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- Ally offers strong customer support, an intuitive web interface, and an easy-to-use mobile app.
- It’s a top option for people who want a digital banking experience — its high-yield savings account and CDs are its strongest products.
- You can open a variety of bank accounts with Ally, as well as use investment products and apply for home and auto financing.
- If you already use and like Ally, you may want to look closely at its other services, too.
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However, it offers a wide range of products, making it a good option for people who want to do all their banking, borrowing, and investing with one company.
Along with its high-yield savings account, you can also open a checking account, money market account, or certificate of deposit (CD). Ally pays competitive APYs on its savings account and CDs and makes banking affordable by offering accounts with no minimum deposit and no monthly fees.
Along with checking and saving, you can also apply for a mortgage, refinance your home loan or take out an auto loan or a lease a vehicle. Ally Invest provides investment products including mutual funds and exchange-traded funds (ETFs).
The bank is known for providing strong customer service for all its services, as well as a smooth digital experience — you’ll have access to a user-friendly interface, easy-to-use mobile app, and payment and affordability calculators. Considering you’ll do everything online, through the app, or over the phone with Ally, its strong customer support and clean interface make it one of the top choices for online-only banks.
Who should use Ally?
You should use Ally if you:
- Want to do all your banking online
- Are looking for a good rate on your savings
- Don’t want to deal with initial deposit or minimum account balances
- Want to open a CD
- Are looking to do your banking, investing, and borrowing in one place
- Value 24/7 customer service
You should not use Ally if you:
- Aren’t comfortable banking online
- Are looking for a money market account only
- Need to regularly deposit cash into your bank account
- Want to take out a second mortgage
- Plan to take advantage of a government home loan
- Want a home loan but live in Hawaii, Massachusetts, Maryland, Minnesota, New Hampshire, New York, Nevada, Virginia, Vermont, or Wyoming