Ally Bank Review The ORIGINAL Online Bank

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Ally Bank Review • Click “Show More” to see my Favorite Financial Tools • • ▽MY FINANCIAL TOOLS▽ • 🏦 SoFi Complete Money Management • ➤ Checking Savings - https://magnified.reviews/SoFi • ➤ Credit Card - https://magnified.reviews/SoFiCreditCard • ➤ Invest - https://magnified.reviews/SoFiInvest • ➤ Budgeting - https://magnified.reviews/SoFiRelay • ---------- • 💰 Chime Fully Online Banking • ➤ Sign-Up for Chime HERE: https://magnified.reviews/Chime • ➤ Chime Credit Builder HERE: https://magnified.reviews/Credit-Builder • ---------- • 💳 Favorite Credit Cards • ➤ Chase Sapphire - https://magnified.reviews/Sapphire-Pr... • ➤ Capital One Venture X - https://magnified.reviews/VentureX • ➤ Chase Ink Business - https://magnified.reviews/Ink-Business • ➤ Amex Green - https://magnified.reviews/Amex-Green • ➤ Amex Platinum - https://magnified.reviews/Platinum • ➤ Amex Business Gold - https://magnified.reviews/BusinessGold • • ---------- • 📊 Wealthfront Automated Investing • ➤ First $5,000 Managed for FREE - https://magnified.reviews/Wealthfront • ---------- • 💵 Current Card • ➤ Current | Modern Banking App - https://magnified.reviews/CurrentCard • ---------- • 📸 MY CAMERA GEAR • ➤ My Camera: https://magnified.reviews/Camera • ➤ My Microphone: https://magnified.reviews/Microphone • ➤ My Lights: https://magnified.reviews/Lights • Ally Bank in a lot of ways is the grandparent of the fintech industry since it was established in 2009. Now I know that's not that old but when compared to some of the competitors we looked at that are barely five years old, ally bank has been around for a while. In a lot of ways, they were one of the first to really popularize the fully online banking model and they've had a lot of time to refine their platform, customer service, and the many features that they offer. So as far as savings go, they currently offer 1% regardless of your balance and obviously that is constantly changing so be sure to check what the current rate is but at the moment 1% is pretty good and matches the 1% offered by Chime and beats out some other competitors like SoFi and Discover bank which currently offering 0.95%. • As always, the lack of fees is an expectation but they do offer a few other unique features that we haven't seen elsewhere. The first is called buckets which allows you to divide up all of your savings into up to ten categories making it a lot easier to keep track of these. They also have another feature called booster savings which allows you to set up recurring automatic transfers from either your checking or external account And while SoFi does have something similar, a few of the other banks that we've looked at don't have this feature so is a nice bonus. • Another feature they took out of Discover's playbook is their partnership with Zelle which if you don't know is a third party peer to peer app just like Venmo or cash app. Now some competitors have set up their own peer to peer transfers but as we talked about before, this isn't super convenient since both parties have to be on that platform and in most cases, it's just easier to use a third-party app like Venmo but just like Discover, Ally bank has partnered with Zelle meaning you can send and receive money into or from pretty much any US bank account which is really convenient and removes the need for another finance app like Venmo cluttering your phone. • On top of all those amazing features, you can also open a money market account or CD's and have the ability to invest in over 2,000 zero-commission ETFs. And as if that wasn't enough, they also have borrowing services giving you the ability to get a mortgage or auto loan. So that means this one platform offers checking and savings, money market accounts, CDs, an investing platform, and the ability to get a mortgage or auto loan all on the same platform and that right there is the reason Ally bank is included in this series. • So how do I personally feel it stacks up against the competition? Well, that's a tough call because in some ways it far exceeds the competition while falling far behind in other categories. Ally is known for typically having some of if not the best rates across the board but it's tough to compare those currently considering the crazy circumstances that these companies have had to face so I don't think I can definitively say that one is better or worse than Ally. If you specifically know that you want access to something like a money market account or CD while also being able to invest and borrow your money then this is really the only option to do those things under one umbrella. • Music from Storyblocks Audio • Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. • The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

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