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When it comes to banking, most people trust one of the large banking institutions to open checking, savings, and money market accounts. It is common for individuals to go to their local large banking institution to open an account merely due to convenience and habit. But then I heard of Ally Financial. Then I wondered, is Ally bank safe to use?



Large banks have fractured the trust of many people due to banking scandals, monthly fees, and account restrictions, among other infractions. After banking with two large institutions and suffering the many fees tacked onto my account, I began searching for another bank that wouldn’t take even more of my hard earned money from me. Instead of taking fees out of my accounts, I needed accounts that would actually pay interest and help further my financial goals. That’s when I chose Ally.



What is Ally?

Ally Bank is an online bank that offers banking solutions well above many of its peers. I started searching for a saving account that would pay a comparable rate of interest preferably compounding daily. It was simple. The more times the account compounded, the more interest I made from the account.



Is Ally’s Saving’s Account Worth it?

When I opened my savings account, it had one of the highest interest rates on the market for any bank. Ally also increases the interest rates on accounts every time their interest rate increases which means even more money saved!



I was skeptical. Most large banks boast interest rates of .01%. Even if you have thousands of dollars saved, your money isn’t even growing at the rate of inflation i.e. you are losing money over time! When I first started with Ally, my savings account had a rate of 1.80% and the interest rate increases usually several times a year. Even my starting rate of interest was phenomenal compared to what I was getting at my local brick and mortar bank.









How Does Ally’s Checking Account Stack up?

Not only does their savings account beat the competition, they also offer an interest earning checking account. At .10%, it’s still better than other banks that often don’t offer interest accruing checking accounts. You can open an account without a deposit and there is no minimum deposit for the account.



So What’s the Risk?

Thankfully, Ally is FICA certified like every other large banking institution so your funds are safe. While you won’t find any local Ally Banks on any corner near you, you have access to any ATM and you will be reimbursed for fees up to $10. You may be wondering, what happens if there is a problem with my account? Well Ally has 24/7 representatives available should you ever encounter any issues and they are extremely friendly and helpful. Unlike my other banks, I’ve never had any issues with Ally and I’ve now been a customer for years.



Ally is truly a game-changing bank. They don’t charge fees for having an account, they are extremely accessible especially for not having any physical locations, and they have some of the highest interest rates on the market. From checking and savings accounts to certificates of deposits as well as home and auto loans, Ally is definitely a strong bank to consider. So when asking “is Ally safe?”, the answer is a strong yes.



This post was sadly not sponsored but we welcome all sponsorships!









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