Ally Bank Review w. 900+ User Reviews

by David Ning · 983 comments

After being GMAC Bank first and then changing it’s name to Ally Bank, everyone’s no doubt seen the new advertisements that emphasizes no fine print.  With the bank being connected with General Motors, the first thing I can think of is whether my money will be safe. Of course, I went to research further before my readers could be ripped off with this bank so this review represents my opinion of putting money with its savings account offering.

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Safety of Ally Bank

ally bankFirst things first, Ally Bank saving accounts and CDs are all FDIC insured so our money is safe for up to $250k per account. There are ways to increase the amount covered even further, but you would need to open individual, joint, and accounts under other entities such as a trust to get a higher limit. (Another way is to just open accounts across different banks, which might be easier.)

Products Offered from the Online Bank

Ally Bank offers 2 main products that we are really concerned about – an online savings account and a certificate of deposit with above average rates. The extremely good interest rates for this type of product and the bank being FDIC insured prompt me to open an account with them.

When I opened an account, it was also nice to see that I can actually open multiple savings accounts and certificate deposits all on one screen. No more submitting multiple applications and spending time filling the exact same form more than necessary.

Ally Bank is Another Excellent Option

There’s really many options out there to compete for our money, but it’s nice to see a bank with competitive rates with a simple interface. The name GMAC may spook you in opening an account, but the safety of the FDIC guarantee should provide comfort, especially since you are getting more interest by going with them.

After 2 years of originally reviewing this bank, I am still an Ally Bank customer. But before you decide, make sure that you read through some of the other user reviews below. Though most people only speak up when they have a problem, you can get an idea of the types of issues people have with their accounts.

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Other News You May Want to Know About the Ally Bank

Is GMAC Really GM?

Many people asked me about this already, and I actually had the same question myself. I always thought that GMAC Financial Services was part of General Motors but I was wrong. GMAC is actually a standalone banking operation that provides lending and banking services. The difference with GMAC to a traditional loan company is that instead of offering mortgages and home equities to consumers, GMAC offers loans and lending to GM and Chrysler dealers to finance their operations.

Ally Bank is just one of the online banks we reviewed on MoneyNing.com. Click here for the full list of high yield online savings accounts we have experience with.

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{ 983 comments… read them below or add one }

Tony J June 25, 2014 at 3:34 pm

I have had an Ally account for over two years and I am totally satisfied with their service and web page interface. Transfers between Ally or other banking institutions is straight forward and very easy to understand. I love the higher rates they pay on their I interest earning accounts, and that they pay any and all fees connected to any transaction at other banks. The ability to take a picture of a check for deposit is a Big Plus as well.
I read some of the complaints by other raters on this site and just scratch my head. I don’t see how their issues occurred. But, oh well to each their own. I highly recommend Ally as a No Fee, No BS bank.

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Therese July 6, 2014 at 5:48 pm

Electronic transfers to/from Ally are very easy.

But try rolling over your IRA CDs to another financial institution and it is a completely different story.
I have done this several times over the years. No one wants to let the funds go of course, but Ally is the slowest,
least efficient. Not sure what this bank hopes to gain by being obstructionist, as now I intend to remove all IRA
accounts, instead of some.

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