Ally bank?

[doxeyweb]

Not happy with my brick and mortar savings account. I've read a ton of both good and bad reviews on ally online banking.

Does anyone here have any experience with ally?
Long term emergency savings... Not checking.






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Thanks

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Long term emergency savings... Not checking.

 

[doxeyweb]

Not happy with my brick and mortar savings account. I've read a ton of both good and bad reviews on ally online banking.

Does anyone here have any experience with ally?
Long term emergency savings... Not checking.

Thanks

 

[veremchuka]

I've had a saving account for a few years and had 2 cd's. I think their service is stellar. Never had any problems.

 

[d]

have had accounts there for a couple of years ... very pleased.

 

[mystang52]

I have a large wad of my savings - both liquid cash and multiple CD's -with Ally. Like the others replied, I think they are excellent.

 

[savory]

Have CD there, no problem

 

[JOHNNIE36]

I've had a money market fund there for years, back when it was GMAC. No problems, easy to access, great system for transferring funds.

 

[Lakewood90712]

Started with them for cd's and savings as GMAC Bank, no problems. They really are available 24/7 , and the call center is in the U.S.

 

[samclem]

I helped my MIL set up some CDs there--they were the highest rates I could find at the time, and setting them up was easy. I can't comment on the customer service as we haven't needed to do anything since we set up the accounts.
A note: She got the 4 year "raise your rate" CDs which allow two bump-ups in the rate if Ally offers higher rates (on these) in the future. Now, the obvious dodge would be for Ally to abandon that product line (getting a bunch of people to sign on and then never again offering higher, competitive rates on their 4 year product, instead going to a competitive 3 year or 5 year product with good rates to get more folks aboard). But, there are no signs they'll pull something that shady, and even if they do, the penalty (60 days interest) for getting out was very reasonable so she'd just jump onto the next good deal.

 

[KB]

I have had a CD ladder over the past 2 or 3 years with Ally. I also have a couple of savings account that I use for different purposes. One for my emergency fund and one to hold my current year expense money.

I recently opened a checking account with them but I haven't really used it yet. I will use it for larger payments like property taxes and I'll keep my local checking for monthly payment stuff...utility payments and credit card payments and for my pension and Vanguard deposits.

I have both called with questions and used their online chat with good results when I had questions.

I had thought about using their checking account as my primary checking account to get a little interest but I like the ease of having a local credit union so will hold off for now.

I've been very happy with them so far.

 

[doxeyweb]

Thank you for all the reply's!

 

[ronocnikral]

I used to play the game of buying their 5 yr CD's regardless of the time frame I needed the money. The idea was, Ally's T&C's stated there was a forfeiture of the last 2 months' interest if you decided to terminate early. The plot has thickened, to needing their consent as well, which makes people wonder if they give them their money back if needed. My CD's are at a whopping 2.3%, so no need to make a move in today's environment...Customer service has been great and much better than a B&M bank/credit union.

Some reading material on the matter:

Ally Bank Now Requires Consent Before Allowing Early Withdrawal From a CD

The highlighted part gives Ally Bank the right to refuse early withdrawals. Although the bank may not always exercise that right, it has it in its pocket.
If you need the money sooner and if interest rates haven’t gone up, Ally Bank will probably still let you withdraw early. If interest rates have gone up sharply and Ally Bank is facing mass exodus, it will more likely invoke the consent clause.

Ally Bank changes words, not policy, on CDs - CBS News

So I put phrased my question as follows:
Can customers pay the early withdrawal penalty and close the CD under either of these conditions:

• They need the cash
• Rates have risen and they want to move to money to a higher paying instrument, either with Ally or another financial institution.

Coggins researched the question and responded back with an email, "the answer to the two conditions is YES -- Customers can pay the early withdrawal penalty and close the CD under either of those conditions."

I apologize if this was discussed in another thread somewhere else...

 

[SJ1_]

I have a large wad of my savings - both liquid cash and multiple CD's -with Ally. Like the others replied, I think they are excellent.

+1

 

[JoeWras]

I just moved some cash there and it has gone well. All electronic transfers worked fine, chat was good, and even phone support, all fine.

I don't do checking with them.

 

[BOBOT]

Recently bought 5 cd's, 2- 5yr & 3- 4yr raise your rate, and their money mkt savings acct. Like others the experience has been excellent.

I like that I can use any bank's atm anywhere to access the mm funds, and they will refund any fees charged by the other bank.

 

[PatrickA5]

I have 2 savings and 8 CD's. For the most part I've been very happy with their customer service.

I'm not worried about their recent change in wording about the 60 day early withdrawal penalty. Many, many people bought CD's because of this policy (and high rates). If Ally were to all of a sudden stop allowing people to cash in CD's, they'd have a public relations nightmare on their hands.

 

[jflynn4]

I was in banking for 25+ years before taking early retirement. I moved fully to Ally about 18 months ago.....both checking and savings. Have had 0 problems and being able to use "anyone's" ATM at no charge (they even refund foreign exchange fees when out of the country) has been great. Interest on checking is better than most banks pay on savings and their savings rate is higher than most One Year CD's.

Highly recommended.

 

[stevelb]

Ally finally updated their app to include bill pay and check deposits. I had moved quite a bit of money away from Ally because of their failure to keep up with most of the other banks in this respect. Now almost everything will go back to Ally.

 

[vttlarry]

Just switched from ING Capital One to Ally last week.

 

[heeyy_joe]

As long as you are satisfied with ALLY's service and stick to and within the FDIC limits you are pretty safe. Their business is highly capitalized (debt) and investments in their company offerings at at or near junk bond status. Best to stay away from any offering not FDIC protected.

 

[GrayHare]

What heeyy_joe said. When Ally and Discover have to pay higher interest rates to attract more deposits, there's a reason. They are not just being kind to depositors. Ally evolved from GMAC, and Discover has a host of problems. An extra point of interest isn't worth the risk to me.

 

[jflynn4]

What heeyy_joe said. When Ally and Discover have to pay higher interest rates to attract more deposits, there's a reason. They are not just being kind to depositors. Ally evolved from GMAC, and Discover has a host of problems. An extra point of interest isn't worth the risk to me.

As long as you maintain limits within FDIC, there is no worry whatsoever. Ally and the other Internet only banks must pay higher rates because of their lack of local branch operations. No, they're not just being kind but their model of limited overhead helps a great deal. That plus the simple fact that the government remains a major investor in their business allows them to pay higher than standard rates.

I agree that a few extra basis points would not be worth the risk ... But their Savings rate is significantly higher than most bank One year CD rate right now!

 

[ShokWaveRider]

Anyone got in excess on ~$500,000K with them?

 

[jflynn4]

Anyone got in excess on ~$500,000K with them?

As with ANY bank, I would always stay within FDIC limits. $500,000 is fine if you're titling is correct but it's always better to be safe than sorry down the road.

 

[cj1717]

Been w them for yrs. EXCELLENT customer service and good rates.

GL