Almost 3 years I wrote about how I was switching banks from Wells Fargo to State Farm Bank. Well I’m switching banks again. This time I’m switching over to Ally bank.

Now that I actually have a savings account and I’m starting to keep money in the bank (thanks to my IT degree!) I figured it’s time to find a good establishment that can help me invest my money when I’m ready. Ally bank caught my eye because their interest rates are so high compared to other banks! On my savings account alone I’m earning 0.87% with NO MINIMUM balance required!

Ally bank offers free ATM fees just like State Farm Bank and they also allow you to deposit checks with your smartphone. One thing I have notified with Ally bank is they’re extremely fast with ACH deposits and withdrawals! I like this because when I pay my credit cards or transfer money to my bank account from PayPal, I can typically see the deposits/withdrawals within 24-48 hours!

Ally bank does have 24/7 support and you can always check the wait time on the ticket tape on the top of their website. The wait time always seems to be between 0-1 minute.