Hello, Ally

Following to my previous post where I discussed why I ended my Chase banking, I want to go over some reasons why I chose Ally Bank.

Before we look at Ally Bank, let’s just summarize what I was looking for.

A bank that has:

  1. ATM withdrawals available near work
  2. Interest checking accounts that will grant more than the 0.01%

Why I Chose Ally Bank?

Without the option of another traditional brick & mortar bank around my workplace, my only option was to switch to the non-traditional online banks. There’s quite a few of those nowadays, ING Direct & Ally (being the more popular ones), even Discover and American Express has hopped onto the online bank wagon, with the latter two offering high yield savings accounts.

Without an debit/ATM card, Discover and American Express were not my options. It comes down to ING Direct and Ally. But Ally beats ING Direct when it comes to no ATM withdrawal fees and competitive interest checking rates.

Free ATM Withdrawals

Ally reimburses you on all domestic ATM transaction fees anywhere in the country at the end of the month. It’s a little inconvenient that they credit it at the end of the monthly cycle instead of right after the ATM withdrawal, but it’s better than nothing. Here’s a sample of how it shows up on my statement:

I felt a little bad that Ally had to reimburse me that $3 transaction fee on a $20 withdrawal. But it’s better than me paying for that $3 fee. =P

Competitive Interest Checking Rates

Ally also offers a more competitive interest rate with current rates at 0.40% for balances less than $15,000 and 0.75% on balances of $15,000 or more (ING Direct checking rates are 0.20% for balances under $50,000).

Also, I’ll like to comment on how easy the Ally application process was. I literally spent 50% of the time trying to figure out a username/password. Checkbooks and all the other paperwork were delivered to me within 7 business days.

I’m looking forward to taking advantage of their other services, including their Ally Perks, a program where shopping and paying with your Ally Checking Debit Card at specific retailers will give you instant cashback. Some sample offers are $10 off $40 The Body Shop purchase and $10 off $100 Nordstrom purchase. Although it seems like there’s no way of knowing what the current offers are to help you keep track, besides logging into your account and checking constantly. We’ll see how that goes.

 

 

4 thoughts on “Hello, Ally

  1. Hi! I recently came across your blog and I really love your posts! I am a senior about to graduate this June and taking my financial scenario a little more seriously now that I need to take a car loan out. Ive been a Chase customer for 8 years and never thought about switching until I recently noticed my APY is incredibly low! I was wondering if you are still banking with Ally? I was considering opening a savings account with them and thought maybe I will just switch over. As a 22 year old this finance jumbo is so incredibly foreign, but its territory I need conquer! Any advice you have is appreciated πŸ™‚

    • @chanee Thank you for your support! Yes I am still banking with Ally, although their savings account rates dropped a little, it is still the highest that I’ve seen as of right now. Best of luck with your finance journey. Stay tuned for more posts from us! =)

  2. Hi Mel,

    A little late to the posting party, but I, too, read and enjoy your monetary travels. In fact, I opened an account with Ally because of you. I completely agree about the ATM freedom! Chase freedom my @ss. Hehe! However, lately I am having a little trouble with my Ally account statements, and I have been looking all over the Internet for another copy to compare with. Your .jpg snippet is all I have been able to find. If you still bank there, would it be too much to ask you to email a copy of your statement? Don’t want any personal info, I’m just trying to see if the calculations are the same, because mine haven’t been adding up, if you know what I mean. Thank you very much, and keep up those excellent adventures! πŸ™‚

    • Hi Cookie, thanks for your kind words and support. Yes I am still banking at Ally and it has become my primary bank. My statements have been pretty accurate as of late. I do love how Ally tells you how much is your daily interest rate within your account view. I suggest you compare it with those numbers, if you still have issues with their calculations, don’t hesitate to contact their Customer Service Reps. In my experience, they’re always really helpful both via the online chat and via phone. Best of luck!

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