(Closed) Ally Bank Savings Account

posted 3 years ago in Money
Post # 2
Member
1149 posts
Bumble bee
  • Wedding: July 2015

We use it.   Only pro: good interest rate of 1%, cons: no checks, no more than 6 withdrawl from the account every month (this includes paying for your bills, transferring money to other accounts, not atms or bank, can’t get money immediately.  You need another account to get cash.  I mean I don’t love it, but it works.  I have to figure out how much money we need a month to transfer to our Chase account because of the monthly transaction limit.  A lot of autopays come out of our Chase account, and we can only get money from our Chase account. 

Post # 3
Member
492 posts
Helper bee
  • Wedding: December 2014

The 6 withdrawal limit is a federal regulation applied to all savings accounts.

We use capital one and I really like them – they offer checking too so if you need immediate access to your $$ you can transfer to checking and easily access via check/atm/debit card. But I think the interest rate is a little lower, 0.75%.

Post # 4
Member
521 posts
Busy bee
  • Wedding: January 2016

I use synchrony. The rate is 1.05% and you get an atm card!

Post # 5
Member
1837 posts
Buzzing bee

We are a USAA house. They refund foreign ATM fees and have incredible customer service

  • This reply was modified 3 years, 4 months ago by  hermom.
Post # 6
Member
7421 posts
Busy Beekeeper
  • Wedding: June 2013

We use them for our ‘long term’ savings stash and then, we use PNC for our checking account because they allow you to withdraw money from any ATM and will refund you the fee.

I have no complaints about Ally. For people complaining that they don’t have checks and ATMs and about the 6 times per month withdrawal, it’s a savings account. You could sign up for their checking account if you wanted access to that stuff.

The only con I can foresee is no brick and mortar store. I haven’t had any issues so far but if one pops up I usually like going to the physical location to speak to someone. Hopefully no issues ever pop up!

breatheandrelax:  pretty much all of your cons are typical of any savings account. Six withdrawals is the limit for every savings account and if you wanted checks and ATMs you could sign up for Ally’s checking account. Heck, it even takes “as little as three days” to transfer money between my PNC savings and PNC checking. It would be great if all of that was easier but it’s just the nature of a savings account vs checking account.

Post # 7
Member
1401 posts
Bumble bee
  • Wedding: August 2015

We have an Ally savings account, and we like it. I think the “problems” PP mentioned are really just user error. 

Of course a savings account doesn’t have checks. It’s not a checking account! 

Again, it’s a savings account. There shouldn’t be a ton of monthly withdrawals; six should be plenty! In fact, unless you have an emergency or are making a savings-funded purchase, there’s really no need to withdraw from a savings account in general. 

The interface is easy to use and its a good place to house $$ that hasnt been invested but is really too much to stay in your checking account. 

TLDR: if you actually use it like a savings account and don’t try to make it something it isn’t (i.e. a checking account), you’ll be fine. 

 

Post # 8
Member
1633 posts
Bumble bee
  • Wedding: September 2017

I just opened an Ally account a couple months ago, to use as a long-term savings account, due to the fact that it has one of the best interest rates you can get for a standard savings account. I love it so far. Every month I transfer some money from my checking account, and it stays out of sight, out of mind (so I don’t touch it) accruing interest. Actually wish I’d opened the account sooner. No downsides that I’ve discovered.

Post # 11
Member
7421 posts
Busy Beekeeper
  • Wedding: June 2013

I believe it’s 3 business days to transfer from our Ally account to our checking account at an outside bank and no, they do not charge us to do that. I think when some people say they can’t get money right away, they mean they can’t go to a bank to withdraw money as they are mostly an online presence.

Also, the 6 transfers rule only apply to transferring money out of the account. You can transfer money into the account as many times as needed each month.

ETA: I just wanted to add that while Ally does not charge transfer fees, an outside bank *might* charge them. If that is the case I would find a different bank to keep your checking account at.

Post # 13
Member
1149 posts
Bumble bee
  • Wedding: July 2015

MrsBeck:  I disagree.  The only reason why Ally is able to give you such high interest on the savings account is because they don’t have centers, hence you elminate the costs of rent, employees at counter.  They don’t have atms either, and only reimburse you up to $10 for atm fees.  My Wells Fargo savings account, I can withdraw from it more than 6 times a month and not get charged and I can easily get money from any Wells Fargo atm without incurring any atm charges unlike Ally.  It’s up to OP what is more important to her, high interest rate or the convenience of being able to get money from her savings account and having atms and centers associated with that bank.

RosaBride:  My advice is that Ally Bank is fine if you want 1% interest rate and don’t mind the inconvenience of lack of atms and don’t care about face to face contact at a physical bank.  Another bank I would say is to use is Provident gives you a higher interest rate, I think 1.5%, for up to 15K for their CHECKING account.  They have actual banks and atms.  And they reimburse all of your atm fees if you make at least 10 transactions (can be a $1 coffee at 7&11) on your checking card every month and one direct deposit.  You get free checks too.  I don’t know if you have any around you, but we have them on the east coast.  We have a Provident account too.  The reason why Darling Husband and I don’t have all of our money in Provident is that Ally gives 1% on all amounts.  

Post # 14
Member
1170 posts
Bumble bee
  • Wedding: March 2011

I’m a banker 🙂

Aphroditejones is correct, the limit of six withdrawals per month is a Federal regulation and applies to all FDIC insured banks, including Wells Fargo.

Edited to add: I looked it up, it’s Federal Reserve Regulation D.  Wells Fargo charges $15 for excess withdrawals.

Just as an fyi Ally Bank was GMAC.

  • This reply was modified 3 years, 4 months ago by  karen12.
Post # 15
Member
454 posts
Helper bee
  • Wedding: August 2017

I have one and I love it. The con is the amount of time transfers take. I also have another savings account with a b&m bank and transfers are instant. That would be my only critique of them.

The topic ‘Ally Bank Savings Account’ is closed to new replies.

Find Amazing Vendors