Allied Bank Review 2022 | NextAdvisor with TIME

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Allied Bank Review

Editor’s note: (4.49/5)

Voucher for all banking and service

Allied Bank Review

Editor’s note: (4.49/5)

Insight:

Ally Bank is one of our top rated banks for excellent customer service, product range and competitive interest rates. It is best for anyone looking for an online bank to handle all their financial needs, from checking to savings and investing.

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Advantages

  • Competitive interest rates
  • Ally will automatically increase your rate if interest increases within 10 days of opening your CD
  • Unlimited AllPoint ATM withdrawals and up to $10 monthly reimbursement for other ATM fees
  • Comprehensive banking services with a variety of deposit and loan products
  • Online tools for budgeting and saving

The inconvenients

  • Minimum deposit and fees may apply for investment tools
  • Unable to make cash deposits
  • No credit card option
  • Fewer accessibility initiatives than some other banks

Additional Details

  • Savings compartments to separate savings for different purposes
  • Savings boosters can help you steadily increase your savings balance
  • Traditional, Penalty-Free, Accelerated, and IRA High Yield CDs
  • 10-day rate guarantee for new CD accounts
  • No monthly maintenance fees
  • No minimum balance requirement
  • Access your accounts online or through Ally’s mobile banking app
  • Current interest account available with debit card
  • Home and auto loan options, plus personal loans for medical expenses and home improvement
  • Automated investment portfolio management
  • Ally Bank deposits are FDIC insured

Editorial independence

We analyze and review banks without the influence of partnerships or advertising relationships. For more information on our scoring methodology, click here.

Allied Bank Full Review

Ally offers one of the widest ranges of online banking account types we’ve reviewed. It also offers many options for communicating with the bank about your account, making changes, and accessing your money. Here is an overview of all that Ally has to offer:

Savings accounts

Ally offers a high yield savings account with a competitive interest rate that consistently ranks among the best savings account rates.

Interest is compounded daily and there are no money management fees, no minimum deposit and no minimum balance requirements. You can divide your balance into “buckets” to save for different financial goals, such as your emergency fund, an upcoming vacation, or a down payment for a house. You can create up to 10 buckets at a time.

Beyond the helpful grouping feature, we also like the ability to streamline your different Ally accounts to help you reach your savings goals. If you want, Ally will automatically round transactions from your checking account to the nearest dollar, then transfer them to your savings when you reach $5 in rounding.

Ally currently has no transaction limits and the previous $10 fee for more than six transactions per month is waived. There is a $20 fee for outgoing wire transfers, but incoming transfers are free. You can also transfer to and from your account via an ACH transfer or request a check.

Certificates of deposit

Ally offers high-yield, penalty-free, boost, and IRA CDs with terms ranging from three months to five years (though terms vary by account type). There are no monthly fees and no minimum deposit is required.

Ally also has a 10-day rate guarantee for high-yield CDs. This means that if the APY on your CD increases within ten days of opening your account, you will get the highest rate within those 10 days.

When your CD matures, you can also earn a loyalty reward if you transfer your funds to a new CD with Ally. The reward varies, so you should check the reward amount on Ally’s site before your CD reaches maturity. At maturity, you will have a ten-day grace period to withdraw your money before the CD renews. If you withdraw before the CD matures, you will pay a penalty.

Money market accounts

Ally’s Money Market Account has similar rates to its High Yield Savings Account, but you’ll have additional access to your account through checks or a debit card.

You can make unlimited withdrawals at AllPoint ATMs for free and be reimbursed up to $10 per statement cycle for fees at other ATMs. You can deposit checks via a mobile app, make online transfers or direct deposit to your account, and you can withdraw by check or debit card and online transfer.

Unlike her High Yield Savings Account, Ally’s Money Market Account has no boosters or rounding buckets.

Verify Accounts

Unlike some other online banks, Ally has a paid current account with many additional features.

There are no minimum balance requirements to avoid fees and no monthly maintenance fees. You can deposit checks using Ally’s mobile app, round purchases to the nearest dollar to transfer them to your Ally savings, and get reimbursed for up to $10 per month for ATM fees ( AllPoint ATM transactions are free).

Finally, Ally offers services to help you avoid overdrafts and does not charge any overdraft fees. You can set up automatic transfers between your Ally savings and your checks to pay overdrafts or use CoverDraft to temporarily cover up to $250 in overdraft coverage.

Others products

Ally not only offers a wide range of deposit account options, but also services you can use to invest your money or borrow for a house or car:

Loans

You can buy or refinance your home with Ally Home, the bank’s mortgage division. It does not charge lender fees and offers a simple Q&A loan application. Ally offers giant home loans, as well as fixed and adjusted home loan rates. And because Ally is an online-only bank, you’ll manage your paperwork and funding process online until closing.

Auto loans are also available for renting or buying a car, and you can track your account using the Ally Auto mobile app. Finally, Ally offers personal loan options, designed for medical expenses or home improvement.

Invest

Ally Invest offers several ways to invest for the future, including self-management or automated investments.

If you are a more advanced investor, there are self-directed account options. But Ally also offers robo-advisor services and personalized wealth management advice. Fees and minimums vary depending on the accounts and investments you choose. You can access and make changes to your account online or through the Ally Invest mobile app. Plus, support from a portfolio specialist is available by phone, online chat, or email.

Client experience

Ally ranks among all the banks we reviewed for its customer service and communication options.

The Ally banking app scores 4.7 out of 5 on the App Store and 3.8 out of 5 on Google Play, and reviewers praise its features and account management services. Ally is also responsive to customer feedback and concerns regarding mobile app functionality, and responds directly to customers with support and feedback. Additionally, Ally has an above-average ranking on the JD Power US Direct Banking Satisfaction Study (a survey of customer service, ease of managing accounts, trust, etc.) It ranks among the top five banks measured for both checking and savings services.

Ally offers 24/7 customer support for every banking product by phone, mail, or you can log into your account to send a secure email or chat with a representative online.

Accessibility

Ally is making efforts with accessibility, but hasn’t made as much progress as some other banks we’ve reviewed. There is a dedicated phone line specifically for hearing impaired customers and the Ally Assist tool which offers voice navigation.

We’ve reached out to Ally for more information about site accessibility, but haven’t received a response as of press time. We will provide an update if available.

Is Ally right for you?

Ally Bank is a solid choice if you’re looking for a bank to handle many of your financial needs and a variety of account options. And it has some of the most competitive interest rates available, which can help as rates are rising rapidly in today’s rising rate environment.

The Interest Checking Account is unique among many online banks, adding extra income on top of what you can get from saving. Additionally, reminder options and savings buckets can encourage savers to contribute regularly. Ally’s various communication methods and ways to access your account also make it easy to keep track of your money in one place.

Although Ally does not charge monthly maintenance fees or require a minimum balance for deposit accounts, there are some fees to keep in mind, such as outgoing wire transfers and various fees for debit accounts. placement of Ally. Always read the fine print of your account agreement before opening a new account.

Allied Bank FAQ

Is Ally an online-only bank?

Yes, Ally is an online-only bank, but you can handle transactions at Allpoint ATMs for free. Ally will reimburse you up to $10 per statement cycle for other ATM fees.

How much does Ally charge for outgoing wire transfers?

Ally charges $20 per outgoing bank transfer.

Does Ally require a minimum balance?

Ally does not require a minimum balance for savings or checking account deposits, nor does it charge monthly maintenance fees.

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