Ally Bank Review – Online Bank With No Minimum Balance Required

Ally Bank is an online banking institution that provides a variety of services to its customers. It offers competitive interest rates, no minimum balance required and a wide range of features for managing accounts. This review will discuss the advantages and disadvantages of Ally Bank’s services in depth.

The first section will examine the benefits offered by Ally Bank such as low fees and convenient access. The second section will explore the potential drawbacks, including limited customer service options. Finally, this article will provide an overall assessment of Ally Bank’s offerings and make recommendations on whether or not it would be a suitable choice for those looking to open an online bank account.

Overall, Ally Bank has many attractive features that could make it appealing to individuals seeking an accessible way to manage their finances without worrying about high costs or minimum balances. By examining each aspect closely, readers can gain insight into how this bank might fit into their financial plans and decide if they should give Ally Bank serious consideration when researching online banking solutions.


Overview Of Ally Bank

Ally Bank is an online bank that does not require a minimum balance. It provides customers with a range of financial products and services, including checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, and more. Ally also offers competitive interest rates for its banking products, as well as other benefits such as 24/7 customer service, no monthly maintenance fees or overdraft charges, and access to over 43,000 ATMs nationwide. Additionally, Ally’s mobile app allows users to manage their finances on the go.

These features make Ally Bank an attractive option for those who want easy access to their funds without paying exorbitant fees or having to maintain a large balance in order to avoid them. In addition to being convenient and cost-effective, Ally’s customer service team is known for providing personalized support when needed. Customers can contact the bank by phone or email during business hours if they have questions about their account or need assistance with any transactions.


Account Types And Fees

At Ally Bank, customers can choose from a variety of accounts that fit their individual financial needs. Customers have the choice of an Interest Checking Account, Money Market Account and Online Savings Account with no minimum opening deposit required. Additionally, they offer Certificates of Deposit (CDs) with terms ranging from 3 months to 5 years. All Ally Bank checking and savings accounts are available 24/7 online or by phone in order to manage funds at any time.

Ally Bank does not charge monthly maintenance fees for its banking services; instead customers pay only for certain transactions such as overdraft protection transfers and international ATM withdrawals. The bank also offers competitive interest rates on all of its products which allows customers to maximize their money’s earning potential without having to worry about hefty monthly fees. In addition, there is no minimum balance requirement for most accounts so customers do not need to worry about maintaining a large sum of money just to keep their account open.


Interest Rates & Yields

Ally Bank offers competitive interest rates and yields on its products. Its savings accounts, money market accounts and CDs all offer higher than average returns for customers. All of Ally’s savings account products have an annual percentage yield (APY) of 1%. The money market account has a variable APY ranging from 0.50% to 0.85%, while the CD offerings range from 0.20% to 2.15%.

When comparing these rates to other online banks, Ally is often at or near the top in terms of return on investment:

  1. Savings Accounts – Higher than most online banks with no minimum balance requirement
  2. Money Market Account – Variable rate which can be as high as 0.85% offering better returns compared to traditional brick-and-mortar banks
  3. Certificates of Deposits – Longer term CDs with higher APYs of up to 2.15% for 5 year terms

The availability of such competitive rates without requiring a large initial deposit makes Ally one of the best choices when it comes to earning more from your deposits without having to sacrifice liquidity or risk losing any principal amount invested in the bank’s products and services.


Customer Service & Security

Moving on from Interest Rates & Yields, Ally Bank offers a secure and reliable customer service. Accessibility to its services is available through both online and phone channels 24/7. They also have support centers in the United States, Canada and Europe for customers who prefer face-to-face assistance. In terms of security protocols, Ally bank provides multi-level authentication with 128-bit encryption technology to ensure that customers’ data are safe and protected when conducting banking transactions online or over the phone.

The following table summarizes the key points discussed regarding Customer Service & Security:

Online Phone In Person
Availability  24/7 24/7 Varies by location
Security Protocols Multi Level Authentication
128 bit Encryption Technology
Multi Level Authentication
128 bit Encryption Technology
Physical Security Measures

Ally Bank’s dedication towards providing efficient customer service as well as safety measures to protect their clients’ data makes it an appealing choice for users looking to open up a new savings account.


Pros & Cons

The primary benefit of Ally Bank is that there is no minimum balance requirement. This makes it an ideal option for those who may not have the funds to keep a high amount in their account or prefer to move money around more frequently. Additionally, customers can take advantage of the bank’s low fees and competitive interest rates on its savings accounts. Furthermore, a variety of banking options are available including checking accounts, credit cards, auto loans, mortgages and CDs.

In terms of drawbacks, Ally Bank does not offer free overdraft protection and its customer service has been noted as lacking in some areas. In addition, users must make at least one transaction every three months if they want to maintain their savings account with the bank – otherwise any accrued interest will be lost. Finally, online transactions tend to take two days or longer before being processed which could lead to delays when making payments or transfers.


Final Thoughts

Overall, Ally Bank offers a variety of services that make it an attractive online bank for many customers. For those who want to take advantage of the convenience and flexibility of an online bank with no minimum balance required, Ally Bank is worth considering.

The advantages of using this type of banking are numerous:

  • There are no fees associated with setting up or maintaining an account, making it cost-effective for customers.
  • No overdraft fees or minimum monthly balances needed.
  • Accounts can be opened quickly and easily online.
  • Customers have access to a wide range of financial products such as savings accounts and certificates of deposits (CDs).
  • High interest rates on savings accounts provide more opportunity to save money over time without having to worry about penalties from withdrawing funds too early.
  • CDs provide a safe way to invest in the stock market while still earning competitive returns over longer periods of time.
  • Customer service is available 24/7 via phone, email, or live chat which provides quick and easy assistance when needed.
  • All customer inquiries can be answered promptly by knowledgeable customer service representatives who understand the complexities involved in managing finances.

In addition, Ally Bank also boasts some great features like mobile check deposit, Bill Pay and Zelle transfers that help streamline day-to-day banking tasks even further. With its low costs, high interest rates, convenient accessibility and helpful customer service options, Ally Bank is well worth looking into for anyone seeking an online bank with no minimum balance requirement.



The Ally Bank online banking experience offers multiple account options that allow customers to tailor their accounts to their individual needs. The bank does not require a minimum balance, and the fees associated with each type of account are relatively low when compared to other banks. In addition, the interest rates and yields offered by the bank are competitive with those offered by its competitors. Finally, customer service is excellent and security measures ensure customers’ funds remain safe.

Overall, Ally Bank provides an impressive range of features for customers who want convenience and flexibility while managing their money without incurring high fees or sacrificing great customer service. Furthermore, they offer some of the highest-yielding savings accounts on the market today, earning them a reputation as one of the best online banks available.

Ally Bank has become increasingly popular in recent years due to its strong offerings across various categories including customer service, variety of account types, interest rates and yields, and security measures. If you’re looking for an online bank offering no minimum balance requirement with competitive fees and good returns for your deposits, then Ally Bank may be worth considering as it could provide a great fit for your financial situation.

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