Ally Bank was originally founded in 2001 under the name GMAC Bank. It has headquarters in Midvale, Utah, and is an extension of Ally Financial, Inc. Ally has no branches, although there is a customer corporate center in Charlotte, North Carolina. All transactions are done online.
The company offers higher interest rates on typical consumer banking options, such as CD’s, money market accounts, checking and savings as the company has no brick and mortar branches to maintain. Ally Bank also offers credit cards, lines of credit, and personal loans. The company is popular with those who are more interested in competitive rates, than in visiting branches.
Ally Bank also offers mobile banking via apps that operate on both IOS (Apple) devices and Android phones.