Ally Bank
Headquarters
200 W Civic Center Dr
Sandy, UT 84070
See all branch locations →
ACH 124003116
Phone 877 247 2559
Reviewed by AllyAccountOwner | January 7, 2023 |
After being a customer for 12 plus years, I attempted to open and Estate account.
Ally declined my application saying they could not verify me even though I am a long time customer with six figures in assets on deposit.
They got the FEIN from IRS, the court papers and letter of office but no! In addition, there was NO communication with Ally during the process.
I went to DISCOVER BANK and it was a piece of cake opening an Estate account. The process took about 1-2 weeks plus I was able to submit everything electronically.
2024 Overview
General Bank Information
Ally Bank is an FDIC insured institution located in Sandy, UT. It was founded in 2004 and has approximately $181.97 billion in assets.
| FDIC Insured | Yes |
| FDIC Certificate | # 57803 |
| Date Established | 2004 |
| Assets | $ 181.97 billion |
| Loans | $ 135.30 billion |
| Deposits | $ 155.56 billion |
| Capital | $ 14.18 billion |
For a more detailed analysis of Ally Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - October 6, 2024
Your Current Location: Virginia, VA 20146
Online Only Savings Rates of Ally Bank
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings Account
|
4.00% | $0 | - |
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Online Only CD Rates of Ally Bank
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 3 Month CD
|
3.00% | $0 | - |
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| 6 Month CD
|
4.60% | $0 | - |
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|
| 9 Month CD
|
4.50% | $0 | - |
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|
| 11 Month CD No Penalty
|
4.00% | $0 | - |
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|
| 1 Year CD
|
4.25% | $0 | - |
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|
| 18 Month CD
|
4.10% | $0 | - |
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| 2 Year "Raise Your Rate" CD
|
3.50% | $0 | - |
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|
| 3 Year CD
|
3.60% | $0 | - |
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|
| 4 Year "Raise Your Rate" CD
|
3.50% | $0 | - |
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|
| 5 year CD
|
3.60% | $0 | - |
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|
| Checking Rates | APY | MIN | FEE | |
|---|---|---|---|---|
| Interest Checking Account | 0.10% | $0 | $0.00 | Learn More |
Bank Offers
Ally Raises No Penalty CD Rate to 2.30% on deposits over $25,000
Dec 20, 2018
Ally's 13-Month No Penalty CD rate on deposits over $25,000 is now 2.30%. The No Penalty CD may be opened online, and closed online at any point after one week without penalty. Ally usually offers this product at a premium and often raises this rate faster than its raises its savings rate (see our discussion on No Penalty CDs here).
Ally increases its online savings rate from 2.00% to 2.20%
Jan 17, 2019
Those with over $25,000 at Ally may find its 11-Month No Penalty CD to be more attractive and that rate remains at 2.30%.
Ally Bank Lowers Its 1-Year CD Rate to 2.60%
Jun 3, 2019
Ally Bank has lowered its 12-Month CD rate from 2.70% to 2.60%. See all of the highest online 1-year CD rates here.
Ally Drops Its Online Savings Rate to 1.90%
Aug 5, 2019
Ally has dropped its online savings rate to 1.90% and is no longer competitive with the best rates available. Customers should consider moving their assets with Ally to its No Penalty CD products or perhaps its CD products which remain competitive.
Bank Online Offers
Ally Bank raises its online savings rate
Jun 29, 2018
Ally Bank has raised its online savings rate to 1.75%. The complete list of the best savings and money market rates is here. Ally Bank has also raised some of its CD offerings, including its 2-year and 4-year "Raise Your Rate" CDs to 2.50% on balances over $25,000. Ally's new rate on its 11-month no penalty CD is now 1.85% on balances over $25,000. All of Ally's rates are listed here.
Ally Raises Savings and 11-Month No Penalty CD rates
Aug 3, 2018
Ally Raises Online Savings Rate to 1.90%
Oct 5, 2018
Ally Bank has raised its online savings rate to 1.90% on all balances. Those with more than $25,000 to deposit will find Ally's 11-Month No Penalty CD at 2.10% to be more compelling.
Ally Drops Its 11-Month No Penalty CD Rate to 2.20%
Aug 11, 2019
Ally has dropped its 11-Month No Penalty CD rate to 2.20%. The product, which BestCashCow had strongly recommended while the rate stood at 2.30% APY, has a $25,000 minimum deposit requirement. See all special term CDs here.
Ally Reduces Savings Rate From 1.90% to 1.80%
Oct 9, 2019
Ally has lowered its savings rate, yet again, in anticipation of further Fed Funds rate decreases later this year.
Once Again Ally Lowers Savings Rates
Nov 13, 2019
Ally Bank has lowered its savings rate to 1.70% from 1.80%. Ally seems intent to become less competitive for your money.
Ally Lowers Online Savings Rate to 1.60%
Dec 21, 2019
Ally has lowered its savings rate to a decidedly uncompetitive 1.60% APY. A better bet is its 11-month No Penalty CD which is now 1.85% APY.
Ally Lowers Online Savings Rate to 1.50%
Mar 13, 2020
Ally Bank has lowered its online savings rate by 10 basis points today.
Ally's Online Savings Rate Lowered from 1.25 to 1.10% APY
Jun 11, 2020
Savings rates continue to fall.
Ally Lowers Online Savings Rate to 1.00% APY
Jul 7, 2020
Ally has lowered its online savings rate 1.00% APY.
Ally Lowers Its Online Savings Rate to 0.80% APY
Aug 13, 2020
Ally has lowered its owline savings rate today from 1.00 to 0.80% APY.
Ally Lowers Online Savings Rate to 0.60% APY
Sep 24, 2020
Ally has lowered its online savings rate from 0.80% APY to 0.60% APY.
Ally's Online Savings Account Rate Lowered from 0.60 to 0.50% APY
Dec 10, 2020
Ally's OSA rate keeps falling.
Ally Raises Online Savings Rate to 1.75% APY
Aug 16, 2022
Ally has raised its online savings rate to 1.75% APY from 1.60%.
Ally Raises Online Savings Rate to 1.85% APY; No Penalty CD is Still at 2.00% APY
Aug 29, 2022
Ally has raised its online savings rate by 10 bps.
Ally Raises Online Savings Rate to 2.00% APY
Sep 1, 2022
Ally has raised its online savings rate to 2.00%, effective September 2, 2022.
Ally Offering 4.75% 11-Month No Penalty CD
Mar 13, 2023
This product certainly makes sense compared to Ally's savings and money market accounts, both of which are over 1% lower. The 11-Month No Penalty CD offers the same liquidity as those products after 6 days.
Ally Lowers Online Savings and Online Money Market Rates to 4.25% APY
Mar 16, 2024
Whether you are in Ally's online savings or its online money market account, your rate just went down by 10 BPS.
Ally Brings Online Savings Down to 4% APY
Sep 26, 2024
Ally has lowered its online savings rate to 4.00% APY.
The bank, which failed to compete with the best rates during the entire 2022 to 2024 rate increase cycle, continues to maintain a rate well below rate leaders.
It has also lowered all of its CD rates across the board.
Loan Rates - October 6, 2024
Your Current Location: Virginia, VA 20146
There are currently no loan rates available for Ally Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Virginia 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 503941 |
6.465% |
6.375% 1.00 points $3,030 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.581% |
6.490% 0.75 points $3,026 fees |
$2,021 | Learn More |
NMLS ID: 3030 |
6.722% |
6.625% 1.00 points $3,200 fees |
$2,049 | Learn More |
NMLS ID: 399801 |
points fees |
Learn More |
Featured - Virginia Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
7.490 %
|
$0 |
Learn More
More Info |
Note to Ally Bank
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Branches
Ally Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Ashburn,Virginia
Ally Bank Locations around zip code 20146
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 1824.64 | A | View Lobby Hours |
Climate Policy and Initiatives
Ally Bank's Corporate Social Responsibility report touches on environmental sustainability as an important principle. The bank also claims to a yearly climate change questionnaire to CDP, an environmental reporting organization, for assessment and calculation of its emissions.
Updated November 30, -0001
Ally has an extensive Corporate Social Responsibility report and claims that it is not directly funding harmful fossil fuel emissions projects. It however is the former GMAC and should be able to take an aggressive roll in reducing funding for internal combustion vehicles in favor of electric ones.
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Financial Details
Ally Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Ally Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Ally Bank | U.S. Bank Average |
|---|---|
| 6.83% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, Ally Bank had $1,212,000,000 in non-current loans and $1,000,000 in owned real estate. To cover these potential losses it had $14,180,000,000 in equity and $3,587,000,000 in loans loss reserves. That gives it a Texas Ratio of 6.83%.
Return on Equity
| Ally Bank | U.S. Bank Average |
|---|---|
| 13.54% | 10.46% |
Ally Bank has a Return on Equity of 13.54% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Ally Bank | U.S. Bank Average |
|---|---|
| 7.79% | 10.84% |
Ally Bank has a Capitalization of 7.79% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Ally Bank Balance Sheet Analysis
As of June 30, 2024, Ally Bank had assets of $181,969,000,000, loans of $135,303,000,000, and deposits of $155,556,000,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 6.78 billion |
| Interest-bearing balances | $ 6.34 billion |
| Total securities | $ 23.78 billion |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 135.30 billion |
| Loan loss allowance | $ 3.59 billion |
| Trading account assets | $ 5.00 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 1.00 million |
| Goodwill and other intangibles | $ 559.00 million |
| All other assets | $ 16.47 billion |
| Total Assets | $ 167.79 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 155.56 billion |
| Interest-bearing deposits | $ 155.25 billion |
| Deposits held in domestic offices | $ 155.56 billion |
| % insured (estimated) | 89.98% |
| Federal funds purchased and repurchase agreements | $ 1,547.00 million |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 15.63 billion |
| Subordinated debt | N.A. |
| All other liabilities | $ 2.98 billion |
| Total Liabilities | $ 167.79 billion |
| Shareholders’ Equity | $ 14.18 billion |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 6.56 billion |
| Total Interest Expense | $ 3.45 billion |
| Net interest income | $ 3.11 billion |
| Provision for loan and lease losses | $ 960.00 million |
| Total non interest income | $ 1,155.00 million |
| Total non interest expense | $ 2.27 billion |
| Pre-tax Net Operating Income | $ 2.27 billion |
Bank Loan Profile?
The top three loan types in Ally Bank’s loan portfolio are Consumer Auto Loans, Commercial and Industrial Loans, and 1-4 Family Residential Loans.
Compared to other banks in Utah, Ally Bank has a significantly higher percent of 1-4 Family Residential Loans, Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 14.28 | ✓ | ||
| Multifamily Mortgages |
0.04 | ✓ | ||
| Credit Card Loans | 0.91 | ✓ | ||
| Consumer Auto Loans | 53.33 | ✓ | ||
| Small Business Loans | 0.03 | ✓ | ||
| Construction and Development Loans | 0.18 | ✓ | ||
| Commercial Real Estate | 3.70 | ✓ | ||
| Commercial and Industrial Loans | 18.99 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Ally Bank
AllyAccountOwner
January 7, 2023 |
After being a customer for 12 plus years, I attempted to open and Estate account.
Ally declined my application saying they could not verify me even though I am a long time customer with six figures in assets on deposit.
They got the FEIN from IRS, the court papers and letter of office but no! In addition, there was NO communication with Ally during the process.
I went to DISCOVER BANK and it was a piece of cake opening an Estate account. The process took about 1-2 weeks plus I was able to submit everything electronically.
Is this review helpful? Yes:7 / No: 1
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