The Ally Report 2023
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Our editorial staff generates objective valuations of financial institutions for Bankrate. Our rating system takes into account a variety of criteria that shoppers should think about when deciding on financial services.

Our editorial staff uses cold, hard data to arrive at our objective Bankrate scores. Our scoring system takes into account a wide range of criteria relevant to the selection of financial services and products.

Our editorial staff calculates impartial Bankrate scores. We use a scoring system that takes into account a variety of information that shoppers should have when deciding on insurance policies, investments, and other financial options.
From sea to shining sea, Ally Bank is the go-to for people who do all of their banking online. Its savings, money market, and certificate of deposit rates are among the highest in the industry. Its checking account is linked to a sizable, fee-free ATM network and will reimburse up to $10 in out-of-network ATM fees per statement cycle.
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Ally is an extensive internet bank offering numerous deposit options, loans, and services.
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Accounts at the bank can be opened with no minimum deposit or monthly service charge.
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Offer better returns on savings and certificates of deposit than most conventional financial institutions
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Through the Allpoint network, Ally Bank provides its customers with access to over 43,000 ATMs.
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Help for customers is available around-the-clock.
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You can't make a deposit in cash.
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Ally Bank does not support international wire transfers at this time.
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All balances in an Ally Online Savings Account receive the same competitive annual percentage yield.
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You won't have to worry about paying any fees or keeping a certain amount in your account every month.
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The online bank has a saving function that will help you save money for different purposes.
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Deposits in cash are not accepted at this time.

Our editorial staff uses cold, hard data to arrive at our objective Bankrate scores. When evaluating financial products and services, our scoring system takes into account a wide range of criteria.
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In order to open a certificate of deposit, no initial investment is necessary.
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There are many different kinds of CDs to choose from.
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The fees for making an early withdrawal are lower than those of competing banks.
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There are no below-average CD rates
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Other online banks offer better returns.

Editorial staff at Bankrate uses a transparent, objective system to assign ratings. The formula we use to score financial products and services takes into account a wide range of criteria.
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Ally Money Market has an attractive annual percentage yield.
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Both a debit card and checks are available with this account.
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All ATM fees incurred by account holders at non-Allpoint ATMs will be reimbursed up to $10 per statement cycle.
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In order to open the account, you don't need to put in any sort of minimum amount.
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The interest rate on money market accounts at at least a couple of other online banks is higher.
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Customers' daily balances, regardless of size, will accrue interest.
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The Interest Checking Account has no opening deposit requirements.
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In addition to standard checks and debit cards being free of charge each month, there are no yearly fees associated with using them.
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Overdraft charges are waived with an Ally account.
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Ally Bank does not accept cash deposits nor do they have physical locations.

Our editorial staff uses cold, hard data to arrive at our objective Bankrate scores. The formula we use to score financial products and services takes into account a wide range of criteria.
Ally Bank is an online financial institution that originated from the banking division of GM Financial. The General Motors Acceptance Corporation Bank that was formerly known as GMAC changed its name to Ally in 2009.
Credit cards, mortgage loans, money market accounts, investment products, CDs, checking accounts, and savings accounts are just some of the modern banking services this institution provides to customers across the country. Ally Financial, the bank's parent company, is a major provider of various financial services with headquarters in Detroit. It has a huge customer base and works with thousands of car dealerships.
Ally Bank does not have physical locations, but telephone banking is available around the clock. A live chat option is also available for them to use on the website.
Ally Bank's mobile app is highly rated on the Apple App Store and is generally well received on Google Play. In order to encourage regular savings, one feature can analyze a user's checking account and transfer funds there when it's deemed a good time to do so based on an algorithm.
Ally Bank provides local funding and support in the form of grants and sponsorships in Charlotte and Detroit. The 2022 season marked the beginning of the bank's increased involvement in professional sports, as the company renewed its partnership with the Charlotte Hornets and formed a new partnership with the Detroit Pistons.
When it comes to online banking, Ally Bank and Capital One are at the head of the pack, each providing competitive APYs and few fees to their customers. Both Capital One and Ally are members of sizable ATM networks, despite Capital One's limited branch availability and Ally's digital-only focus. In addition, Ally Bank reimburses your out-of-network ATM fees, up to $10 per month.
Capital One is distinct from Chase in that it no longer provides money market accounts. The money market account at Ally Bank offers a competitive APY and has no minimum balance requirement. Unlike Capital One, Ally gives you the option to earn interest on your CDs without incurring a penalty and to make additional deposits without a minimum balance.
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Ally Bank is a great option for customers who prefer to bank entirely online, as it offers competitive interest rates on savings accounts, an interest-bearing checking account, and low account maintenance fees.
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Ally Bank is an FDIC-insured institution, protecting deposits up to $250,000.
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Ally Bank is a trusted online financial institution that has been around since 2004 and holds a federal charter from the FDIC.
In order to determine an overall ranking, we evaluate the relative value of each account type and its features. Review our full selection criteria here:

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