Ally bank saving account

[KansasHawk]

Hi, so we currently bank with BOA as our main bank and have our emergency account with them as well that is earning 0.05 APY which is pathetic. I've searched to website and see a lot of people are using Ally's online savings account and getting 1.00 APY. Any negative or positive feedback you can share? I called them on Friday and discussed their accounts but wanted to see what others feedback has been.

I assume people are using the online savings account over the money market due to the higher interest. Any help is appreciated!

Thanks,

[EH]

I just switched over my emergency/house repair fund to Ally. I think I got more in interest in a month than all year from chase! It was super easy to do. Lots of good reviews on bogleheads for Ally if you search for it.

[wolverine41]

I have an ally checking and savings account. Both are easy to use and hassle-free. Customer service is easy to get ahold of and very good. 10 $ month to use any ATM outside the all-point system ( which is free - mostly CVS, Walgreens and Target) The savings account (1%) only allows 6 transactions per month. Only minor issue is if you have to deposit a large amount of cash.

[MochaDoc]

Ally online savings account holder here. No complaints.

I didn't know the MMA existed so I didn't consider it as an option. During my internet research of HYSA, only the savings account was mentioned so that was the one I sought out and opened.

If you're planning to use the account for emergency funds that you don't need access to with fewer than 2-3 business days notice, you'll be fine.

I've done a hybrid approach where I keep the majority of my emergency fund (66%) in Ally and the remainder in a brick and mortar in case I need access to some of my funds on very short notice. Clearly, if your e-fund is in the six figures or high five, you can keep less than I do in a brick and mortar savings account.

I, also, made more in interest in less than a month with Ally than I have ever earned in a brick and mortar savings account. Only regret is that I didn't switch sooner.

[VagabondMD]

I have had good experiences with multiple Ally interest bearing products-- Money Market, CDs, and savings accounts. Highly recommended!

[childay]

It's a good bank, no problems.  customer service is good too.

[Ivy]

I've had savings and checking accounts w Ally for 3-4 years.  Finally got rid of my local brick and mortar bank ~1 year ago.

The website is fairly easy to navigate.  Check deposits are easy.  No significant problems.

[DMFA]

There are a few 1% savings out there, some of which have strings (e.g. minimum transactions).  Ally's is p much no strings.  However, just keep in mind that you're talking about $21/month for $25,000 in the bank, so not major dollars here...but still better than nothing.

MochaDoc wrote:

If you’re planning to use the account for emergency funds that you don’t need access to with fewer than 2-3 business days notice, you’ll be fine.

Click to expand...

This is an important point imo.  I like to keep mine in the same bank as my main checking account because I like the ability to transfer immediately should I need it, and won't really miss that small amount of interest in my E-fund...but mathematically, if the little bits matter, it's the best option.

[KansasHawk]

Thanks for all the responses on Ally. Yeah this would strictly be our Emergency Acct and I like the idea of the hybrid approach of keeping some cash at BOA in case we need it quickly.

Thanks again!

 

[TheGipper]

May I suggest an alternative before you swap from BoA to Ally, if you are a fan at all of cash back reward cards.

Many (myself included) hold monthly cash flow needs in BoA checking/Savings and then Vanguard ETFs in Merrill Edge up to a total of 100,000 to obtain Platinum honors status and some awesome cash back rewards, including unlimited 2.625% on everything with BoA Travel rewards, 5.25% on gas and 3.5% cash back on groceries and wholesale clubs (Costco etc..) with the BoA Cash rewards card.  This can really add up.  I personally hold the 2nd tier of my emergency fund in Merrill Edge with VTEB (Vanguard muni index fund), but others just hold stock funds or part of their Roths in Merrill Edge to satisfy the requirement.  Platinum honors lets you buy VG or most any ETFs with 100 free trades per month so basically no transaction costs.  Can even get a big cash bonus when sign up with them.

I think the math adds up more faorable than just moving to Ally for 1% if your like cash back reward cards.

[Docbeans]

Another option is to wire money in or out if needed at very short notice. Ally's wire fees are lower than many others.

[Future Proof MD]

Been an Ally customer since 2013.  Really great bank.  Love everything about them except for this minor hiccup recently.  I have switched to Ally for my primary banking needs.  I keep my Chase accounts active in case I need to run into a local office.

[scbunker]

I use them, and no complaints from me. Note: they do a soft credit pull, so if your credit is frozen you'll have to unfreeze to open the account. They won't tell you which bureau they use, so you'll have to unfreeze all three. That's quite annoying...

[PhysicianOnFIRE]

I've used Ally for several years now. Free checks, good rates, can't complain.

I still park a little money at a local WF branch, but I could probably live without seventeen accounts I have there

-PoF

[VagabondMD]

PhysicianOnFIRE wrote:

I’ve used Ally for several years now. Free checks, good rates, can’t complain.

I still park a little money at a local WF branch, but I could probably live without seventeen accounts I have there

-PoF

Click to expand...

LOL, but those 17 accounts are the ones that you know about.