Ally Bank first became an online bank in 2008. It's a part of Ally Financial, and with just over 600 employees, Ally Bank has quickly become a leader in simple online banking services. Ally has a good bank customer service record, and through direct, transparent contact with their online customers, the bank has quickly become a competitor offering numerous financial products. Some Ally Bank services include certificates of deposit (CDs), money market accounts, auto loans, IRAs and checking accounts. Most of the bank's customers are private individuals, and as such, the bank's online user interface and its services are tailored for individual customers rather than businesses or investment groups.
The simplicity of Ally Bank services is a major selling point for the bank's growing base of customers. While other private banks can have complex interest structures for CDs, money market accounts and other forms of investment, Ally Bank services are designed to be simple and easy to understand. This creates a better environment for individual bank customers, especially those with any worries about changing interest rates. One example of Ally Financial's transparency policy is their "Raise Your Rate" 2-year CDs. Customers can raise their annual yield once in the 2 year period, which prevents drastic rate changes from compromising the value of a certificate of deposit. Longer-term CDs are also available from Ally Bank, including a well-reviewed 5-year CD. An emphasis on good bank customer service policies has kept Ally Bank a step ahead of some other online banks. Their Popmoney service allows person-to-person money transfer via a simple electronic tool, and Ally Bank checking account customers don't pay for ATM fees at any ATM nationwide (ATM charges are credited back to the banking customer).
Ally Bank was first established as GMAC in 1919 and primarily issued auto loans. Over time, GMAC offered other types of loans, including mortgages. The institution was not actually a bank holding company until 2008. Today, Ally still offers automotive loans, but its wider range of products reflects its growth into a specialized online banking niche. Although Ally Bank has grown and has an established base of customers in both the United States and Canada, the bank is designed to operate online and there are only a few physical offices.
When considering Ally Bank services, customers should note the positive bank customer service record and its solid financial backing, as these factors certainly influence the ability of the bank to provide dependable certificates of deposit and other financial products. The competitive rates of many of Ally's products and services have made it a notable name in online banking.