I have to admit the Ally Bank commercials are pretty catchy, and usually when I am watching TV I glaze over when commercials come on, but when I first saw one of them I was intrigued by the little kids and how they reacted to the adult when he took away their toy or told them they couldn’t do something. These commercials are supposed to infer that other banks charge you for practices that don’t make sense even to kids.
Ally Bank originally started as a car lending financial firm, but with the advent of the Internet in the late 1990s they started branching out to other markets. You can read their full history.
I like their website it is very well designed and easy to navigate. They also have a phone number on the top right of the screen and the average wait time if you want to call them. This is a great feature, because you’ll know how long you'll have to wait and decide not to call them right now and check back to see if the wait time is lower. It’s very easy browsing the different accounts that you can open with them and read their fees and interest rates.
Ally offers several different kinds of accounts, and they make it easy to compare their rates with other companies. They also offer free online banking, bill pay, and no ATM Fees.
Checking Account 1.05% interest on balances over $15,000.00, 0.05% on balances under $15,000.00
High Yield 1.50% Annual Percentage Yield
No Penalty 1.35% APY
Raise Your Rate 1.94% APY
Online Savings 1.29% APY
Money Market 1.29% APY
If you are tired of your current bank and looking for a new one I recommend you at least check out Ally because you might be as impressed as I was.