive home and auto loans (with a history in the automotive business), multiple IRAs and various investment options.
Ally Bank boasts a wide shelf of trophies, including best bank and best online bank awards from organizations such as MONEY Magazine and Kiplinger’s. Additional info here:
PLAN B INCOME PRODUCERS 