Friday, March 17, 2023

Ally Bank: Best for Customer Service

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Ally Bank ranked Runner up in the Online Banking category on Newsweek’s inaugural list of Best Companies for Customer Service, with a score of 7.92 out of 10.

Bank offers customer service representatives by phone, chat, and email 24 hours a day, seven days a week. Ally Bank also serves clients via Twitter at @AllyCares, Facebook, and voice-enabled assistance through its Ally SkillSM on Amazon® Alexa and the mobile app of Ally Assist.

At Ally, we understand how important it is to explore a new bank that offers products and rates that align with your investment needs when searching for a new bank. However, it is also critical that your bank system gives great customer service to assist you in making the most of your money.

It’s why we’re thrilled to have won two 2013 Stevie® Awards for Sales & Customer services: the Innovation in Customer Service Award – Banking, Financial Services & Insurance for our call pause time feature, and the e-Commerce Customer Service Award for Ally’s customer chat feature.

How Ally Bank Become Runner up – Customer Services!

Ally Bank: Best for Customer Service

The Ally Bank headquarter locates in Sandy, Utah, and established in 2009, is the digital-only banking division of Ally Financial Inc., which dates back to the 1920s.

Like many online banks, Ally caters to customers who prefer to bank from their smart devices like phones and desktops. This bank offers the best offers than other finance companies. Ally Bank is a pioneer in the field of online banking. 

Ally is one of the best options in the field, offering a variety of deposit accounts as well as competitive interest rates. It not only provides personal banking solutions, but it also provides a wide range of services.

This review will concentrate on Ally Bank’s banking products and services. Here’s a closer look at what this bank has to provide and how it compares to other online banks.

Ally’s Main Bank Accounts

Ally Bank: Best for Customer Service

Ally offers auto loans, personal loans, mortgages, investing, and retirement services in addition to checking, savings, money market, and certificate of deposit (CD) accounts. Ally provides a wide range of banking accounts and services.

  • Account for Savings
  • Savings account
  • Account in a money market
  • CDs

Account for Savings

Online banks typically provide higher rates on savings deposits, and Ally’s online savings account is a greater savings account that gives 0.50 percent APY despite account balance. 

Ally Bank offers an APY of 0.50 percent on all balances in its online savings account, which is nearly nine times the national average. Daily interest accrues. 

Customers won’t get rich off the APY because of the low-interest-rate environment, but you’ll always get a better interest rate than you could ever at a traditional bank. This account has no monthly maintenance fees or minimum balance criteria, but you are restricted to 6 transactions per statement cycle.

 Following that, Ally typically charges $10 for each subsequent transaction, but due to Covid-19, the bank partially refunds that payment. Customers can deposit money using their smartphones or by mail.

Account NameMonthly FeeMin Opening DepositAPY
Online Savings$0$00.50%

Checking Account

A top benefit of not having actual branches is that the bank can carry those savings on to clients at lesser costs. It is the issue with the Ally Interest Checking Account.

  There is no monthly charge associated with the account, and there is no minimum deposit required to open one. Overdraft fees are also not charged by Ally.

Clients also receive free standard checks, a free-of-charge debit card, and a free bill pay service. Clients who use an All point ATM are never charged. If you use an ATM outside of the 55,000-strong ATM network, Ally will repay you up to $10 for every statement cycle.

With its interest checking account, Ally provides a way to earn interest. There are no least opening or ongoing balance requirements, but rates are based primarily on your account balance.

  • Daily minimum balances of less than $15,000 – 0.10 % APY
  • Daily minimum balances of $15,000 or more earn 0.25 percent APY.

Account NameMonthly FeeMin Opening DepositAPY
Interest Checking $0$00.10% if
< $15,000

0.25% if 

Account in a money market

Ally Bank, in contrast to a savings account, provides a money market account with an APY of 0.50 percent on all balance tiers. That is higher than many of its rivals, but it is not the highest possible rate.

Clients pay no monthly fees and there are no minimum balance requirements with this account. Users can allow an endless amount of withdrawals and deposits from ATMs for free. Ally’s money market account provides higher rates than traditional banks but lower rates than the top online banks. Presently, all balances earn 0.50 percent APY.

Ally even pays out-of-network ATM fees up to $10 per statement cycle. There are no boundaries on ATM withdrawals, but there is a monthly transaction limit of six, with a $10 fee for each transaction over the limit. Ally money market accounts include check-writing privileges as well.

Account NameMonthly FeeMin Opening DepositAPY
Money Market$0$00.50%


Ally Bank offers three types of CDs: 

  • High Yield of CDs – These CDs are available in a variety of terms ranging from three months to 5 years. Clients can earn up to 0.80 percent APY depending on the terms they choose. There is no requirement for a minimum deposit, and there are no monthly fees. Early withdrawals incur penalties of up to 150 days’ interest.
  • CDs with a Higher Interest Rate – For two-year CDs, you can raise your rate once, and for four-year CDs, you can increase it twice. As of now, the APY for these CDs is 0.60 percent. 

There are no recurring monthly fees, and no minimum opening deposit is required. Increase Your Rate CDs also have early withdrawal penalties of up to 120 days’ interest.

  • No Penalty CDs – This can yield up to 0.50 percent APY Bank customers can withdraw both interest or principal funds at any time, beginning six days after opening an account, with no penalties. More No Penalty CDs have 11-month terms, no minimum required opening deposit and no monthly fees.

3 Months0.15%
6 Months0.25%
9 Months0.30%
12 Months0.55%
18 Months0.60%
3 Years0.65%
5 Years0.80%

Customer Service at Ally Bank

When assistance is required, Ally Bank provides several options. Phone support is available 24/7. Customers can also send secure messages by logging into their online accounts.

Ally also provides live chat support on its website for immediate assistance. You can also send general correspondence by mail to the following address:

Ally Bank Customer Care

P.O. Box 951

Horsham, PA 19044

Is Ally Bank’s customer service good?

According to a recent study, more than 90% of Ally customers are satisfied with the quality of assistance they receive when calling our toll-free customer service number.

The award-winning timer on our website homepage, which tells you how shortly you’ll be speaking with a call center, can’t hurt, either.

How dependable is Ally Bank?

Not only is Ally one of the most well-known online banks, but it is also trusted by over 1 million customers for checking and savings accounts. Ally Bank is hassle-free, with a track record of exceptional service, large CDs, and a no-zero policy.

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