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Ally bank for savings?

dago said:
I use Ally Bank. I started using them in 2020. I have had absolutely no issues with them. I get my withdrawals within 3 business days. I believe there is a limit on the amount you can withdraw at a time, but it's way more than I will ever need. I am very happy with them. The interest rate is now 1.75% effective today.
Citi is another story. They are a little more restrictive.
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Are they FDIC insured?
 
We had an Aly account years ago but because it is online and needs a password the problem for us was a glitch when I changed the password and was locked out of our account with no one to talk to. Eventually a loss prevention person contacted us and was able to transfer my call to some one that could help. It wasn't a big deal but after our loan was paid I closed the account.

Bill
 
easyrider said:
We had an Aly account years ago but because it is online and needs a password the problem for us was a glitch when I changed the password and was locked out of our account with no one to talk to. Eventually a loss prevention person contacted us and was able to transfer my call to some one that could help. It wasn't a big deal but after our loan was paid I closed the account.

Bill
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Understand. I had similar issues with my MIL's accounts at Key Bank. I closed that account.
There is always glitches that you run into with any bank. The glitches I can accept. It's the poor customer service that is a turn off for me.
So far, no issues with Ally.
 
dago said:
Understand. I had similar issues with my MIL's accounts at Key Bank. I closed that account.
There is always glitches that you run into with any bank. The glitches I can accept. It's the poor customer service that is a turn off for me.
So far, no issues with Ally.
Click to expand...

We were pretty happy with Aly. I'm sure I caused our glitch. We left Bank of America because they closed all of their branches in our area and the service went downhill as they let employees go. We left 1 personal account open at BOA for our convenience.

Bill
 
Brett said:
I check Schwab for CD rates but can't get excited about 2% yields
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Honestly, it depends how soon you might need your $$. Frankly, I'm surprised how many consumers are sucked into this falsehood.

Understand what your buckets of $$ are for, and then decide from there. Cash can be king!
 
And, all this was for naught. Turns out Discover is now paying the same as Ally.

Worse, Ally limits withdrawals to 10K per day :(

I haven't run into a limit with Discover.
 
I have online savings accounts with Barclays.
They currently pay 2% with no limit on draws.
But there's a 5 business-day hold on deposits.
The online interface is fairly simple & intuitive.
.
 
Snazzylass said:
Worse, Ally limits withdrawals to 10K per day :(
I haven't run into a limit with Discover.
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Are you sure this is correct?

I made a $40,000 online transfer from Ally to another bank in early August. At the time, the other bank was paying a higher interest rate.

I just saw today's CPI (inflation) report. Inflation continues to run high. It's likely that the Fed will raise interest rates later this month, and the online banks may follow.
 
I used Ally Bank before and didn't care for how slow the transfers took. It took 3 to 5 days for funds to get transferred out. Their website was also very slow. I used Synchrony Bank 2 years ago and their login passwords must not contain special characters. I pulled all money out last year as their online outfit is not secure. Right now, I simply buy CDs through Fidelity but offered by all the big banks and investment firms, and their rates beat all the online banks.
 
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VacationForever said:
I used Ally Bank before and didn't care for how slow the transfers took. It took 3 to 5 days for funds to get transferred out.
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Interesting. I use Ally to initiate transfers to/from my Wells Fargo accounts all the time, and it is always completed in 2 days.

Kurt
 
We have used Ally Bank for over five years no problems or issues.
 
We've been traveling for the past few weeks. We just returned home last night, so today is catch-up day for all the things I couldn't do while away (while using a public network, for example).

I see that Ally is at 2.5% for their savings account as of today. I don't know when they last adjusted the rate on their savings account. Perhaps it's due for another bump up after the Fed's decision to raise rates last week? They also offer a "no penalty" CD at 3.1% with an 11 month term. (I don't have this type of account, but I'm wondering if I should consider it.) According to the Ally website: You can withdraw all your money any time after the first 6 days following the date you funded the account and keep the interest earned with no penalty.

We have a Wealthfront online savings account. This is now at 3.3%. That's even higher than the Ally no-penalty CD.
 
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