Ally is a popular online bank that offers checking and savings accounts, auto loans, mortgages, investment services and IRA options.
Ally’s customer service department is second to none. Its call center is open 24/7, and real employees answer online chats.
In addition, Ally doesn’t charge overdraft fees on its checking accounts. That’s a great deal if you regularly experience short-term cash flow issues.
Benefits
Ally Bank is a popular online bank that offers a variety of savings accounts and money market accounts. These options offer some of the highest APYs in the industry and don’t charge any maintenance fees. They also offer a number of features that other banks don’t.
One of the biggest advantages of an ally bank business account is that it allows you to transfer funds between different accounts quickly and easily. You can set up transfers up to a year in advance and have the ability to schedule multiple transactions at once, making it easy to manage your finances.
Another reason to consider an ally bank business account is that it provides access to a wide range of business-related tools and software, including QuickBooks. This can be a huge benefit to small businesses, as it can streamline your financials and save you time on administrative tasks.
Having a separate personal and business checking account can help to protect your company in the event of an audit or lawsuit. It also lends credibility to your business and makes it easier to balance your books.
If you have an online business, a business checking account is a great way to get paid on time and stay organized. Many of these accounts will also integrate with business software, like Stripe and QuickBooks, to streamline your operations even further.
An ally bank business account is a good option for entrepreneurs and freelancers who are looking for an innovative, modern banking experience. The ally bank mobile app is a great option for those who want to check their accounts on the go or deposit checks remotely.
Ally Bank doesn’t have any physical branches, so it relies on its mobile apps and online banking account to deliver a range of business services. You can use the app to check your balances, make transfers, deposit checks, pay bills, find fee-free ATMs, and send money with Zelle.
Fees
Ally Bank has long been a popular online bank, offering checking and savings accounts. It also offers auto and home loans, mortgages, investment services and a robo-advisor.
It is also one of the first banks to eliminate overdraft fees. Other big-name online banks followed suit. But while Ally’s overdraft elimination has made the bank a hit with its customers, it has some drawbacks as well.
If you’re looking for a business checking account that will earn you a high interest rate, Ally may not be the best choice. The APY on its money market accounts is higher than some other money market banks, but it has a low minimum balance requirement that could be a turn-off for some people.
Moreover, some money market accounts will charge you a monthly maintenance fee, which can make them less appealing for some consumers. But Ally’s IRA accounts are a nice alternative, as they have no monthly maintenance fees and can be used to invest in a variety of CDs.
Some of these CDs are available in multiple term lengths, which means you can get the right amount of time for your money. Besides, Ally’s IRAs pay much more than most of their brick-and-mortar competitors.
Ally’s money market accounts have a low minimum deposit and no monthly maintenance fee, which can be a boon for some small businesses. However, their outgoing transfers and ATM withdrawals are limited to six per statement period, which might be frustrating if you need to make more than this.
Finally, Ally’s interest checking account is a good option for people who want a low-cost checking account with no monthly maintenance fees or incoming wire transfer fees. It also doesn’t require a minimum balance, so you can earn interest on your entire account without paying a fee.
Ally’s online banking features are simple and intuitive. You can check your account balances, deposit checks with eCheck Deposit and view your account history at any time from your computer or smartphone. You can even set up automatic bill payments and use the bank’s ATM-finding tool.
Integrations
Ally is an online-only bank that allows you to open a checking or savings account, deposit checks remotely and transfer money electronically. It also has a mobile app and voice-activated banking.
One of the coolest features of an ally business account is the way it integrates with popular tools and services that help you run your business better, such as Stripe or QuickBooks. For example, integrating these tools can save you time and money by automating manual tasks and making it easier to manage your finances.
When it comes to choosing the right business checking account, there are many factors to consider, including how your company operates and what you expect from your bank. For example, if you operate a brick-and-mortar business that deals primarily in cash, you’ll want to opt for a bank with a physical branch network. On the other hand, if you operate an online business that deals predominantly in digital transactions, you’ll probably want an account that’s designed with your specific needs in mind.
The best option is to partner with an ally bank expert who can recommend the best options for your business. This will help you get the most out of your bank account and your business in general.
Ally has partnered with Plaid to make it easy to connect your business with the most relevant and useful apps and services. Plaid is the only fintech provider to offer an integrated, secure and scalable integration platform that enables banks like Ally to deliver the best customer experience possible.
International Payments
An ally bank business account is an online-only option for consumers looking for an alternative to a traditional bank. It offers a variety of checking and savings accounts, along with mortgages, loans and investment options.
If you have customers and suppliers across the globe, you need a smart way to send and receive payments in a range of currencies. This means having a multi-currency business account which can help you avoid high international payments fees.
This can help you save time and streamline your payment processes overseas, so it’s a great way to keep on top of your cash flow in a more organised manner. Wise is a good choice for this, with its mid-market exchange rate and no markup, which means you’ll pay a simple, transparent fee per transaction.
You can also arrange to have your payments delivered to your recipient’s local bank accounts with Western Union, a global payment brand that’s available in almost every country around the world. These transfers are a quick and easy way to send money, although transfer fees and exchange rates can vary depending on the destination country.
Aside from Western Union, you can also use specialist services to send money abroad. These include money transfer specialists like TransferWise and PayPal, as well as providers that specialize in sending funds to specific countries, such as Xoom, MoneyGram or Paysend.
The best way to choose a service is to ask your sender what the exchange rate will be, and see which provider offers it at the lowest cost. Many banks and service providers add a markup or margin to the exchange rate they pass on, which can mean you get less money than you’d expect.
You can also take a look at specialist currency converters, which will give you a more accurate estimate of what your foreign currency payments will be – and can be a more affordable option for some. These services often have higher minimum amounts and a lower maximum amount, but this will depend on the company you choose.