Overview

Ally Bank, one of the pioneers in online banking, has consistently gained traction and loyal customers since its launch in 2009. Over the years, it has distinguished itself with competitive rates, innovative digital services, and a commitment to customer satisfaction. This 2023 Banking Review will highlight the bank’s strengths, weaknesses, and how it stays ahead of its competitors.

Savings Accounts

The foundation of Ally’s banking services is its high-yield savings account. The fact that it offers some of the best interest rates in the market is undeniably one of its major selling points. In 2023, Ally continued to lead the pack with its remarkable annual percentage yield (APY), vastly surpassing traditional brick-and-mortar banks. To top it off, there is no minimum deposit requirement or monthly maintenance fees, attracting a wider range of customers.

Checking Accounts

Ally Bank’s Interest Checking Account proves that checking accounts don’t have to be bland. It offers daily compounded interest and tiered interest rates based on account balance. Moreover, Ally remains steadfast in providing convenience to its customers by offering not only online bill payment but also free access to 43,000 Allpoint ATMs nationwide.

CDs And IRAs

Ally Bank features a variety of certificates of deposit (CDs), including their High Yield CD, Raise Your Rate CD, and No Penalty CD – all with competitive rates and zero maintenance fees. Their Individual Retirement Accounts (IRA) give customers a choice between a traditional IRA or a Roth IRA while offering flexible terms and beneficial tax incentives.

Customer Support And Security

The bank takes customer service seriously by offering 24/7 accessibility through phone support, live chat, email support as well as secure messaging within the online platform. Ally commits to protecting sensitive information by employing multiple layers of security measures such as encryption technology and two-factor authentication.

Loan Services

Ally Bank offers competitive auto loans and home loan options. Auto loan services include new and used vehicle financing, lease buyout, and refinancing, with flexible terms and convenient online tools for managing accounts. Home loans consist of various mortgage products like fixed-rate mortgages, adjustable-rate mortgages, jumbo mortgages, and refinancing options.

The Ally App

In 2023, the Ally Mobile App continues to be an integral part of the Ally banking experience. Its sleek design, intuitiveness, and unique features like bill pay scheduling, custom budget tracking, as well as mobile check deposit make banking on the go seamless. The app also integrates Zelle® for person-to-person money transfers.

Conclusion

Ally Bank maintains its momentum in 2023 by providing consumers with a comprehensive banking experience that not only optimizes savings but also addresses various financial needs. As an online-only bank that values customer satisfaction above all else, Ally Bank continues to innovate while staying true to its mission of offering competitive rates and premiere digital services.