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Ally Bank Review – CD Rates, Savings, Money Market

Ally Bank is the online subisdary of Ally financial services. Ally has always had competitive interest rates on all their deposit products, along with no minimum balances, 24/7 customer support, and no monthly fees. I’ve found Ally’s interface to be intuitive and easy to use, and their customer service has also been excellent when I have needed help.

allybank Ally Bank Review – CD Rates, Savings, Money Market

Ally Bank offers many online deposit accounts, did, including savings and money market accounts, and certificate of deposits.

Current Ally Bank Rates

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Ally Savings Account

The AllyBank savings account features:

  • APY yield
  • No minimum balance
  • No monthly fees
  • Daily compounded interest
  • Six withdrawals or transfers per billing cycle

Ally Certificate of Deposits

Ally CDs have no  minimum balance requirements; apparently you can open a CD with $0. It seems to be more of a gimmick as it doesn’t really make sense. Aside from regular CDs, Ally also has a 11 month No-Penalty CD, which states:

“You can withdraw your money 6 days after funding – and anytime thereafter – and you won’t be charged a fee. Just remember, if you do make an early withdrawal it must be for the full balance plus all interest earned.”

This is a good bonus for those who want to earn a decent return on their CD but don’t want an easy out in case better rates are available. The no penalty CD currently has a yield of

Ally also has a new CD product called the Raise Your Rate CD that allows you to lock in a rate now, and have a one rate increase option within the 2 year term if rates go up.

Ally Money Market Account

The AllyBank money market account features:

  • yield
  • No monthly fees
  • No minimum balance
  • Free check card and 50 free checks
  • Daily compounded interest
  • Six withdrawals or transfers per billing cycle

Ally Free Interest Checking

Ally’s interest checking account‘s main draw is that it refunds all ATM fees from any ATM. It also provides interest on balances over $15,000.

  • 0 monthly fee
  • $0 to open and no minimum balance
  • Free Online banking and Bill Pay
  • Free Debit MasterCard, checks and unlimited check writing
  • Save time and money—get cash back when you shop
  • No ATM fees at any ATM
  • Variable rate account where balances $15,000 or more get an even higher rate
  • Free balance alerts

AllyBank is still FDIC insured, so as long as you stay below the limits you should be fine. You can also get extra coverage up to 1.5 million by opening joint accounts, trust accounts etc. For example:

  • Ally Bank Account 1: John Doe, $250,000
  • Ally Bank Account 2: Mary Doe, $250,000
  • Ally Bank Account 3: Joint Account, John and Mary Doe, $500,000
  • Ally Bank Account 4: John Doe, In Trust For (ITF) Mary Doe, $250,000
  • Ally Bank Account 5: Mary Doe, In Trust For (ITF) John Doe, $250,000
  • Total: $1,500,000

This is a great way to ensure that all your money is protected. Visit Ally Bank for more information!

Bank rates may be out of date. Please check bank websites for current rates. Find & compare the best CD rates, savings accounts, and bank deals!

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One Comment on “Ally Bank Review – CD Rates, Savings, Money Market”

  • jimmy
    June 27, 2011

    You need to correct your description of Ally Free Interest Checking. Ally’s own description states that interest is earned on all balances. Balances that are $15,000 or greater get a higher rate.

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