All about Ally Bank
Ally Bank is the one and only purely online bank (which means it has no physical office, headquarters, and of course branches). Meaning to say, clients of this bank do not (obviously) need to head on to its branch near them just to open for bank accounts and apply for credit cards, everything is processed online!
Ally Bank also happens to be the parent organization of Ally Financial Inc. and Ally Invest Forex LLC (all with a registered trademark).
All about Ally Financial Inc.
Ally Financial Inc. (or Ally financial) is a direct banking subsidiary of Ally Bank. With that being said, Ally Financial is a top-tier online financial service company and belongs to the 25 us financial holding companies that offer financial products and services (that are guaranteed better than the traditional auto loan and auto financing institutions) for the following:
– Corporate clientele or consumers
– Different types of businesses such as small scale, medium scale, large scale, and even online
– Car dealers
All about Ally Invest Forex LLC
Ally Invest Forex LLC is an online foreign exchange currency platform that is a subsidiary of Ally bank, it is recognized as the world’s most traded marketplace online. With that being said, with Ally’s forex (foreign exchange) site you can enjoy the following benefits:
Trade for over 80 currency pairs real-time!
– You can also trade for gold and silver real-time!
– Make the most of the benefits being offered by the most sophisticated online forex trading platforms
– Make use of the most premium forex charting tools
– Complete professional forex tools
– Constricted forex spreadsheets for as low as 1 to 2 pips
– Absolutely free access to basic and in-depth education about currency trading and foreign exchange (forex)
– More than 10 technical currency indicators
– Ally Invest Forex LLC managed portfolio which boast the lowest advisory fees, smart tools, 24/7 customer service support; and you can start investing for this for only $2,500.00
– Absolutely free access to actionable online research
– Absolutely free access to the most detailed forex charts
– Good customer service support team from Sunday 10:00 AM ET to Friday 5:00 PM ET
Complete List of Products offered by Ally Bank Car Loan
Ally Bank’s popularity has rapidly risen among clients who are searching for better rates and terms and 24/7 good customer service. With that being said, listed below are the products offered by Ally Bank:
– Checking Online Account– Ally Bank’s checking online account boasts an interest rate-
bearing account with the most competitive rates and terms, lowest fees, and a free access to more than 40,000 automated teller machines (ATMs) across the American nation.
This online-only banking institution also reimburses up to $10.00 for every cycle of the statement for any fees that the consumer is being charged due to transacting with an out-of-the-network automated teller machine (ATM) in the United States of America (USA). Even though there is only one checking account for the Ally clientele to
choose from, its rates and terms are guaranteed competitive which starts at 0.10 annual percentage yield (APY).
Take note that this online-only banking institution do not accept cash deposits, which means that the client’s only options is downloading its mobile application via your phone’s app store for check deposit purposes, set up a direct deposit via an online account, setting up a wire bank transfer, and sending a bank check via email.
– Savings Online Account – Ally Bank’s savings online account boasts that clients will earn more than 20 times higher than the national earning average than those traditional banking institutions can only provide. This is because this online-only bank compounds its interest rates every day! Bank deposit checks are remotely processed
using only the Ally eCheck Deposit, plus it has 0% monthly maintenance fees (yes with Ally Bank, there is absolutely no hidden charges!).
Provided that, clients can freely transfer funds between one Ally account to other banking institutions plus, it is also possible to schedule for bank transfer that is advance to a year! This savings account’s rates and terms are guaranteed competitive starting from 1.90% annual percentage yield (APY) with a minimum balance of $1.00 for its APY. The only catch is that, Ally Bank’s savings account has a limit of only six banking transactions per cycle of the statement, why? Because all the deposits made are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum capacity permitted by the U.S. government law.
– Ally 10-Day Best Rate Guarantee – Ally Bank offers only the best rates for their clientele’s certificate of deposit (CD) terms with Ally 10-Day Best Rate Guarantee. With that being said, this online-only banking institution boasts a High Yield CD has the available rates and terms of 3, 6, 9 months / 1 year up to 1 year and 6 months / 3 years up to 5 years term with an annual percentage yield (APY) of 2.50%.
All the deposits made are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum capacity permitted by the U.S. government law.
– Interest Checking Online Account – This online-only banking institution boasts an annual percentage yield (APY) of only 0.10% for clients with less than $15,000.00 minimum daily bank account balance and 0.60 APY for clients with at least $15,000.00 minimum daily bank account balance. Ally Bank proudly present bank deposit checks are remotely processed using only the Ally eCheck Deposit with 0% monthly maintenance fees (yes with Ally Bank, there is absolutely no hidden charges!).
This checking account also comes with card with an EMV chip technology – Allpoint ATM (this bank card for free but it is for U.S. residents only) , where an amount of up to $10.00 is reimbursed for every cycle of the statement for any fees that the consumer is being charged; this is due to transacting with an out-of-the-network automated teller
machine (ATM) in the United States of America (USA). With this interest checking account, clients can simply receive and send cash from family, friends, relatives (anyone!) with a U.S. bank account fast and secured by Zelle – a digital payments networking service system in the U.S.A. that is supported by Wells and Fargo.
The website has 24/7 live customer service representatives who are always willing to assist its clientele (it’s as if you are talking to real-live bank personnel!)
– Ally Bank CashBack Credit Card – Get rewarded for the things that you purchase the most with this credit card brought to you by Ally Bank. This credit card boasts to have 0% annual fees and unlimited rewards await you whenever you shop! With that being said, this credit card will give you a 2% cash back (or rebates) at participating grocery stores and gasoline stations across the U.S. nation, 1% cash back (rebate) on the rest of
your purchases, 10% bonus deposit whenever you spend at least $500.00 on all eligible purchase during the first 90 days of card opening.
In addition to that, you can pay using this anywhere in the world where Visa card is honored (can also be added to Apple Pay and Samsung Pay).
– Certificate of Deposit (CD) Ladder Tool – This type of product offered by the Ally Bank guides clients on how to combine long-term income and cash flow earnings with a more recurrent access to a portion of your cash. With this tool, the clientele can easily step up their money saving strategies!
– Money Market Online Account – Ally Bank boasts its money market account (which also comes with a card that is embedded with an EMV chip technology) which has a higher rate of earning potential compared to traditional money market accounts; this is because the interest rates are compounded on a daily basis.
It has an annual percentage yield (APY) of 0.90% for clientele with less than (and also more than) $5,000.00 minimum daily bank account balance and 1.00% for clientele with $25,000.00 minimum daily bank account balance. Bank deposit checks are remotely processed using only the Ally eCheck Deposit, plus it has 0% monthly maintenance fees (yes with Ally Bank, there is absolutely no hidden charges!). In addition to that, all the deposits made are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum capacity permitted by the U.S. government law.
– No Penalty Certificate of Deposit (CD) – Unlike most traditional banking institutions, Ally Bank proudly presents you a no penalty CD! It has an 11-month available term with an annual percentage yield (APY) of 1.75% for clientele who have less than $5,000.00 initial bank deposit, 2.00% for clientele who have $5,000.00 minimum initial bank
deposit, and 2.10% for clientele who have at least $25,000.00 minimum initial bank deposit!
– Individual Retirement Account (IRA) Raise your Rate Certificate of Deposit (CD) – This type of product offered by this online-only bank offers 2-4 years available term with an annual percentage yield (APY) of 2.50%. With Ally Bank’s IRA CD, clients can begin with the best rates and terms plus a great opportunity to raise your rate (hence the name).
For instance, a certain client funded its IRA CD in a span of 90 days, he will get the best rate offered for his chosen term and the balance on either the day you opened an online account or the day you have deposited funds in the said account. Provided that, a client can raise its rate once during its 2-year term or twice during its 4-year term.
The only catch is if a certain client’s rate for Ally Bank’s term and balance level increases on its IRA CDs. This retirement account is available for simplified employee pension (SEP), Roth IRA, and traditional individual retirement accounts. All the deposits made are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum capacity permitted by the U.S. government law.
– Individual Retirement Account (IRA) Online Savings Account – This account offered by Ally Bank boasts an annual percentage yield (APY) of 1.90% on all balance levels with absolutely 0% monthly maintenance fees (yes with Ally Bank, there is absolutely no hidden charges!) and interest rates that are compounded on a daily basis. This
retirement account has available funding options for rollover Roth IRA and traditional individual retirement accounts.
This account has a limit of only six banking transactions per cycle of the statement, why? Because all the deposits made are fully insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum capacity permitted by
the U.S. government law.
Things to Consider before Applying for an Ally Car Loan
Do not prolong the stress of buying your dream car, just go online and search for Ally Bank car loan! With that being said, we have listed all the important things that you need to do and consider before you apply for a car loan:
– Know how much is your Budget for – Knowing how much money you only have and the total price of the car payment (and the monthly payment that you must always pay early or on time). Aside from that, you must think ahead and include the costs of car registration, car insurance, and the car care and maintenance that entails to it (such us
changing of oil, emission tests, car wash, etc.).
In short, think beyond the auto loan because it is not all there is when you get your own car.
– Check your Credit Scores – Before you do some research about auto loans, you must check your credit score, credit cards, credit report, and credit history first. We highly advise you to do some credit report check every year so that you can easily monitor your credit scores (and see if it is accurate or not).
The good your credit score is, the easier it is to secure an auto financing loan and be certain of your loans getting approved (and pre-approved) fast in the future. With a perfect fico score, a good credit report, and a flawless credit history, you will get an auto loan with the lowest interest
rates and terms!
– Shop for the Best Car Loan for You – Now that you have checked your credit score, credit card, credit report, and credit history and everything is good, you can now go and shop for the best car loan for you! With that being said, apply for a car loan that suits your financial capacity, fits your lifestyle, and will not break your budget. Loan for a car with a size that is for private party use only, pick the car that is in your favorite color,
take a look at the gas mileage, plus check the car’s interior and exterior features.
By following all the pointers above, you will surely get your car loan approved fast (or better, get pre approved!) and you will definitely be driving your dream car home in no time! So, you must always remember the given pointers if you want to apply for a car loan.
How to Apply for an Ally Bank Car Loan
Aside from being an online-only bank and a forex exchange platform, Ally Bank is also an indirect auto financing lender! With that being said, an indirect auto financing lender is the one that offer loans via car dealers. Take note that you cannot directly call Ally Bank to discuss about the car loan rates and terms estimates.
Instead, here is a step-by-step process on how to apply for an ally bank car loan:
1. Go to a car dealer near you who is connected to Ally bank
2. Choose the car that you wish to buy
3. The car dealer performs a credit score (also known as fico score) and credit report check on you
4. The car dealer finds the best auto loan with rates and terms and a monthly payment that best suits your qualifications, fico score, and the car that you wish to buy
5. You as a client will choose the auto loan offers presented by your car dealer
In line with this, Ally Bank car loan offers four auto financing options just for you, and here are the following that you can choose from:
– Purchasing a typical car loan
– Car leasing
– Ally Bank’s buyers choice
– Ally Bank’s balloon advantage
Given the following pointers above, you as a car buyer must always be fully alert with any indirect car lender that you negotiate with. This is because they might set an interest rate base and permit the car dealership to make an additional mark-up on top of the given rate.
That rate markup can serve as revenue for the car dealership and a way to offer you a very expensive auto loan.
To conclude, Ally Bank car loan is by far the best choice for millennials. Its banking institution alone is very innovative and can be accessed anytime and wherever you are as long as there is a fast and stable internet connection.