(Guide to Opening an Ally Bank Account)
One of my investments required me to open an Ally Bank account. The whole process was relatively painless and easy. I for the most part would recommend Ally Bank. They offer ultra competitive rates, and great service, two things no other bank is offering right now unless you have a million dollars you want to invest with them. Most likely the reason for this is they are beyond desperate for customers, but who cares their loss and our gain.
The main reason to open an Ally account is for a place to store cash you wont be using but don’t want to risk on the stock market at large. Ally offers some of the best CD rates (Up to 0.93% for a APY!) to entice new customers and offers them without a minimum investment amount, most other banks have a minimum of $1,000.
To sign up for a new Ally account first go to Ally.com.
On the top of the screen will be a button that says “View Rates” press this.
1. The first step of course is choosing to create a new account, by selecting “I am a new customer.”
3. The third step is to enter your account information. Including, last name, first name, social security number, address, and phone number.
4. The fourth step is the creation of the account. Including agreeing to the terms and conditions set forth by Ally bank. As well as giving your consent to receive account information electronically.
5. After agreeing to all the terms and conditions you then need to fund your new Ally bank account. To fund your new Ally bank account you can either make an online transfer from another bank. Or make an opening deposit by mail or wire transfer. For my CD I chose to use the electronic transfer since it would fund the account the quickest (in my case in just three days).
After choosing my funding method another confirmation screen appears to confirm that I want to electronically fund my new Ally account with money from the bank account I added.
6. Hitting next takes you to a congratulations screen since you have just completed the creation of an Ally bank account.
Pros: Some of the best things I have found about Ally bank so far, is the sleek easy to use website they have. As well as the ease of adding new accounts and checking on your current ones. If any of you have experienced other online banking (cough, Chase, cough) you will really appreciate the simplicity and clean cut user experience of Ally.com.
Perhaps Ally’s best quality at the moment aside from industry high CD and money market rates, is it’s customer service. One of the first things you will see when going to Ally.com is an up to date counter of how long it will take to reach a live assistance if you need help. While more and more companies are cutting service especially in the banking industry Ally is making it front and center.
This is in no way more obvious than on the mobile Ally App, is it has an option right there smack dab in the middle to call a real live person for help. In this day and age where more and more places don’t have any way to reach them Ally tries to make it as easy as possible.
Cons: GMAC. No its not a secret new burger at McDonalds, it is what Ally bank used to be called before the financial crash. Although my money in my $100 CD is FDIC insured it is still worrisome that the new and improved Ally bank used to be one of the biggest losers of the financial crash. Lets just hope it learned its lesson.
I hope this guide on opening an account at Ally bank helped you. If you have any questions don’t hesitate to email me at Brett@investinged.com.