FAQs
Ally offers some of the best CD rates you'll find. That's especially impressive, considering there is no minimum deposit requirement. Like most online banks, Ally's CD rates are much higher than the national average, according to the FDIC.
What is the downside of Ally savings account? ›
Cons Explained
No cash deposits – Ally doesn't accept traditional cash deposits. Your only options are remote check deposit, online transfers, direct deposit, wire transfers, and sending a check through the mail.
Does Ally Bank have a good reputation? ›
Terms apply to offers listed on this page. The bottom line: Ally is one of our top picks for the best online banks. It's a great option for banking and investing. Other financial institutions have more offerings for mortgages and other types of loans, though.
Is Ally Bank safe 2023? ›
Yes, if you have a deposit account with Ally Bank, up to $250,000 per account holder per qualifying account is insured by the Federal Deposit Insurance Corporation (FDIC).
What is the highest CD rate at Ally Bank? ›
Ally Bank CD rates
| 3-month CD (High Yield CD) | 3.00% APY. |
|---|
| 11-month CD (No Penalty CD) | 4.55% APY. |
| 1-year CD (High Yield CD) | 4.85% APY. |
| 14-month CD (Select CD) | 5.10% APY (expires 3/20/24). |
| 18-month CD (High Yield CD) | 5.00% APY. |
6 more rowsMar 9, 2023
Best 1-Year CD Rates
- Latino Community Credit Union – 5.65% APY.
- Forbright Bank – 5.65% APY.
- The Federal Savings Bank – 5.65% APY.
- TotalDirectBank – 5.65% APY.
- CIBC Agility – 5.62% APY.
- Connexus Credit Union – 5.61% APY.
- Popular Direct – 5.60% APY.
- NexBank – 5.60% APY.
While Ally had a sizeable increase in unrealized losses approximating $4 billion on its available for sale securities portfolio in 2022 that could impact near-term funding flexibility, Fitch believes the company has reasonable contingent funding capacity that included unused FHLB capacity of $11.1 billion as of 4Q22.
What is the Ally Bank controversy? ›
Ally Financial Inc. and Ally Bank have markup policies that have resulted in illegal discrimination against over 235,000 African-American, Hispanic, and Asian and Pacific Islander borrowers.
What are the disadvantages of Ally Bank? ›
For less digitally-savvy customers, this could be a major drawback. No cash deposits: Ally does not accept cash deposits, customers will need to make deposits via mobile deposit, online transfers, direct deposit, wire transfers, or via mail.
Is Ally Bank safe from collapse? ›
Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC protects your Ally Bank deposits up to $250,000 per depositor for each qualifying account ownership category. This means you can rest assured that your deposits are safe up to FDIC limits, no matter what's happening in the economy.
Ally and Capital One are not the same. They are two different financial institutions, both offering checking, savings, CDs, mobile banking and more.
Is Ally Bank 100% safe? ›
Yes, Ally Bank is 100% safe. Some people might be skeptical due to Ally being online-only, but rest assured – your funds are safe. In case you're still skeptical, Ally — which is headquartered in Detroit — is the 19th-largest bank in the U.S., and they employ more than 8,000 people.
What is the catch to Ally Bank? ›
Ally does not accept cash deposits. You can deposit funds in other ways, including online or mobile check deposit, online transfers, direct deposit, wire transfers or even mail.
What banks are too big to fail 2023? ›
List of Banks That Are Officially Too Big to Fail
- JPMorgan Chase.
- Citigroup.
- Bank of America.
- Wells Fargo.
- BNY Mellon.
- Goldman Sachs.
- Morgan Stanley.
- State Street.
Over 90% of Ally's deposits are FDIC-insured, more than any other $100+ billion-asset bank in the United States. Ally's massive insured deposit base is stickier and more resilient to depositor fear of a bank run than other regional banks.
What bank has the best rate on CDs? ›
Top National CD Rates September 2023
| BEST NATIONAL CDs | | |
|---|
| First National Bank of America | 4.60% APY | 6 years |
| Department of Commerce Federal Credit Union | 4.44% APY | 5–7 years |
| Luana Savings Bank | 4.14% APY | 6–7 years |
| KS State Bank | 4.06% APY | 7 years |
60 more rowsGet more for your money.
| Banks | Annual Percentage Yield | Estimated Earnings |
|---|
| Ally Bank | 5.15% | $1955.91 |
| Capital One 360 | 5.25% | $1994.37 |
| Citibank | 2.50% | $943.34 |
| American Express | 1.00% | $375.94 |
2 more rowsHigh Yield CD
| Account name | Term | APY |
|---|
| High Yield CD | 3 months | 2.55% |
| High Yield CD | 6 months | 3.50% |
| High Yield CD | 9 months | 5.00% |
| High-yield CD | 1 year | 4.85% |
3 more rowsSep 8, 2023
If you choose a High Yield CD and withdraw from the account before your term ends, you'll face the following penalties: 60 days interest penalty for a CD term of 24 months or less. 90 days interest penalty for a CD term of 25 months to 36 months.
