What is Ally Bank?

When Ally Bank started operations, its advertising campaign was controversial. Its goal seemed to be criticizing other banks and setting itself apart as a friendlier, different kind of bank. It also used TV ads that disturbed some viewers. Ultimately, this bank makes money the same way that other banks do, although banking with Ally comes with some definite advantages and disadvantages, depending on your banking needs.

Ally gives customers decent rates on CD accounts and a variety of options. It has a "no penalty" CD that allows you to take money out early without paying fees. Its high-yield CD pays more but has traditional CD penalties if you cash out before maturity.

Of course, Ally won’t be the right bank for everyone. For one, being an entirely online bank without branches and the ability for cash deposits may be more of an inconvenience for many customers. If you really value face-to-face time with a banker and physical paperwork, it may not be for you.