Ally Bank prides itself in being your best friend and providing you with the best care as a friend, instead of just a bank. Rated best online bank 5 years in a row by Money Magazine, Ally goes beyond the limits of any normal bank. Besides being founded in 1919 as GMAC (General Motors Acceptance Corporation), Ally has a long history of helping people and providing them with insurance, loans, investing tools, banking, and financing.
There are no monthly maintenance/service fees for savings and checking accounts when you sign up with Ally, nor do you need any money to start an account. You can withdraw from any ATM, and if the ATM has any fees without affiliation to Ally Bank you will be reimbursed up to $10. There is also 24 hour customer care, with estimated wait times available before you call. You can even stay updated with the mobile app.
“Our online savings account doesn’t have monthly maintenance fees, so you can grow your emergency fund – no matter how much you’re saving. You also get the advantage of daily compounding interest, so your balance can grow faster. Plus, we offer great rates that are consistently among the most competitive.” – Ally Bank
LIVE Trading Platform & Mobile App
Stay on top of the market with live news and streaming quotes available across multiple devices and via their mobile app.
View and customize six chart types (including candlestick, bar, mountain, and line) with over 90 chart studies and drawing tools to analyze the performance of stocks, ETFs and indices.
Market and Company Snapshots
Get market stats, news and detailed metrics and insights into individual companies so you can be in–the–know.
Ally Provides the Tools.
You Make the Decisions.
- Trade stocks, options, ETFs, mutual funds and bonds
- Custom charts and tools to analyze trades and performance
- Free calculators to help you make the most of your trades
- Stay on top of the market with live news and streaming quotes
- Access your account any time across multiple devices
NerdWallet, an online finance manager, has even reviewed the aspects of Ally’s bank and investment tools separately. “An online-only bank, Ally Bank has become popular among people seeking strong rates and robust customer service. Because it doesn’t have to put money into physical branches, Ally is able to offer better rates and fees than brick-and-mortar institutions and can invest more in its products.” – Bank Review
“Ally Invest may not have the brand recognition of some brokerages, but it packs all the muscle regardless. Ally dove into discount-brokerage field with the purchase of TradeKing in June 2016, and it’s now among the strongest players in the space. Ally rivals the major brokers across the board, but also offers other bells and whistles such as forex trading and automated portfolio management that are not available everywhere. Not only does Ally offer a cheap base commission, it whittles those fees down further for active traders, making Ally a nice choice for these investors.” – Invest Review
Ally Invest (previously TradeKing) offers clients a comprehensive package at a competitive price. The broker has a strong foundation for the future with its TradeKing LIVE responsive platform and new parent, Ally Financial.
Commissions & Fees
At TradeKing, regular stock trades are $4.95, with options trades costing $4.95 plus $.65 per contract. In years past, TradeKing had competition from other discount brokers. However, with OptionsHouse’s $4.95 per trade pricing currently in jeopardy due to the company’s acquisition by ETRADE, which charges $9.99 per trade, in 2016 TradeKing’s value-based pricing shines.
Going back to its banking side, Ally manages to provide customers with countless options on how they want to handle their money, from articles and lessons in financing to simply having credit cards, checking accounts, and savings accounts with few to zero fees. Ally also has an emergency savings calculator that helps people create a budget for a rainy day, as well as links to articles that teach people how to keep track of their spending.
“With a small but competitive set of deposit accounts, Ally Bank is a good choice for people who are interested in simple accounts that they can manage entirely on their own, with strong customer support options available when things get complicated. Like many online-only banks, Ally also offers higher interest rates and charges fewer and lower account fees compared to many brick-and-mortar banks.” – ValuePenguin
Not only does Ally go above and beyond as a bank, but they also exceedingly prove to be valuable members of their communities, educating people with helpful sources in order to achieve their financial goals. Ally has also provided for schools, families, and homeless through grants, donations, and programs.
Ally Business Lines
- Auto Finance
- Full spectrum provider
- New, used, leasing
- Floor plan & commercial services
- Dealer online services
- Auto focused insurance business
- Ally Bank
- Direct banking platform
- Deposit products
- Mobile banking
- Credit card
- Corporate Finance
- Financing for mid-market companies in tech, healthcare, retail & automotive
- Wealth Management & Online Brokerage
- Digital portfolio management platform
- Ally Invest