Ally Bank FDIC Review and Comparison

Ally Bank is a well-established online bank that's a subsidiary of Ally Financial. It's a great option for those looking for a low-cost, high-yield savings account or certificate of deposit (CD).

Ally Bank is indeed FDIC-insured, which means your deposits are insured up to $250,000. This provides a safety net in case the bank fails.

With Ally Bank, you can open a high-yield savings account with no minimum balance requirement. This makes it easy to get started, even with a small amount of money.

One thing to note is that Ally Bank is an online bank, which means you'll need to manage your account online or through their mobile app. But this also means you can access your account from anywhere, at any time.

FDIC insurance is a vital protection for your deposits at Ally Bank. It's backed by the U.S. government and has been in place since 1933, ensuring that no depositor has lost a penny of insured funds.

The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. You can calculate your current coverage amount using the FDIC's EDIE the Estimator.

To maximize your coverage, consider opening a single account for each adult family member. This can add up to a total of $500,000 coverage for you and your spouse or partner.

You can also pool your money into joint accounts, which are insured separately from accounts in other ownership categories, up to a total of $250,000 per owner. This means you and your spouse can get another $500,000 of FDIC insurance coverage by opening a joint account in addition to your single accounts.

Here are some ways to increase your FDIC coverage:

Note that the FDIC updated its rules for trusts as of April 1, 2024. Learn more on their website.

Ally Bank's online-only interface can be a big plus for some, but frustrating for others who value face-to-face interactions and real-time paper signing.

One of the main drawbacks of Ally Bank is the limitation on outgoing transactions, which is capped at six per statement cycle.

You can't withdraw from a CD before its maturity date without incurring a fee, which might cramp your style if you need access to your money sooner.

The APY on your savings account can change at any point, and you might not even get prior notice, which could be a damper if you're relying on a stable interest rate.

Ally Bank offers a range of account features that make it a great option for those looking for a secure and convenient banking experience. Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your money is insured up to $250,000.

You can open various accounts online, including checking accounts, savings accounts, and certificates of deposit (CDs). Ally Bank also offers a mobile app that allows you to manage your accounts on the go.

Ally Bank's accounts are designed to be easy to use, with features like daily interest compounding and no minimum balance requirements. Some accounts may require a minimum deposit amount, but this is clearly stated upfront. Here are some of the key features of Ally Bank's accounts:

Ally Bank also offers dedicated 24/7 customer service and a range of other features that make it a great option for those looking for a secure and convenient banking experience.

You can do everything you need online with Ally Bank. From checking accounts to auto loans to investing to savings accounts, it's all available online.

You can open various accounts online and easily access them once you have an account. This is especially convenient if you have more than one account, as they're all easily accessible to you.

Ally's frequently asked questions, or FAQ, section is available online for customers with questions. A search function is also available to help you find what you're looking for.

The Ally mobile app allows you to see your total earnings, broken down by each account. You can click on whichever account you're interested in to manage it, just as you would online.

Ally Bank offers a variety of account features that make it a great choice for savers.

One of the standout features of Ally Bank is its competitive interest rates, which are compounded daily and paid monthly. This means you can earn more interest on your money over time.

Ally Bank has a range of account types, including traditional savings accounts, money market accounts, and certificates of deposit (CDs). Each type of account has its own unique features and benefits.

Ally Bank's money market account, for example, has no opening deposit or minimum balance requirements, making it easy to get started. It also offers a debit card and check writing abilities, as well as reimbursement for out-of-network ATM fees.

Here are some key features of Ally Bank's money market account:

Another great feature of Ally Bank is its customer service, which is available 24/7. You can also access your accounts online or through the mobile app, making it easy to manage your finances on the go.

Ally Bank's CDs offer competitive interest rates and flexible terms, ranging from 3 months to 5 years. They also have low early withdrawal penalties, making it a great option for savers who need access to their money.

In addition to its account features, Ally Bank also offers a range of other benefits, including FDIC insurance and a mobile app that allows you to track your spending and stay on top of your finances.