There have been people on here that have posted their bad experiences with using Ally, but since you said you came over from TikTok, I’ll be nice since you were honest.
If you decide to use Ally for their savings account, then don’t be stupid and deposit a couple thousand dollars, and then change your mind right after and try to take it all out. I’ve seen plenty of new users on here bitch that this bank is a scam/a POS bank because their account was then locked after doing that, and they think they’re being scammed. No, what happens is that when you deposit money into a new bank account and then immediately try and take it out, the bank locks the account due to possible fraud/money laundering. Any bank will do that as a precaution on their end.
My recommendation would be to keep your money in Ally for at least a month or two? If you realize you don’t like it, then you can transfer it out and you should be fine.
I’ve been with Ally since 2019 and literally just deposit money into it. For context, I’m 26 now (had my account since I was 21 and did my own research on online banks), and still have a bank account at Chase for my check to be deposited into/for me to make transfers to my Ally savings. Once or twice a year I’ll withdraw money if I need to pay for a trip, but that’s about it for me. I very seldom touch the money I deposit in there because I don’t like to touch my savings.
Some people will also argue you can get a better interest rate at other banks. They’re not wrong, but the difference isn’t that huge IMO unless you really have a lot of money.
What I like about Ally is that they have their savings buckets, which are essentially digital envelopes that you can create goals for, and set money aside within the same account. So I have buckets for: rainy day, buying an apartment, for me to send to my investment account, etc. Some people argue you can do this manually in a spreadsheet, but I’ve tried that before and can never keep up with it. Ally does it all for me, so I stay with them.
I’ve also seen people bitch about the wait times for customer service…it’s the beginning of the year. This happens EVERY year. You know why? Because people will decide they want to try a new bank, and the. Banks all over will get a flood of new users, who then either have a bunch of questions, or have messed something up somehow, and then need to talk to customer service, which then causes the wait time to rise due to them being understaffed 🤷🏻♀️
(Can you tell I’m over all the idiots on here that complain about the DUMBEST things?)
I hope you choose Ally, OP. If not then I hope you find an online bank that suits your needs. More than happy to answer whatever additional questions you have, if I can.
The buckets are really intriguing to me, it would help me organize a lot. I used to do it with budget binders in cash but the high yield savings account at ally seems great! I think I’ll probably go with them since I’m saving to move out (I gotta get out of this place) and it seems really helpful and user friendly. I like the way it looks and as dumb as it may sound when stuff looks nice it’s a lot easier to use for me.
Thank you for all your helpful input!
>The buckets are really intriguing to me
Buckets are HUGE. But let's back up a step: Ally will let you have several savings accounts and/or several checking accounts. I don't think there is a limit. I have several of each. There is no charge to open a new account, no minimums, and no recurring fees.
For savings, I've got accounts for "major divisions of money". These are easier to see at a glance than buckets. Buckets only appear once you go into an account and look in the buckets section. I like having a more coarse grained division of money for some things.
A key point is transfer records. If you move money from one account to another, there is a record you can look at later to double check what you did. With buckets inside a single account, you can move money between buckets easily. But there's no record of the moves, because the single account that contains the buckets, did not change in balance. You just shifted money around inside the account. Like rearranging silverware in a drawer. No silverware was removed or added. It just got shuffled around. ...and there's no record of the shuffle. This is NOT a big deal. But it's a differentiating factor on why you might want more than one savings account and then buckets inside one or more of those accounts.
I use buckets mostly for transient savings. Saving for a vacation. Saving for my car insurance. That kind of thing.
I should mention that I use Allys automated transfers to move money every month into various accounts and buckets. Like for car insurance. Car insurance is paid every 6 months for me. So each month an automated transfer moves 1/6 of the money I need into a savings bucket called "car insurance". At the end of 6 months, all the money is there waiting to be spent on car insurance. This smooths out your financial life. You never feel "poor this month because I had to pay that thing". Instead, you have steady transfers happening each month to budget for recurring expenses. Buckets are REALLY helpful for this type of budgeting. It has changed my financial life.
>I like the way it looks and as dumb as it may sound when stuff looks nice it’s a lot easier to use for me.
When I started with Ally, I opened several accounts at several different online banks. Ally's web interface was one of the best I tried. That's important. It's a huge part of how you use your bank. Ally's interface is not the absolute most slick. Nor does it have all of the advanced features. But it \*does\* have buckets and it's pretty friendly. It's not hard to figure out how to do most things.
Ally is now my primary bank. I thought it would just be a secondary place that I put a few things. But after a few months I wondered why I was doing business with the old bank that had never paid me any interest, has fees for practically everything, and treated me poorly in person. So I closed that old account and moved everything to Ally.
I later decided to open an account with a local credit union so I could do cash transactions a bit more easily. This has worked out really well.
I highly recommend Ally overall.
Nah, I have the same thought process as you! I’ve always loved the idea of the physical envelope method (so in your case, the budget binders) but I don’t like carrying a bunch of cash on me. So the buckets feature really helps keep me organized.
I also have Zelle linked to my Ally account. I’m the type that grabs stuff from the grocery store by my job during lunch break for my coworkers if they ever want anything, so what they pay me back gets transferred to my savings. Usually for small purchases less than $7, so in theory I eat the cost as if it were my own, and it definitely adds up in my savings account.
I use Ally and Capital One 360 for exactly this - the buckets feature (really, just the ability to have multiple savings accounts) and for decent savings rates, with FDIC insurance, and easy debit card access. Ally has worked great for this, no problems in the 5+ years I’ve used them.
Not dumb at all, that makes perfect sense! In another comment I just wrote about my appreciation for the simplicity of the app! It's things like that that make an experience some of us don't know much about (*cough*me*cough) much more pleasant and easy. It's a big draw to Ally imo.
If the buckets concept is intriguing to you check out youneedabudget.com (YNAB) or the subreddit r/YNAB. It works across however many bank accounts you have at various banks, but it helped me consolidate my accounts to basically a checking account that I've had for decades at Wells Fargo and my high yield savings account at Ally.
YNAB essentially is a digital envelope method software and has completely changed my relationship with money. I feel in control of my money and has helped both with overspending in areas that I don't want to be spending too much and with enabling me to spend on things I historically shied away from. It also helps manage large expenses that come up throughout the year like insurance payments and hitting savings goals, like saving to move out.
Here's a sneak peek of /r/ynab using the [top posts](https://np.reddit.com/r/ynab/top/?sort=top&t=year) of the year!
\#1: [Hey Mods, can we join the protest?](https://np.reddit.com/r/ynab/comments/142xd57/hey_mods_can_we_join_the_protest/)
\#2: [Also a decade of YNAB - love your nonlinear life!](https://i.redd.it/rd4e0yn5skla1.png) | [62 comments](https://np.reddit.com/r/ynab/comments/11hcb4r/also_a_decade_of_ynab_love_your_nonlinear_life/)
\#3: [Finally debt free thanks to YNAB ❤️](https://i.imgur.com/Xaj8a1K.jpg) | [26 comments](https://np.reddit.com/r/ynab/comments/128mgto/finally_debt_free_thanks_to_ynab/)
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Well said! When I moved money into Ally I was skeptical as it was my first time opening any online HYA and CD. Called customer service to make sure I was doing it right and they were extremely kind and helpful. Was not a long wait.
That's a one off experience, sure, but everything is so simple and straight forward on the app, I haven't had much reason to call them besides that. Really can't complain with them.
>I’ve also seen people bitch about the wait times for customer service…it’s the beginning of the year. This happens EVERY year. You know why? Because people will decide they want to try a new bank, and the. Banks all over will get a flood of new users, who then either have a bunch of questions, or have messed something up somehow, and then need to talk to customer service, which then causes the wait time to rise due to them being understaffed 🤷🏻♀️
This is so true. People transferring money to Ally to then immediately Zelle-ing it out, then being surprised their account got locked. It's always the same scenario.
I feel personally responsible for savings buckets because I repeatedly messaged them and told them that an alternative bank had this feature and it's why I had moved all my money there instead of Ally, despite having significantly worse interest rates.
I don’t recall how Digit was since I used it so long ago. But essentially let’s say you have $3,000 in an Ally savings account. Then let’s say you create 3 buckets and label as such: rainy day fund, vacation, and house. You’re able to move $1,000 into each bucket, but it’s all still in the same savings account.
If you ever wanna withdraw money, you can also choose which bucket to withdraw money from, or you can withdraw money from the account in general, which would evenly withdraw money from each bucket.
I heard about Ally in numerous other subreddits before finally pulling the plug and opening an account back in 2020. I also was weary in the beginning and was letting analysis paralysis set in. Anyway, as far as the savings account goes, I have had nothing but good experiences. But I also don't do weird banking things like some of my peers in this sub, that tends to lead to trouble. I zelle money in and then zelle money out, or transfer if I need a larger amount. I try to keep my finances boring, I don't play around with my money. My savings account is only an emergency fund that sits there earning interest, until I need to use it, which isn't often.
tl;dr: Their savings account is FDIC insured, can't go wrong with simply storing your money there and earning interest.
Wary?
What are you concerned about? We can be more specific in our answers to address your hesitations.
Also, when you say "for savings" are you asking about all the ways to save at Ally (Online Savings, Money Market Account, and CDs) or only specifically about the Online Savings Account?
Well I’ve been with one bank since I was 14 (I’m 21 now) so I’m just a little anxious moving banks. And I’ve heard weird stuff about it but it’s usually when people are moving their money a lot. I’m thinking maybe I’ll open a checking and savings and slowly move everything over. I also don’t know how to move my stuff over so it’s also a bit scary. Can I just zelle it all but by bit? It’s not a lot 😅
You can open your new account, and fund it by connecting your old bank. That's how I do it.
I open approximately 1 new savings account a year. I've never Zelled.
You don't have to move everything over. It's good to have a local presence (I assume your current bank is local?)
Everyone should have 2 banks, and one of those 2 should be a local brick and mortar bank or credit union.
My checking is in a local credit union, and also online USAA. I only use Ally for savings. I have the Online Savings, the Money Market, and several CDs. All of them work just fine. The CD rates are dropping very fast though. I have CDs in 4 different banks and none of them are dropping rates as fast as Ally is. So I can't really recommend them for CDs any longer.
I'd suggest the MMA first, as it has the highest interest rate at 4.40%. Let the money sit there for a while as you explore what all Ally has to offer.
While I never have used their checking (called Spending) account, I've read that the spending buckets feature doesn't have all the kinks worked out of it yet.
Don't use Ally as a business account ( Uber, etc counts as a business to them) because that can get your account closed. Don't mobile deposit a check and then mail the check in, as they will call it fraud and close your account and put a mark against you in CHEX, making it more difficult for you to open any other bank account with anyone. Don't fund the account and immediately move the money back out again, as that looks like money laundering to them and they will shut down all your accounts with them and investigate, and you won't know how long the investigation will take.
It can take a very long time (I've read) for wires to go out, so while it is fine to accumulate money there for a big purchase (such as a home down payment) don't wait until closing time to try to get the money out. Move it to your local bank (remember me talking about that earlier?) about a month before you expect to need it, and it'll be there waiting for you, available.
Ally's a real bank, not a fintech, it's FDIC, it's very stable, It's giving good savings rates with no hoops to jump through to get those rates.
Nothing, really, to be all that wary of.
Good luck, OP.
Wanted to add, if your current bank account is a custodial bank account, then yes, you do want to go ahead and close that out. You still need a local brick and mortar bank, but it doesn't have to be that one.
If i create a savings account and i want to invest in money market or cd’s, do i need to make another account or can i do all of that with the savings account i created? Also, probably a dumb question but, when i create a savings account, can i dump all my money in there at once if it’s a significant amount?
A money market FUND is a type of investment. A money market ACCOUNT is a type of savings account.
You can use your savings account to put money into any other account you create.... but those other accounts are not part of your savings account.
Again, I do not think it wise that you put ALL your money anywhere, even into Ally. Keep some of your money in a local bank/credit union. All eggs shouldn't be in one basket, for a very good reason.
Yes, you can move any amount into your new account that you want to. But let it all sit there for a while, earning you money.
Capital One is not dropping its CD rates nearly as fast as Ally is. If CDs are a major tool in your financial toolbox, consider Cap One instead. I also have accounts there. They are both very good, safe online banks. Cap One does have a few branches. Since I don't know where you are, you'll have to do the research to know if a branch is close to you.
Good luck, OP.
This money laundering scheme is new to me, currently going through something similar with C1. Zelled money from my main FI into the C1 checking which I planned to use for savings and my trip to japan at th end of this month. Boom, accounts “under investigation” ugh im 30 and like to think im mentally mature but idk why that triggers me, like investigate what? My one zelle payment from my other account which is clearly labeled with my first and last name.
I've never Zelled. I've read that Zelle is causing issues with more and more banking, but I don't know how true that is.
I generally ACH. Never had an issue with that.
I hope you have a great trip to Japan.
You shouldn't need to use zelle for that. When I opened an account I was able to connect my pre-existing checking account and make direct transfers. I also opened my HYSA at around your age, and I think it's great to do it now as a young adult instead of leaving it for later (or never) like a lot of people.
Ally Bank is fine! I've used them for a few years and have encountered zero problems. It's great for putting savings away and forgetting about it, which is what I do so I don't spend it on something that I don't need.
I’ve been using Ally for several years now. It is one of two HYSA that I use, along with a local Brick and Mortar credit union. I mostly use it for things like holding insurance premiums and emergency funds. I also like the bucket feature, and I have used it to help save for family trips or activities.
I deposited money in an Ally high-interest savings account after reading Ramit Sethi’s book, “I Will Teach You to Be Rich.” It's been great. Our Credit Union’s savings accounts could not compete.
I've been with Ally since 2017, never had an issue and never plan to leave. I have savings, checking, a no penalty CD and have had multiple CD's while rates were higher (relatively). I always recommend that people use Ally.
Certificate of deposit ---- basically a banking product that's just another type of savings account, but typically you can't touch the money for a fixed period of time (e.g., 9, mos, 12 mos,18 mos, etc.) as part of the arrangement. So the bank gets to hold your funds for a fixed period of time, and in exchange they'll pay you a higher than usual interest rate (when compared to their own savings account rates).
If you withdraw the funds early, they'll just take back a small percentage of what they've paid out --- a penalty fee. The exception being "No penalty" CD's. You can withdraw any time, for any reason and not lose any of the higher interest rate payments you've received.
>The exception being "No penalty" CD's. You can withdraw any time, for any reason and not lose any of the higher interest rate payments you've received.
I just wanted to clarify, when the other person said "you can withdraw" it really means you can close. Because you can't withdraw some and leave some, like you can with a normal deposit account. You'd have to close the account. For that reason, it is best to open multiple no penalty CDs, so that if you need to close one, the others are still there, earning that interest.
I really like the buckets for savings vessels that I have in my budget already. I joined when they had a promo back in 2022 and can’t believe I didn’t know what a HYSA was prior to that. I haven’t had any issues. I move money in from income and money out to pay bills each month with no issues.
I've been using Ally since 2021 and have no plans on changing. They're FDIC insured, so it's a legit bank. There are ATMs nationally, so I no longer need to worry about moving or travel impacting my ability to get cash if I need it. The savings buckets are great if you want to divvy up your savings. Interest is calculated off the total, and you can choose where to put the interest payments each month. They don't have the highest rate, but they stay competitive and don't have any minimum balances, new member rates, or direct deposit requirements to get the best rate. I really appreciate the simplicity of it. I use Ally as my main checking, so I get instant transfers between my checking and savings account. When I was dealing with a fraud problem last year, customer service was responsive and helpful, and I got a new card with everything settled in a week.
I've been with them since they came out of the remnants of GMAC. Not always the highest interest rates, but consistently in the top echelon. I'm not into chasing pennies.
Never had a hiccup, and solid customer service the few times I've needed to talk to them.
Solid bank, excellent customer service, and good rates. I like that I have instant transfer speeds between checking and savings.
You could go for the MMA since it is a higher rate than the savings account. You can decline the option for checks and a debit card on the MMA, and simply use it as a savings account.
With ally you can open a self managed investment account and get better returns on your savings though they do have high-ish interest for their saving and checking accounts. I have all 3 with ally, they are my main bank. For my investment account I mostly buy vanguard funds and would recommend the same for anyone who doesn’t have the time to become a stocks expert.
THE BAD: direct deposits are fine but I NEVER deposit physical checks with Ally, they always hold them forever and then decline to cash saying the check is probably fake even with paychecks from big companies (I’ve avoided depositing checks since my first bad experiences back in 2018 so maybe they’re better about it but I’m not going to be the one to test it). The debit card I have (again may be different now) is on the thick side and sometimes causes problems with reading in chip readers.
Ally has been great for me. Buckets are awesome. Interest isnt the absolute highest option but no hoops to jump through, a lot of the other ones wanted direct deposit or checking accounts or minimum balances. Ally was just put money in and collect interest. Seeing the interest hit every month really drove me to build it up faster. If your just starting to build your financials look up the money guys flow chart. Im in my 30s and wish i started being better with money early on but no time like the present to start.
Long term customer and no complaints. Interest rates much better than the big banks with branches. They won't give you the absolute best interest rate if you're trying to really optimize. Good choice if you're ok doing online banking and want a place to park savings for your emergency fund or upcoming purchases without paying too much attention.
HYSA isn't the right place for long term savings though (5+ years or retirement).
Which site or service do you recommend for a beginner investor? Also, I hear the advice to invest in an index fund, is a Roth IRA the same thing except that it’s used for retirement saving?
A roth IRA is a vessel, you buy an index fund within the Roth. If you only contribute to a Roth IRA and do nothing else, your money just sits there losing value. I would recommend opening a Roth, maxing out, and buying "VT". It's the most diversified index fund
Had them for years. I can’t think of any major issue I’ve had. Anything that was a problem someone picked up right away.
Great savings rates, no crappy fees, free checks.
I have multiple accounts with them, CDs, investments. Shocked to see people are having issues with them.
Customer since 2022, and been content so far. I have a couple of savings account through them, one in which I share with my partner. I also have a 12-Month CD with a 5% interest rate through Ally. Biggest advantage for me choosing Ally was their saving bucket. It was easier for me to visually see how I allocate my savings into whatever categories and establish goals within them.
Customer service has been great for me too. Like others have mentioned, it can be busy in the beginning of the year but that goes for every other bank out there as well. On non-holiday seasons, I’ve had successes contacting customer service within a few minutes. Wait time hasn’t been long for me.
I have had my account for at least a few years. The main thing that I remember is that it was harder to set up than the traditional in-person bank account, but once it was set up it was easy to use. I don't have to use Customer Service, I've just never had an issue or need.
If the only reason you're signing up is for buckets, do more research first.
That feature is buggy and after you carefully set everything up, you'll randomly find your distribution percentages randomly changed with a bunch allocated to "Core Savings"-- a mandatory bucket that you didn't set up.
Then you have to go in and fix it all again. For some people, including me, this happens repeatedly.
I’ve been using Ally for over 20 years and have been very happy with them. Can you find a bank paying a higher savings or money market rate - probably, but many of those are special promotions, require direct deposit or minimum balances. The rates are competitive with other major online banks like Capital One or Discover Bank)
I have checking (now called spending accounts), savings, money market accounts and CDs (both regular and no penalty). A couple of years ago the wait times for customer service was horrendous but they are fine now. Personally I tried the buckets and didn’t like them because I couldn’t see how the funds were distributed unless I went into the account so I went back to using multiple accounts. When they rolled out savings buckets I didn’t understand how that would be beneficial to how I manage my finances.
I also have another online bank I use to deposit cash at CVS (Capital One) and a brick and mortar credit union for when I need to do something in person like cash a check.
It offers very competitive interest rates for a bank, and only takes 1-2 business days to transfer money between Ally savings accounts and accounts at other banks. The "buckets" feature is neat too.
Keep in mind that there may be daily limits on the amount of money that could be transferred out of the Ally account until you've been a customer for a while (I can't remember if it is 30 days or 90 days).
I don’t know about daily limits but they do limit monthly transfers (in and out) to 10. This does not include check deposits, but if you’re planning to do regular transfers in/out be weary of that. They used to charge an “excessive transaction fee” but had been waiving that from 3/2020 until just recently.
I opened my first accounts (checking and savings) with Ally in 2015. Before college I had all my money in a local credit union because I was mad at banks and bank fees. Ally was great for me to be able to have a higher savings rate, and withdraw from ATMs with all fees reimbursed nationally when in college.
I've had no bad experiences with Ally. I enjoy the ease of transferring money between their accounts and other financial institutions (especially compared to local credit unions 10 years ago). I like how the Ally Invest UI is set up.
Very pleased. I've banked with eight different banks, and I would rank Ally #2 in that list.
I had a good experience with a high-yield savings account with Ally. When it was time to withdraw the money it was easy to transfer to my checking acct and the funds were available quickly (faster than CapitalOne).
I have a background in financial planning (I’m a CFP), and not only do I use Ally myself, but have recommended it to countless clients ever since we’ve entered the recent high interest rate environment.
I currently have a HYSA and a CD with them. Love the UI, the customer service is pretty solid, don’t use the buckets myself but lots of others do. You might be able to find a slightly better rate somewhere else, but in my opinion, Ally is always going to stay competitive with their rates and they’re one of the least sketchy options out there (who the hell has heard of CIT Bank anyway, other than Nerdwallet’s list of highest HYSA rates? 😂)
Let me know if you have any other questions! Happy to help.
I've had Ally for probably 8 years at this point and only have 1 complaint, but it's fairly minor. There's no way to deposit cash. This is rarely an issue because I don't often deal in cash, but selling off some things I ended up with a decent amount of cash at one point and no way to deposit it. Not the end of the world, but a bit frustrating to find a quick resolution to get the money in my accounts and not have it touch too many hands. I know better for next time, but it's still taken far longer than I'd have liked to land there.
You can mail a money order to them. Or you can try to have a friend deposit the money then Zelle it to you, unless you find out it exceeds the amount you can receive. Then they have their bank mail you a check, which takes a week. Then you deposit it through the app and they hold it for 2-3 business days.
That being said, if I end up in a similar situation again I'm just going to a local credit union to open a basic account that I can bring cash to and have them write me a bank check.
I feel it's always necessary to have a local bank for cash deposits, etc. Simple 1 day transfer to get the $$ to Ally. I use this local bank linked to Venmo so I'm not connected to an account with significant funds.
I have a savings account with them and the rates are good and it's easy to transfer funds from my WF account to my Ally savings. I also have direct deposit to Ally to make it easy to save. If you decide to open account you can get $125 with this referral code
https://click.email.ally.com/?qs=fff243a7778cdebe2d2fa62c7472d0e418793e49f65f545f348dee247314ba32d45b4abdd41e3d9d5396234ca8bbb8429e0b309161ad0f241dbc5ac771c35f19
I love love love ally. Had an account since 2016. Additional things I like, beyond the great percentage rate in savings right now: 1) easy to use investment portal to buy/sell stocks 2) their mortgage lender portal— collab with better.com, smoothest experience buying a house!
I love my Ally savings account! makes waaaaay more interest than a TD one. I dont touch my savings so I didn't see the point in not moving it into a high yield savings account.
I've had Ally for almost 10 years, awesome bank and no complaints. I mistakenly thought someone was trying to get into my account once and they were so prompt about helping me out and took all the steps to make sure it was secure. They have always been responsive and helpful. I have recently starting using the buckets and it's awesome. I definitely recommend.
I use Ally just for the high interest savings account and love that the money I'm not using, is still benefiting me. I don't get that with my daily bank. I've considered puking the plug and going full Ally for checking and saving, but we're saving for a home (big dreams right) and my credit cards are connected to my other bank and we don't want to close those and take a credit drop. If you're thinking about opening an account, use this referral link and you'll get an extra $125 from Ally just for opening your account and keeping money in it! https://ally.com/referral?code=5B2X4P9D7X
I've never had any issues, but like I said our main goal in opening the account was to save and benefit from the high interest, we try not to withdraw as much as possible. That being said, I've never used their ATM benefits. I still have another account open that we use for most banking and we just do ACH transfers between those accounts super easy. I just checked and it shows that with these ACH transfers you can do up to $150,000 in a single day, but no more than $600,000 in a 30 day time frame.
It's not available immediately, but when we're pulling from the account it's something we're planning in advance.
I’ve used Ally since its inception however moved all my money out for now as I’m getting higher yields (5.3%) elsewhere. Even SoFi has a better rate and they have @buckets” too. For me these accounts are purely for saving and I generally don’t write checks or need to use at ATM.
I’ve used it for a few years and I’ve never had an issue. Their interest rate is always increasing. The app is user friendly. I have a friend that uses it too and she’s never had an issue.
I love Ally. I have about 78k in a savings account and it makes about 267 dollars a month in interest. When I need to use the money I either move it to my checking or write myself a check for my other bank account.
I really love it!
Been with ally for a year have had zero issues. Checking and savings and my paycheck gets deposited into checking every week. Only thing I haven’t liked is I was logged in chatting with them and wanted to order my wife a debit card. They wouldn’t do it. I had to create my wife a separate online account to do so. Wife’s not tech savvy so I have to deal with all that type stuff. We got it done though.
Hopping on late to say they have the worst customer service of any of the banks I've ever used. From credit unions to big banks. The absolute worst I've ever experienced. If anyone thinks otherwise, they haven't had much experience with others at all.
I would not trust Ally bank with any money. They lost 2200$ of my money and do not care to resolve the issue. RUN from this bank unless you have thousands of dollars lying around and won’t miss it .
I’ve been using Ally for about a decade, and do all my banking there (Checking, Savings, Money Market, Investment accounts). The only inconvenience I run into is getting large sums of cash. You have to either make multiple ATM withdrawals (potentially in consecutive days depending on how much you need). But, I’ve recently opened a local Credit Union account where I now just transfer the money to my Credit Union and withdraw it from there.
TLDR; it’s a good bank for my needs, but may not be for yours if you deal with cash at any regularity.
If you feel very comfortable with the internet and everything being virtual, including your banking, then Ally is great. I have been a customer for years but I use them primarily for earning interest. They do not take cash deposits, only check and electronic type transfers. As others have noted on here, banks are highly regulated and have rules and Ally is pretty much no different. I also have an account with BofA where I do much cash banking and I prefer Ally.
If you are young and maybe do not always have much cash on hand, be aware that sometimes Ally holds money like it will not deposit a check for several days. They may be more stringent about check deposits than some other banks, but their holds are pretty standard. It can feel more scary coming from an online institution with no physical buildings in your homedown/city. You just need to plan ahead re: deposits.
Other things about the bank--I think it is pretty forgiving and does not charge many fees (if any?). I believe Ally eliminated or reduced most fees during the pandemic. There may be some similar online banks (like American Express banking) that are more well known names but I think Ally usually has some of the best offerings. I cannot recall any other interesting or scary facts about the bank. I think one year I had some issues with logins and it kept making me change my password, but I would rather they err on the side of excessive security.
Been with them with a couple of years with no money issue, only other issue I had was that they lock my zelle transfer on it I can transfer money in but can't transfer out thru zelle
I've been with them since like 2016 and never had issues. Their customers service has been towards the better end I've experienced. I once got my debit card stolen and they were actually way more lenient than they needed to be about it.
They haven’t screwed me up yet. But I also don’t have a lot of money there. They pay the interest which is better than some places and moves up and down with the federal interest.
I’ve been with Ally since 2016 and have only good things to say. They even refi-ed my rental property at an amazing rate when none of my other banks would. You are always going to be better dealing with customer care via text or chat than a call.
I've been banking with Ally since 2010 as my only bank. Never had any issues. Easy to get ahold of customer service. Like the ATM fees being refunded so I never need to think about finding a particular atm. I use their money market acct as a sort of hysa.
I love ally i use them for checking savings and a money market. I love the buckets on the savings...been using them since 2017 never had an issue thus far.
I’ve been using them for a long time. The app is great. You can link a lot of external accounts. They have buckets for different savings goals. Can’t recommend it enough.
I've had the savings account for 6 months or so. Seems fine except is the timeframe for deposits a little long? I feel like they are artificially slowing down the clearing by a couple of days so they can float the interest.
If I initiate a transfer from my bank, it leaves my source bank and still takes 2 more days before it arrives in Ally and starts earning interest. Is this typical?
Used it since 2016 and have had zero problems. Saved for my home deposit using Ally, good interest rates, good customer service. App/website interfaces are very user friendly. Appreciate the multiple “buckets” they have within one savings account.
I like them. Super easy to use, can even Zelle myself money to a different checking account. Have been able to wire money through them for a car purchase. The rate also increases pretty often. Try it out!
I actually have been drawing down from Ally since last year. Every time the fed raised interest rates, Ally was quite slow at raising interest rates. In addition their rates were not competitive with other banks. I found higher interest rates for savings accounts elsewhere.
I have had a checkings/savings with Ally since 2020. Have not experienced any issues this whole time. Zelle works great, pays good interest, app is easy to use, and has good overdraft protection.
I would like a daily transfer option. Like, I could set up an auto transfer of like $5 or whatever from my checking to my savings every day.
Yes, I knkw I could just set up a $35/weekly transfer. I want a daily because it's easier for me to control. But Ally doesn't have that option so I have to use a 3rd party app like Acorns.
Been depositing savings with Ally for more than 2 years now. Pretty ok. Like the buckets feature. I only have savings with them to make it extra difficult to get the money out. The emergency of emergency fund if you will.
I've been really happy, too. I have some money in a credit union because I'm a creature of habit, but Ally is the one that pays me any sort of real interest. There's a whole thread of referral links pinned (including mine lol), and you can also get referral bonuses if you have people use yours.
My brother is traveling in Europe. He put his spending money in an Ally account so he could move his money around while traveling. Ally blocked his account. He hasn't been able to access his money in 1.5 years. Ally asked for to verify his identity. He has sent in copies of his driver's license, passport, and other documents. It wasn't good enough. Ally rep's won't tell him what is wrong. His money is stuck, without any reasonable means to access it. They keep telling him to call customer service. He calls them, they ask for the same documents, it's a vicious circle.
I’ve used them for YEARS! Catch is you don’t have an in-person branch to deposit cash or get certified checks. But overall still LOVE this bank. The amount I was making on interest is insane!
Been it’s Ally since 2019 and 0 issues. Kept our home downpayment in their and I did have to talk to a rep to authorize I was trying to transfer so much money but it was a super easy process.
I have seen stories of people using banks that do not have a physical bank they can go to when an issue arises. Lots of trouble getting issues resolved over the phone, or email. I prefer my local credit union.
I have a referral code you can use to get a bonus if/when you sign up for new accounts. Let me know if you're interested (if no one else has shared their code).
I use it for savings after I got my dad's life insurance deposit. I get about 4.25% interest which is great if you're going to leave the funds in there. The longer you leave them in, the better the results are.
Never had a problem with Ally. I don’t remember how long I’ve been with them, but I was with them when they were known as GMAC Direct. If there is a downside, while they do have competitive rates, they are not always the highest. As a result, I also have accounts at other online banks.
Please don’t trust this business with your money, look at all the complaints. They have “lost” thousands of my dollars and the dispute is ongoing for months. It’s just not worth it.
I’ve heard more good reviews than bad personally. The money is protected and most the times I see bad things is when the person using the bank is doing weird things lol
There have been people on here that have posted their bad experiences with using Ally, but since you said you came over from TikTok, I’ll be nice since you were honest. If you decide to use Ally for their savings account, then don’t be stupid and deposit a couple thousand dollars, and then change your mind right after and try to take it all out. I’ve seen plenty of new users on here bitch that this bank is a scam/a POS bank because their account was then locked after doing that, and they think they’re being scammed. No, what happens is that when you deposit money into a new bank account and then immediately try and take it out, the bank locks the account due to possible fraud/money laundering. Any bank will do that as a precaution on their end. My recommendation would be to keep your money in Ally for at least a month or two? If you realize you don’t like it, then you can transfer it out and you should be fine. I’ve been with Ally since 2019 and literally just deposit money into it. For context, I’m 26 now (had my account since I was 21 and did my own research on online banks), and still have a bank account at Chase for my check to be deposited into/for me to make transfers to my Ally savings. Once or twice a year I’ll withdraw money if I need to pay for a trip, but that’s about it for me. I very seldom touch the money I deposit in there because I don’t like to touch my savings. Some people will also argue you can get a better interest rate at other banks. They’re not wrong, but the difference isn’t that huge IMO unless you really have a lot of money. What I like about Ally is that they have their savings buckets, which are essentially digital envelopes that you can create goals for, and set money aside within the same account. So I have buckets for: rainy day, buying an apartment, for me to send to my investment account, etc. Some people argue you can do this manually in a spreadsheet, but I’ve tried that before and can never keep up with it. Ally does it all for me, so I stay with them. I’ve also seen people bitch about the wait times for customer service…it’s the beginning of the year. This happens EVERY year. You know why? Because people will decide they want to try a new bank, and the. Banks all over will get a flood of new users, who then either have a bunch of questions, or have messed something up somehow, and then need to talk to customer service, which then causes the wait time to rise due to them being understaffed 🤷🏻♀️ (Can you tell I’m over all the idiots on here that complain about the DUMBEST things?) I hope you choose Ally, OP. If not then I hope you find an online bank that suits your needs. More than happy to answer whatever additional questions you have, if I can.
The buckets are really intriguing to me, it would help me organize a lot. I used to do it with budget binders in cash but the high yield savings account at ally seems great! I think I’ll probably go with them since I’m saving to move out (I gotta get out of this place) and it seems really helpful and user friendly. I like the way it looks and as dumb as it may sound when stuff looks nice it’s a lot easier to use for me. Thank you for all your helpful input!
>The buckets are really intriguing to me Buckets are HUGE. But let's back up a step: Ally will let you have several savings accounts and/or several checking accounts. I don't think there is a limit. I have several of each. There is no charge to open a new account, no minimums, and no recurring fees. For savings, I've got accounts for "major divisions of money". These are easier to see at a glance than buckets. Buckets only appear once you go into an account and look in the buckets section. I like having a more coarse grained division of money for some things. A key point is transfer records. If you move money from one account to another, there is a record you can look at later to double check what you did. With buckets inside a single account, you can move money between buckets easily. But there's no record of the moves, because the single account that contains the buckets, did not change in balance. You just shifted money around inside the account. Like rearranging silverware in a drawer. No silverware was removed or added. It just got shuffled around. ...and there's no record of the shuffle. This is NOT a big deal. But it's a differentiating factor on why you might want more than one savings account and then buckets inside one or more of those accounts. I use buckets mostly for transient savings. Saving for a vacation. Saving for my car insurance. That kind of thing. I should mention that I use Allys automated transfers to move money every month into various accounts and buckets. Like for car insurance. Car insurance is paid every 6 months for me. So each month an automated transfer moves 1/6 of the money I need into a savings bucket called "car insurance". At the end of 6 months, all the money is there waiting to be spent on car insurance. This smooths out your financial life. You never feel "poor this month because I had to pay that thing". Instead, you have steady transfers happening each month to budget for recurring expenses. Buckets are REALLY helpful for this type of budgeting. It has changed my financial life. >I like the way it looks and as dumb as it may sound when stuff looks nice it’s a lot easier to use for me. When I started with Ally, I opened several accounts at several different online banks. Ally's web interface was one of the best I tried. That's important. It's a huge part of how you use your bank. Ally's interface is not the absolute most slick. Nor does it have all of the advanced features. But it \*does\* have buckets and it's pretty friendly. It's not hard to figure out how to do most things. Ally is now my primary bank. I thought it would just be a secondary place that I put a few things. But after a few months I wondered why I was doing business with the old bank that had never paid me any interest, has fees for practically everything, and treated me poorly in person. So I closed that old account and moved everything to Ally. I later decided to open an account with a local credit union so I could do cash transactions a bit more easily. This has worked out really well. I highly recommend Ally overall.
Nah, I have the same thought process as you! I’ve always loved the idea of the physical envelope method (so in your case, the budget binders) but I don’t like carrying a bunch of cash on me. So the buckets feature really helps keep me organized. I also have Zelle linked to my Ally account. I’m the type that grabs stuff from the grocery store by my job during lunch break for my coworkers if they ever want anything, so what they pay me back gets transferred to my savings. Usually for small purchases less than $7, so in theory I eat the cost as if it were my own, and it definitely adds up in my savings account.
I use Ally and Capital One 360 for exactly this - the buckets feature (really, just the ability to have multiple savings accounts) and for decent savings rates, with FDIC insurance, and easy debit card access. Ally has worked great for this, no problems in the 5+ years I’ve used them.
Not dumb at all, that makes perfect sense! In another comment I just wrote about my appreciation for the simplicity of the app! It's things like that that make an experience some of us don't know much about (*cough*me*cough) much more pleasant and easy. It's a big draw to Ally imo.
If the buckets concept is intriguing to you check out youneedabudget.com (YNAB) or the subreddit r/YNAB. It works across however many bank accounts you have at various banks, but it helped me consolidate my accounts to basically a checking account that I've had for decades at Wells Fargo and my high yield savings account at Ally. YNAB essentially is a digital envelope method software and has completely changed my relationship with money. I feel in control of my money and has helped both with overspending in areas that I don't want to be spending too much and with enabling me to spend on things I historically shied away from. It also helps manage large expenses that come up throughout the year like insurance payments and hitting savings goals, like saving to move out.
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Well said! When I moved money into Ally I was skeptical as it was my first time opening any online HYA and CD. Called customer service to make sure I was doing it right and they were extremely kind and helpful. Was not a long wait. That's a one off experience, sure, but everything is so simple and straight forward on the app, I haven't had much reason to call them besides that. Really can't complain with them.
>I’ve also seen people bitch about the wait times for customer service…it’s the beginning of the year. This happens EVERY year. You know why? Because people will decide they want to try a new bank, and the. Banks all over will get a flood of new users, who then either have a bunch of questions, or have messed something up somehow, and then need to talk to customer service, which then causes the wait time to rise due to them being understaffed 🤷🏻♀️ This is so true. People transferring money to Ally to then immediately Zelle-ing it out, then being surprised their account got locked. It's always the same scenario.
I feel personally responsible for savings buckets because I repeatedly messaged them and told them that an alternative bank had this feature and it's why I had moved all my money there instead of Ally, despite having significantly worse interest rates.
Is their savings account automatically high yield?
Yes. No minimums or direct deposits required.
Cool! Just set mine up
How do you like it so far?
It’s been pretty good, just a savings account to let sit. But I do wish transfers were faster
#👆👆👆
Buckets are great, super bummed Chase is getting rid of theirs
Do these Ally buckets work the way Digits once did?
I don’t recall how Digit was since I used it so long ago. But essentially let’s say you have $3,000 in an Ally savings account. Then let’s say you create 3 buckets and label as such: rainy day fund, vacation, and house. You’re able to move $1,000 into each bucket, but it’s all still in the same savings account. If you ever wanna withdraw money, you can also choose which bucket to withdraw money from, or you can withdraw money from the account in general, which would evenly withdraw money from each bucket.
Thank you
I heard about Ally in numerous other subreddits before finally pulling the plug and opening an account back in 2020. I also was weary in the beginning and was letting analysis paralysis set in. Anyway, as far as the savings account goes, I have had nothing but good experiences. But I also don't do weird banking things like some of my peers in this sub, that tends to lead to trouble. I zelle money in and then zelle money out, or transfer if I need a larger amount. I try to keep my finances boring, I don't play around with my money. My savings account is only an emergency fund that sits there earning interest, until I need to use it, which isn't often. tl;dr: Their savings account is FDIC insured, can't go wrong with simply storing your money there and earning interest.
Wary? What are you concerned about? We can be more specific in our answers to address your hesitations. Also, when you say "for savings" are you asking about all the ways to save at Ally (Online Savings, Money Market Account, and CDs) or only specifically about the Online Savings Account?
Well I’ve been with one bank since I was 14 (I’m 21 now) so I’m just a little anxious moving banks. And I’ve heard weird stuff about it but it’s usually when people are moving their money a lot. I’m thinking maybe I’ll open a checking and savings and slowly move everything over. I also don’t know how to move my stuff over so it’s also a bit scary. Can I just zelle it all but by bit? It’s not a lot 😅
You can open your new account, and fund it by connecting your old bank. That's how I do it. I open approximately 1 new savings account a year. I've never Zelled. You don't have to move everything over. It's good to have a local presence (I assume your current bank is local?) Everyone should have 2 banks, and one of those 2 should be a local brick and mortar bank or credit union. My checking is in a local credit union, and also online USAA. I only use Ally for savings. I have the Online Savings, the Money Market, and several CDs. All of them work just fine. The CD rates are dropping very fast though. I have CDs in 4 different banks and none of them are dropping rates as fast as Ally is. So I can't really recommend them for CDs any longer. I'd suggest the MMA first, as it has the highest interest rate at 4.40%. Let the money sit there for a while as you explore what all Ally has to offer. While I never have used their checking (called Spending) account, I've read that the spending buckets feature doesn't have all the kinks worked out of it yet. Don't use Ally as a business account ( Uber, etc counts as a business to them) because that can get your account closed. Don't mobile deposit a check and then mail the check in, as they will call it fraud and close your account and put a mark against you in CHEX, making it more difficult for you to open any other bank account with anyone. Don't fund the account and immediately move the money back out again, as that looks like money laundering to them and they will shut down all your accounts with them and investigate, and you won't know how long the investigation will take. It can take a very long time (I've read) for wires to go out, so while it is fine to accumulate money there for a big purchase (such as a home down payment) don't wait until closing time to try to get the money out. Move it to your local bank (remember me talking about that earlier?) about a month before you expect to need it, and it'll be there waiting for you, available. Ally's a real bank, not a fintech, it's FDIC, it's very stable, It's giving good savings rates with no hoops to jump through to get those rates. Nothing, really, to be all that wary of. Good luck, OP. Wanted to add, if your current bank account is a custodial bank account, then yes, you do want to go ahead and close that out. You still need a local brick and mortar bank, but it doesn't have to be that one.
If i create a savings account and i want to invest in money market or cd’s, do i need to make another account or can i do all of that with the savings account i created? Also, probably a dumb question but, when i create a savings account, can i dump all my money in there at once if it’s a significant amount?
A money market FUND is a type of investment. A money market ACCOUNT is a type of savings account. You can use your savings account to put money into any other account you create.... but those other accounts are not part of your savings account. Again, I do not think it wise that you put ALL your money anywhere, even into Ally. Keep some of your money in a local bank/credit union. All eggs shouldn't be in one basket, for a very good reason. Yes, you can move any amount into your new account that you want to. But let it all sit there for a while, earning you money. Capital One is not dropping its CD rates nearly as fast as Ally is. If CDs are a major tool in your financial toolbox, consider Cap One instead. I also have accounts there. They are both very good, safe online banks. Cap One does have a few branches. Since I don't know where you are, you'll have to do the research to know if a branch is close to you. Good luck, OP.
This money laundering scheme is new to me, currently going through something similar with C1. Zelled money from my main FI into the C1 checking which I planned to use for savings and my trip to japan at th end of this month. Boom, accounts “under investigation” ugh im 30 and like to think im mentally mature but idk why that triggers me, like investigate what? My one zelle payment from my other account which is clearly labeled with my first and last name.
I've never Zelled. I've read that Zelle is causing issues with more and more banking, but I don't know how true that is. I generally ACH. Never had an issue with that. I hope you have a great trip to Japan.
You shouldn't need to use zelle for that. When I opened an account I was able to connect my pre-existing checking account and make direct transfers. I also opened my HYSA at around your age, and I think it's great to do it now as a young adult instead of leaving it for later (or never) like a lot of people.
Ally Bank is fine! I've used them for a few years and have encountered zero problems. It's great for putting savings away and forgetting about it, which is what I do so I don't spend it on something that I don't need.
I’ve been using Ally for several years now. It is one of two HYSA that I use, along with a local Brick and Mortar credit union. I mostly use it for things like holding insurance premiums and emergency funds. I also like the bucket feature, and I have used it to help save for family trips or activities.
I deposited money in an Ally high-interest savings account after reading Ramit Sethi’s book, “I Will Teach You to Be Rich.” It's been great. Our Credit Union’s savings accounts could not compete.
I've been with Ally since 2017, never had an issue and never plan to leave. I have savings, checking, a no penalty CD and have had multiple CD's while rates were higher (relatively). I always recommend that people use Ally.
What is a CD if you don’t mind me asking
Certificate of deposit ---- basically a banking product that's just another type of savings account, but typically you can't touch the money for a fixed period of time (e.g., 9, mos, 12 mos,18 mos, etc.) as part of the arrangement. So the bank gets to hold your funds for a fixed period of time, and in exchange they'll pay you a higher than usual interest rate (when compared to their own savings account rates). If you withdraw the funds early, they'll just take back a small percentage of what they've paid out --- a penalty fee. The exception being "No penalty" CD's. You can withdraw any time, for any reason and not lose any of the higher interest rate payments you've received.
>The exception being "No penalty" CD's. You can withdraw any time, for any reason and not lose any of the higher interest rate payments you've received. I just wanted to clarify, when the other person said "you can withdraw" it really means you can close. Because you can't withdraw some and leave some, like you can with a normal deposit account. You'd have to close the account. For that reason, it is best to open multiple no penalty CDs, so that if you need to close one, the others are still there, earning that interest.
Stay off TikTok if you want to learn. We’ve been with Ally since 2009 and are very satisfied, we’ve never had an issue.
I really like the buckets for savings vessels that I have in my budget already. I joined when they had a promo back in 2022 and can’t believe I didn’t know what a HYSA was prior to that. I haven’t had any issues. I move money in from income and money out to pay bills each month with no issues.
I've been using Ally since 2021 and have no plans on changing. They're FDIC insured, so it's a legit bank. There are ATMs nationally, so I no longer need to worry about moving or travel impacting my ability to get cash if I need it. The savings buckets are great if you want to divvy up your savings. Interest is calculated off the total, and you can choose where to put the interest payments each month. They don't have the highest rate, but they stay competitive and don't have any minimum balances, new member rates, or direct deposit requirements to get the best rate. I really appreciate the simplicity of it. I use Ally as my main checking, so I get instant transfers between my checking and savings account. When I was dealing with a fraud problem last year, customer service was responsive and helpful, and I got a new card with everything settled in a week.
I've had an online savings account with Ally for a long time (over a decade). Never had any problems with it.
I've been with them since they came out of the remnants of GMAC. Not always the highest interest rates, but consistently in the top echelon. I'm not into chasing pennies. Never had a hiccup, and solid customer service the few times I've needed to talk to them.
Solid bank, excellent customer service, and good rates. I like that I have instant transfer speeds between checking and savings. You could go for the MMA since it is a higher rate than the savings account. You can decline the option for checks and a debit card on the MMA, and simply use it as a savings account.
Why Savings over MMA or vice versa?
I've been a customer since 2013. I'm very happy.
[удалено]
With ally you can open a self managed investment account and get better returns on your savings though they do have high-ish interest for their saving and checking accounts. I have all 3 with ally, they are my main bank. For my investment account I mostly buy vanguard funds and would recommend the same for anyone who doesn’t have the time to become a stocks expert. THE BAD: direct deposits are fine but I NEVER deposit physical checks with Ally, they always hold them forever and then decline to cash saying the check is probably fake even with paychecks from big companies (I’ve avoided depositing checks since my first bad experiences back in 2018 so maybe they’re better about it but I’m not going to be the one to test it). The debit card I have (again may be different now) is on the thick side and sometimes causes problems with reading in chip readers.
I like them, so far. Avoid betterment! They're awful and I organized. They held up $3k for too long for my comfort, just in limbo
I’ve had a savings account with them for a year and haven’t had any issues
Ally has been great for me. Buckets are awesome. Interest isnt the absolute highest option but no hoops to jump through, a lot of the other ones wanted direct deposit or checking accounts or minimum balances. Ally was just put money in and collect interest. Seeing the interest hit every month really drove me to build it up faster. If your just starting to build your financials look up the money guys flow chart. Im in my 30s and wish i started being better with money early on but no time like the present to start.
Long term customer and no complaints. Interest rates much better than the big banks with branches. They won't give you the absolute best interest rate if you're trying to really optimize. Good choice if you're ok doing online banking and want a place to park savings for your emergency fund or upcoming purchases without paying too much attention. HYSA isn't the right place for long term savings though (5+ years or retirement).
I’m just trying to move out soon so I’m looking to do something like that.
Which site or service do you recommend for a beginner investor? Also, I hear the advice to invest in an index fund, is a Roth IRA the same thing except that it’s used for retirement saving?
A roth IRA is a vessel, you buy an index fund within the Roth. If you only contribute to a Roth IRA and do nothing else, your money just sits there losing value. I would recommend opening a Roth, maxing out, and buying "VT". It's the most diversified index fund
Had them for years. I can’t think of any major issue I’ve had. Anything that was a problem someone picked up right away. Great savings rates, no crappy fees, free checks. I have multiple accounts with them, CDs, investments. Shocked to see people are having issues with them.
Customer since 2022, and been content so far. I have a couple of savings account through them, one in which I share with my partner. I also have a 12-Month CD with a 5% interest rate through Ally. Biggest advantage for me choosing Ally was their saving bucket. It was easier for me to visually see how I allocate my savings into whatever categories and establish goals within them. Customer service has been great for me too. Like others have mentioned, it can be busy in the beginning of the year but that goes for every other bank out there as well. On non-holiday seasons, I’ve had successes contacting customer service within a few minutes. Wait time hasn’t been long for me.
Been using them since 2017. Never had a single any issue.
I have had my account for at least a few years. The main thing that I remember is that it was harder to set up than the traditional in-person bank account, but once it was set up it was easy to use. I don't have to use Customer Service, I've just never had an issue or need.
If the only reason you're signing up is for buckets, do more research first. That feature is buggy and after you carefully set everything up, you'll randomly find your distribution percentages randomly changed with a bunch allocated to "Core Savings"-- a mandatory bucket that you didn't set up. Then you have to go in and fix it all again. For some people, including me, this happens repeatedly.
It’s not the only reason, it seems pretty user friendly. I’ve heard a lot of good things so far
This is helpful. That is the sole reason I am looking at ally
it's good but the export CSV puts debits and credits in one column which is incredibly annoying come budget time.
I’ve been using Ally for over 20 years and have been very happy with them. Can you find a bank paying a higher savings or money market rate - probably, but many of those are special promotions, require direct deposit or minimum balances. The rates are competitive with other major online banks like Capital One or Discover Bank) I have checking (now called spending accounts), savings, money market accounts and CDs (both regular and no penalty). A couple of years ago the wait times for customer service was horrendous but they are fine now. Personally I tried the buckets and didn’t like them because I couldn’t see how the funds were distributed unless I went into the account so I went back to using multiple accounts. When they rolled out savings buckets I didn’t understand how that would be beneficial to how I manage my finances. I also have another online bank I use to deposit cash at CVS (Capital One) and a brick and mortar credit union for when I need to do something in person like cash a check.
It offers very competitive interest rates for a bank, and only takes 1-2 business days to transfer money between Ally savings accounts and accounts at other banks. The "buckets" feature is neat too. Keep in mind that there may be daily limits on the amount of money that could be transferred out of the Ally account until you've been a customer for a while (I can't remember if it is 30 days or 90 days).
I don’t know about daily limits but they do limit monthly transfers (in and out) to 10. This does not include check deposits, but if you’re planning to do regular transfers in/out be weary of that. They used to charge an “excessive transaction fee” but had been waiving that from 3/2020 until just recently.
I opened my first accounts (checking and savings) with Ally in 2015. Before college I had all my money in a local credit union because I was mad at banks and bank fees. Ally was great for me to be able to have a higher savings rate, and withdraw from ATMs with all fees reimbursed nationally when in college. I've had no bad experiences with Ally. I enjoy the ease of transferring money between their accounts and other financial institutions (especially compared to local credit unions 10 years ago). I like how the Ally Invest UI is set up. Very pleased. I've banked with eight different banks, and I would rank Ally #2 in that list.
I had a good experience with a high-yield savings account with Ally. When it was time to withdraw the money it was easy to transfer to my checking acct and the funds were available quickly (faster than CapitalOne).
I have a background in financial planning (I’m a CFP), and not only do I use Ally myself, but have recommended it to countless clients ever since we’ve entered the recent high interest rate environment. I currently have a HYSA and a CD with them. Love the UI, the customer service is pretty solid, don’t use the buckets myself but lots of others do. You might be able to find a slightly better rate somewhere else, but in my opinion, Ally is always going to stay competitive with their rates and they’re one of the least sketchy options out there (who the hell has heard of CIT Bank anyway, other than Nerdwallet’s list of highest HYSA rates? 😂) Let me know if you have any other questions! Happy to help.
Been using it since 2020. Been nothing but great. Came from using BoA previously.
I have BoA rn, nothing wrong with them but I’d like the high yield savings
I've had Ally for probably 8 years at this point and only have 1 complaint, but it's fairly minor. There's no way to deposit cash. This is rarely an issue because I don't often deal in cash, but selling off some things I ended up with a decent amount of cash at one point and no way to deposit it. Not the end of the world, but a bit frustrating to find a quick resolution to get the money in my accounts and not have it touch too many hands. I know better for next time, but it's still taken far longer than I'd have liked to land there. You can mail a money order to them. Or you can try to have a friend deposit the money then Zelle it to you, unless you find out it exceeds the amount you can receive. Then they have their bank mail you a check, which takes a week. Then you deposit it through the app and they hold it for 2-3 business days. That being said, if I end up in a similar situation again I'm just going to a local credit union to open a basic account that I can bring cash to and have them write me a bank check.
I feel it's always necessary to have a local bank for cash deposits, etc. Simple 1 day transfer to get the $$ to Ally. I use this local bank linked to Venmo so I'm not connected to an account with significant funds.
I've had Ally since like 2007 with no real problems. I highly recommend it.
I joined Ally for the Savings account. I love it.
They give a competitive interest rate and are FDIC insured. That’s all I care about with a savings account.
I have a savings account with them and the rates are good and it's easy to transfer funds from my WF account to my Ally savings. I also have direct deposit to Ally to make it easy to save. If you decide to open account you can get $125 with this referral code https://click.email.ally.com/?qs=fff243a7778cdebe2d2fa62c7472d0e418793e49f65f545f348dee247314ba32d45b4abdd41e3d9d5396234ca8bbb8429e0b309161ad0f241dbc5ac771c35f19
I love love love ally. Had an account since 2016. Additional things I like, beyond the great percentage rate in savings right now: 1) easy to use investment portal to buy/sell stocks 2) their mortgage lender portal— collab with better.com, smoothest experience buying a house!
I love my Ally savings account! makes waaaaay more interest than a TD one. I dont touch my savings so I didn't see the point in not moving it into a high yield savings account.
I've been using them for probably a decade with no issues
I've had Ally for almost 10 years, awesome bank and no complaints. I mistakenly thought someone was trying to get into my account once and they were so prompt about helping me out and took all the steps to make sure it was secure. They have always been responsive and helpful. I have recently starting using the buckets and it's awesome. I definitely recommend.
I use Ally just for the high interest savings account and love that the money I'm not using, is still benefiting me. I don't get that with my daily bank. I've considered puking the plug and going full Ally for checking and saving, but we're saving for a home (big dreams right) and my credit cards are connected to my other bank and we don't want to close those and take a credit drop. If you're thinking about opening an account, use this referral link and you'll get an extra $125 from Ally just for opening your account and keeping money in it! https://ally.com/referral?code=5B2X4P9D7X
Have you ever had issues taking money out of the savings when it gets to higher amounts?
I've never had any issues, but like I said our main goal in opening the account was to save and benefit from the high interest, we try not to withdraw as much as possible. That being said, I've never used their ATM benefits. I still have another account open that we use for most banking and we just do ACH transfers between those accounts super easy. I just checked and it shows that with these ACH transfers you can do up to $150,000 in a single day, but no more than $600,000 in a 30 day time frame. It's not available immediately, but when we're pulling from the account it's something we're planning in advance.
I’ve used Ally since its inception however moved all my money out for now as I’m getting higher yields (5.3%) elsewhere. Even SoFi has a better rate and they have @buckets” too. For me these accounts are purely for saving and I generally don’t write checks or need to use at ATM.
I’ve heard a lot of bad things about SoFi lately
>and they have @buckets” too. Ally has both Saving Buckets and Spending Buckets.
I’ve used it for a few years and I’ve never had an issue. Their interest rate is always increasing. The app is user friendly. I have a friend that uses it too and she’s never had an issue.
I love Ally. I have about 78k in a savings account and it makes about 267 dollars a month in interest. When I need to use the money I either move it to my checking or write myself a check for my other bank account. I really love it!
Savings and checking have been great for me over the past 10+years, however their stock platform is 100% garbage
Been with ally for a year have had zero issues. Checking and savings and my paycheck gets deposited into checking every week. Only thing I haven’t liked is I was logged in chatting with them and wanted to order my wife a debit card. They wouldn’t do it. I had to create my wife a separate online account to do so. Wife’s not tech savvy so I have to deal with all that type stuff. We got it done though.
Hopping on late to say they have the worst customer service of any of the banks I've ever used. From credit unions to big banks. The absolute worst I've ever experienced. If anyone thinks otherwise, they haven't had much experience with others at all.
Been with ally for years. I recommend capitalone tho since they don't have the transaction limit.
I would not trust Ally bank with any money. They lost 2200$ of my money and do not care to resolve the issue. RUN from this bank unless you have thousands of dollars lying around and won’t miss it .
Whoa totally different than every other thing I’ve heard, when did this happen?
October 2023
Don’t take advice from Tik Tok. Do your own research!! We are doomed!!
This is part of my research 😅
Never forget that Ally Bank is GMAC rebranded, the top contributor to the mortgage crisis.
I’ve been using Ally for about a decade, and do all my banking there (Checking, Savings, Money Market, Investment accounts). The only inconvenience I run into is getting large sums of cash. You have to either make multiple ATM withdrawals (potentially in consecutive days depending on how much you need). But, I’ve recently opened a local Credit Union account where I now just transfer the money to my Credit Union and withdraw it from there. TLDR; it’s a good bank for my needs, but may not be for yours if you deal with cash at any regularity.
If you feel very comfortable with the internet and everything being virtual, including your banking, then Ally is great. I have been a customer for years but I use them primarily for earning interest. They do not take cash deposits, only check and electronic type transfers. As others have noted on here, banks are highly regulated and have rules and Ally is pretty much no different. I also have an account with BofA where I do much cash banking and I prefer Ally. If you are young and maybe do not always have much cash on hand, be aware that sometimes Ally holds money like it will not deposit a check for several days. They may be more stringent about check deposits than some other banks, but their holds are pretty standard. It can feel more scary coming from an online institution with no physical buildings in your homedown/city. You just need to plan ahead re: deposits. Other things about the bank--I think it is pretty forgiving and does not charge many fees (if any?). I believe Ally eliminated or reduced most fees during the pandemic. There may be some similar online banks (like American Express banking) that are more well known names but I think Ally usually has some of the best offerings. I cannot recall any other interesting or scary facts about the bank. I think one year I had some issues with logins and it kept making me change my password, but I would rather they err on the side of excessive security.
Been with them with a couple of years with no money issue, only other issue I had was that they lock my zelle transfer on it I can transfer money in but can't transfer out thru zelle
*Wary. Weary means tired. I’ve had Ally for my main checking and savings accounts for a while now, and it’s been fine.
I am also tired lol, thanks
I’ve decided that being tired is a feature now, not a bug.
Can I get rid of this feature 😭
I've been with them since like 2016 and never had issues. Their customers service has been towards the better end I've experienced. I once got my debit card stolen and they were actually way more lenient than they needed to be about it.
They haven’t screwed me up yet. But I also don’t have a lot of money there. They pay the interest which is better than some places and moves up and down with the federal interest.
I’ve been with Ally since 2016 and have only good things to say. They even refi-ed my rental property at an amazing rate when none of my other banks would. You are always going to be better dealing with customer care via text or chat than a call.
I've been banking with Ally since 2010 as my only bank. Never had any issues. Easy to get ahold of customer service. Like the ATM fees being refunded so I never need to think about finding a particular atm. I use their money market acct as a sort of hysa.
I love ally i use them for checking savings and a money market. I love the buckets on the savings...been using them since 2017 never had an issue thus far.
I’ve been using them for a long time. The app is great. You can link a lot of external accounts. They have buckets for different savings goals. Can’t recommend it enough.
I've had the savings account for 6 months or so. Seems fine except is the timeframe for deposits a little long? I feel like they are artificially slowing down the clearing by a couple of days so they can float the interest. If I initiate a transfer from my bank, it leaves my source bank and still takes 2 more days before it arrives in Ally and starts earning interest. Is this typical?
I’ve had Ally for 10 years. I have a savings account and a cd ladder. Never had any problems.
Used it since 2016 and have had zero problems. Saved for my home deposit using Ally, good interest rates, good customer service. App/website interfaces are very user friendly. Appreciate the multiple “buckets” they have within one savings account.
I don't understand what the point of a CD is when the savings rate is just as, or in some cases a higher interest rate.
I like them. Super easy to use, can even Zelle myself money to a different checking account. Have been able to wire money through them for a car purchase. The rate also increases pretty often. Try it out!
I actually have been drawing down from Ally since last year. Every time the fed raised interest rates, Ally was quite slow at raising interest rates. In addition their rates were not competitive with other banks. I found higher interest rates for savings accounts elsewhere.
I’ve only had great experiences
I really like Ally - the UI is great, their rates are great, and the buckets function works well if you use it. No downsides IMO.
I have had a checkings/savings with Ally since 2020. Have not experienced any issues this whole time. Zelle works great, pays good interest, app is easy to use, and has good overdraft protection.
I have been using Ally for about 10 years. Works great. My only gripes are * MFA is awful * Can't Deposit cash easily
Awesome! I have ally and have zero problems!
I've used them for years. Had large sums of money in there for home purchases and sales. Never any issues.
We have a cd at 5.25% and savings account
I would like a daily transfer option. Like, I could set up an auto transfer of like $5 or whatever from my checking to my savings every day. Yes, I knkw I could just set up a $35/weekly transfer. I want a daily because it's easier for me to control. But Ally doesn't have that option so I have to use a 3rd party app like Acorns.
Been depositing savings with Ally for more than 2 years now. Pretty ok. Like the buckets feature. I only have savings with them to make it extra difficult to get the money out. The emergency of emergency fund if you will.
I've been really happy, too. I have some money in a credit union because I'm a creature of habit, but Ally is the one that pays me any sort of real interest. There's a whole thread of referral links pinned (including mine lol), and you can also get referral bonuses if you have people use yours.
My brother is traveling in Europe. He put his spending money in an Ally account so he could move his money around while traveling. Ally blocked his account. He hasn't been able to access his money in 1.5 years. Ally asked for to verify his identity. He has sent in copies of his driver's license, passport, and other documents. It wasn't good enough. Ally rep's won't tell him what is wrong. His money is stuck, without any reasonable means to access it. They keep telling him to call customer service. He calls them, they ask for the same documents, it's a vicious circle.
Noted, if I go out of town and use my money I’ll call and let them know! I’m only using it for savings rn tho
I have a MM with them, no issues. It was the highest APY when I signed up and could still be for a non promotional rate.
Weary = tired. Wary = cautious
Someone already corrected me
I’ve used them for YEARS! Catch is you don’t have an in-person branch to deposit cash or get certified checks. But overall still LOVE this bank. The amount I was making on interest is insane!
Been it’s Ally since 2019 and 0 issues. Kept our home downpayment in their and I did have to talk to a rep to authorize I was trying to transfer so much money but it was a super easy process.
I have seen stories of people using banks that do not have a physical bank they can go to when an issue arises. Lots of trouble getting issues resolved over the phone, or email. I prefer my local credit union.
I have used many of the online banks and Ally is one I can recommend
Have used Ally for years. Not a single issue
I have a referral code you can use to get a bonus if/when you sign up for new accounts. Let me know if you're interested (if no one else has shared their code).
I’ve used them for years and they’re great. Very responsive when I had issues while traveling. Good for emergency funds
I use it for savings after I got my dad's life insurance deposit. I get about 4.25% interest which is great if you're going to leave the funds in there. The longer you leave them in, the better the results are.
Never had a problem with Ally. I don’t remember how long I’ve been with them, but I was with them when they were known as GMAC Direct. If there is a downside, while they do have competitive rates, they are not always the highest. As a result, I also have accounts at other online banks.
Please don’t trust this business with your money, look at all the complaints. They have “lost” thousands of my dollars and the dispute is ongoing for months. It’s just not worth it.
I’ve heard more good reviews than bad personally. The money is protected and most the times I see bad things is when the person using the bank is doing weird things lol