Ally Bank

Ally Bank is an online-only bank with no physical branch locations, operating as a subsidiary of Ally Financial Inc. It is headquartered in Sandy, Utah, and serves customers across the United States entirely through digital and phone channels. Ally Financial was formerly known as GMAC, the financing arm of General Motors.

For individual customers, Ally Bank is particularly known for its high-yield savings accounts and certificates of deposit, which have generally offered competitive interest rates compared to traditional brick-and-mortar banks. The bank also offers checking accounts with no monthly maintenance fees and access to a large ATM network through reimbursement arrangements.

Ally also provides personal loans, home mortgages through Ally Home Loans, and investment services through Ally Invest. This makes it a reasonably broad financial services platform for consumers who are comfortable managing their finances entirely online.

Ally Financial, the parent company, is one of the largest auto lenders in the United States and provides financing through a wide network of car dealerships. This is a separate operation from Ally Bank's direct consumer products, and consumers shopping for a vehicle may encounter Ally financing at the dealership level independently of using Ally Bank for deposits.

Because Ally Bank has no branches, all account opening, customer service, and banking activity happens online, through the mobile app, or by phone. This suits customers who prefer digital banking but may not be ideal for those who value in-person access.

Ally Bank is a state-chartered member bank regulated by the Federal Reserve and deposits are insured by the FDIC up to applicable limits. Rates and product availability are subject to change.