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Why Ally Bank is the Best Bank Out There

Updated on February 19, 2015

Introduction

Ally Bank has only been around since 2009 and has just under 800,000 members. With only nine branches in the United States, they are a low cost option because they don't have nearly the overheard of other major chains.

I'm going to go through the reasons why I love having an account with them.

Great Interest Rates

Whether it is their money market accounts or their CD's, Ally Bank consistently has rates well above the competition. I have nearly equal balances in my local checking account and my Ally account. Last month, my local account earned me a whopping $.05. In comparison, Ally earned me $4.78. That's a huge different.

Ease of Use

A lot of people get really freaked out by a bank that claims to do most of their business online and I can understand that. For me, most of my world takes place online as does this entire new generation's. I'm comfortable there.

Once I set up my online banking, I had access to everything I needed. I linked my accounts together so I can shift money around whenever I need. Whenever I choose to do the shifting, I go through Ally's website because it's simple as opposed to one of my two other linked accounts.

Also, their reporting of your money and accounts is very clear and concise. It's easy to read and you understand things quite well at their site.

The Other Products They Have

I found myself sitting on a small lump sum of money that I wasn't using and figured I could put that money into something a little more high yield. Ally had a few good very High-Yield CD options for me to choose from and setting those up was really quite simple from my online account.

The whole process took less than thirty minutes and my new CD account showed up relatively fast. I got to watch my money grow faster and knew exactly when that CD was set to mature.

Impeccable Customer Service

Last year, I was buying a house and I had the bulk of my money at Ally. My realtor and my lawyer neglected to tell me the exact process for the money, so I had to scramble to have it in the right place at the right time.

I called up Ally and they walked me through the process of transferring the money over to the right account and made sure I had confirmation when it concluded. The closing was a breeze after that.

On top of that, I've never had any issues with my Ally account. None. Never. Even when I used to mail them deposits when I first started to use them as a primary banking source.

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Conclusion

While this sounds like a shameless plug, and perhaps it is, I'm just a normal guy making less than $50,000 a year who has gotten some nice benefits from keeping the bulk of my money at Ally Bank.

I definitely have a few local options and keep money in those accounts for my daily activities. But when it comes to making the best interest rate on the bulk of my money, I haven't found a better option than Ally Bank.

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