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the system won't let me give zero stars, but that is what it deserves. these guys should not be allowed near money.
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Here is my take on what makes Ally different from CIT, Synchrony, Barclays, GE. First, the rate is not the best, but is consistently good. Second, phone service is poorly informed, but the correspondence through online messaging and email is good, quick. Third, they are way ahead of the game with their mobile app. Otherwise, these are all pretty much the same product with a different brand.
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Ally is a master at holding money that you designate to transfer out for days while they make money on the float. In some cases, with larger transfers they will hold you outbound money for days. 2 or 3 years ago, this may have been the market, but it is very aggravating when you realize that GS Bank, Barclays, Cit and others no longer play this game.
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I've also been a customer for many years. There is a lot to like about Ally - specifically it has been a player for so long and advertises so heavily about keeping existing customers happy, you know that you will always get a good rate. You can set it and forget it, and then you won't get sticker shock and find out 6 months later that you've been getting half what you thought you were getting. But, there are two things that drive me crazy, and maybe these are both just my own pet peevs. First, I cannot stand the way that when you login, you need to indicate that you are there to see your savings account and not your car loan. Second, I hate how long ACH transfers take. I have accounts at basically all of these banks and Ally is by far the slowest on outbound ACH transfers. If they would just fix these things, it would be as good as all of the banks listed here.
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I have had an account here for many years. Never a problem, never had to change to get a better rate. Look back 10 years ago and the players were ING Direct, HSBC Direct and Ally. The others are gone and Ally is still there. These other characters will be gone in 10 years and Ally will still be there. I like the fact that you can set it and forget it, even though the CD rates are pretty lousy.
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Avoid this bank! A week or so after opening my account it was frozen by Ally for no reason and without warning. It's been impossible to determine who I should speak to and I keep getting redirected to someone else. No one seems to want to take responsibility and help me. At times, the phone just rings and rings - hello, anyone there? Bank with Ally if you want you cash frozen for no reason and no one to get in touch with.
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I opened an Ally account. No problem. No fees, no minumums. No particular problems. I moved a bunch of savings into the bank and connected it to my checking. They have a fairly competitive rate although I'm waiting for the day when a good rate is not 1%.
jbs
Jan 4, 2017 |