Ally Bank Review

Ally Bank is the new name of the banking division of GMAC since anything “GM” is pretty much tarnished.  Can Ally Bank be safe for our money and is it a good option for our money?  Let’s find out with this review.

Since changing and relaunching its new name in May 15, 2009, Ally Bank has been trying to gather customer and deposits.  What it offers is a higher than average interest rate with its four products: Classic CD, No Penalty CD, Online Savings Account, and Money Market Account.

Products and Fees

The bank has low fees (most of the time, it’s non-existent).  In fact, the no penalty CD allows us to withdraw money from the CD without penalty fees as quickly as 6 days after opening the CD.

With the online savings accounts, there are no minimum balances, no account opening minimums, and no maintenance fees.  They call it “straight forward and no sneaky disclaimers”.

Is Ally Bank Safe?

What’s most crucial for me with Ally Bank is whether my money is safe, because of its association of GMAC.  I’m relieved to see that the bank is FDIC insured, which meant that I’m covered for up to $250,000 with my saving accounts.

Click here to sign up for an Ally Bank account

Ally Bank’s Focus on Customer Service


I haven’t called customer support yet but it’s nice to see that a bank is focused on customer service.  The reason I know is because the phone number is up on top of every single page.  In addition, they have a “current wait time” widget beside it as well, letting you know the wait time if you were to call.  This is a subtle but welcome detail that shows the bank’s commitment to customer satisfaction.

Account Opening Process

The process was simple but what I liked about it is the fact that I can actually open several accounts with one application.  One online savings account?  One application.  Want to add a CD on top of that?  Same application.

While this process usually happen once so it’s not that big of a deal, I’m happy anytime when a company makes my life easier.

Ally Bank is or isn’t Right for Me?

The interest rate is high, the money is safe, there are no fees and they literally work harder than everyone else for our business.  As a customer, I don’t see why not so I’m giving some business to Ally Bank.

You can sign up for an account here.

{ 3 trackbacks }

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