Ally Bank offers a competitive online savings account. But that’s not all they offer — they have an investing service, loan services, CDs, checking accounts, and Money Market accounts.

We all have to store our money somewhere — so why not someplace your money will grow rather than just sit there collecting dust?

That’s where high-yield savings accounts come in. And one of my personal favorites is Ally Bank’s online savings account.

Let’s take a look at all the other great features Ally Bank has to offer.

Ally Bank’s Online Savings Account

There are no monthly maintenance fees with an Ally Bank Online savings account. Plus, depositing checks is made easy by Ally eCheck Deposit℠.

Ally Bank ensures that your funds are insured by the FDIC up to the maximum amount allotted by law.

If you’re looking for consistently competitive rates, 24/7 customer car, and no fees — the Ally Bank Online Savings account is for you!

Ally Bank’s CDs

In addition to savings accounts, Ally offers many other banking features, including Certificates of Deposit (CDs). CDs are a great vehicle for saving for a house down payment, or other long- or short-term savings goals.

Ally offer high-yield CDs, no-penalty CDs, and raise your rate CDs. Below, I’ll go into more detail about each.

High-Yield CDs

Ally’s high-yield CDs come in a variety of terms, starting at three months (with a less $5,000 opening deposit). The terms range through five years — the APY goes up as the terms go up in length.

No-Penalty CDs

As the name says, there are no penalties associated with these CDs. These CDs offer a 11-month term, with varying APYs depending on how much you put down as an opening deposit.

Raise Your Rate CDs

These CDs are for a two- or four-year term. But, you’ll have the opportunity to increase your rate once over the two-year term or twice over the four-year term — hence the name of the CD category.

Money Market Account

A money market account (MMA) typically has a higher interest rate than a traditional checking or savings account. While Ally’s MMA account doesn’t have as high a rate as their savings account, it does come with a few more features. But the account also comes with a debit card that has EMV chip technology. Plus, you can easily deposit a check with Ally eCheck Deposit℠.

Ally Investing Service

Ally also took over TradeKing and now offers a host of investing products. If you’re a hands-on investor, you can get help with stocks, ETFs, Bonds, Mutual Funds, and more.

Stock and ETF trades are only $4.95 — a very low price compared to other investing platforms.

If you’re more into automated investments, Ally has a service for that too — all you need is a $100 minimum investment.

Ally also offers a low advisory fee of 0.30%. You can estimate your monthly fee based on your portfolio right on Ally’s website.

Ally Loans Services

Finally, Ally has a loan service. You can get an auto loan, a mortgage, or refinance an already existing mortgage.

For auto loans, Ally offers a wide variety of payment options, so you can choose a monthly payment that really works for you. You can set up monthly payments through your savings or checking account and manage them through the Ally Auto Mobile app.

For home loans, you’ll have the Ally Home Team at your service. They’re a team of loan experts that help you through the entire home loan experience. They also have Fannie Mae’s HomeReady mortgage program to help first-time buyers and anyone who has limited down payment funds.

Ally offers loan terms for 10-30 years. And, as with all of Ally’s rates, home mortgage rates are competitive.

How Does Ally Compare to Other Banks?

FDIC Insured Discover Online Savings

Discover Online Savings offers a 1.10% APY. They also have no minimum balance to open and no monthly fees.

However, unlike Ally, Discover doesn’t offer investing services. So it all comes down to whether or not you want your investing, loan, and banking all easily accessibly in one place.

HSBC

HSBC offers three checking accounts. For those who want a basic checking account, HSBC’s Choice Checking account is perfect. It has no monthly fees if you set up a direct deposit with your employer or keep an average balance of $1,500.

For those who want a little more, the HSBC Advanced Checking account offers everything the Choice account comes with, plus free checks, four free refunds for non-HSBC ATMs, and the Advance Relationship that gives you access to exclusive benefits.

Finally, HSBC’s the top-tier checking account, Premier Checking offers all the perks of the other two accounts plus, a Dedicated Relationship Manager, a Premier Savings Account, and international features.

Chime

Chime is ideal for those who want a great mobile financial management experience. It also offers no fees, automatic savings, and the ability to get paid two days early when you enroll in direct deposit.

To start saving, open a Chime account today

Chime Disclosure - Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
1Chime cannot guarantee when files are sent by the IRS and funds can be made available.
^Early access to direct deposit funds depends on payer

Capital One 360 Savings

Capital One 360 has no fees and no minimums required. Read more about Capital One 360 in our review.

Summary

Ally Bank offers a competitive online savings account. But that’s not all they offer — they have an investing service, loan services, CDs, checking accounts, and Money Market accounts.

All their services offer competitive rates, 24/7 support, and funds are secured by Ally’s FDIC partnership.

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About the author

Total Articles: 103
Christopher Murray is former Senior Editor at Money Under 30. Chris received a BA in English Literature and Gender Studies from Smith College. He now lives in Maine with his husband where he spends his free time watching reruns of The X-Files and dreaming of traveling in a refurbished VW Bus while writing the next Great American Novel.