Anonymous wrote:NP here .. looks like a lot of you like Ally bank .. I am newbie for online banks .. why did you pick Ally .. pros and cons please ...

TIA !

We chose Ally because of their high savings interest rate and the fact that they offer both savings and checking. This allows us to keep more money in their high-yield savings account because you can make instant transfers between checking and savings. There are a few other online banks that offer a little better interest rate, but they don't have a checking option. Ally has been around now for a while and from our experience, offers great customer service. We also use them to buy and sell individual stocks and they no longer charge commission.

NP here .. looks like a lot of you like Ally bank .. I am newbie for online banks .. why did you pick Ally .. pros and cons please ...

TIA !

I always deposit checks using the app. It says you can only deposit checks up to 25k through the app, so when we had to deposit 40k, we just devided it into two checks. I think there was a short hold on each check, but was no longer than our old bank. I did appreciate that Ally sends emails confirming the deposit and saying when it will be available. Besides continuing to lower their interest rates (which I understand they can't control), we've been very happy with Ally. Their customer service is great!