Ally Bank rates are considered as among the most competitive among banks in the United States. It offers interest rates that are compounded daily making your money grow faster. Although Ally Bank's rate is variable, it may vary after opening of an account. Compared to other brick-and-mortar financial institutions however, Ally Bank offers a higher rate at lower fees.
| Operator | Card | Reliability | Best in | Score | |
|---|---|---|---|---|---|
#1
|
Visa, MasterCard | Low and transparent fees with mid-market exchange rates | International Money Transfers | 97 | Open Account |
#2
|
Visa | Online banking with no monthly fees | Spending Account | 96 | Open Account |
#3
|
Visa | Hybrid banking with quality support | Hybrid Banking | 94 | Open Account |
Ally Bank's saving account offers a 0.50% rate or Annual Percentage Yield (APY) across all balance tiers. This is higher than the United States national average of 0.06%. Savings interest is also compounded daily, thus making your savings earn more interest compared to other bank accounts that are compounded every month.
Remember that rate is variable and subject to change after the opening of account and that fees may reduce interest earnings.
Ally Bank also offers an interest-earning checking account with free access to more than 43,000 ATMs across the United States and at minimal fees. The APY for this account is set at 0.10% for accounts with daily minimum balance of less than $15,000 while 0.25% for accounts with a daily minimum balance of at least or more than $15,000.
Ally Bank offers three kinds of Certificate of Deposits (CDs). This include the High-Yield CD whose rates are as follows:
The other two CD types are the "Raise your Rate CDs" and the "No Penalty CDs".
The Raise Your Rate CDs allow bank account owners to avail of either a 2 or 4-year term plus it allow them to raise their CD rate of 0.55% APY once or twice depending on the term length of the CD.
The following list shows you how much an Ally Bank account owner can earn with a $10,000 investment on the Ally High Yield CD.
The Ally Bank Money Market account offers an Annual Percentage Yield (APY) of 0.50% across all balance tiers.
On average, according to latest data, Ally Bank's home improvement loan rates falls somewhere from 0% - 26.99%.
Ally Bank's rates for medical-related financing ranges anywhere from 3.99% to 26.99%.
Customers who funded their non-IRA CD not more than ten days from its opening date, will avail the best rate that Ally Bank offers for the term and balance tier of the account. The Ally 10-Day Best Rate Guarantee can also be availed at the renewal of terms.
You can easily check the current Ally Bank rates on the Ally mobile app by selecting "Accounts" on the menu, and choosing "Explore Product and Rates", or you may contact Ally Bank customer service at 1-877-247-2559.
Since Ally Bank wants to set customers' mind at ease, they offer a guarantee that an interest rate set for a certain value and length of time remains the same even if interest rates increases during the loan application process.
The margin account rates of Ally Bank are as follows:
Since June 2021, Ally Bank has ceased charging customers of an overdraft fee.