Ally Bank is a US digital bank known for high-yield savings accounts, no-fee checking accounts, auto loans and a user-friendly mobile app. It also has around 11 million customers, prompting many to ask the question, can I open an account with Ally Bank in Canada?
Is Ally Bank in Canada?
No, Ally Bank is no longer available in Canada. While it used to operate in Canada, the bank left the Canadian market more than a decade ago.
So if you’re searching for banks like Ally Bank in Canada, check out the four alternatives below.
If you're looking for an alternative to the fee-free daily banking that comes with the Ally Bank Spending Account, or the competitive interest rate offered by the Ally Bank Savings Account, the EQ Bank Personal Account might be your best option. It combines both of these features in a single account.
You'll get unlimited monthly transactions for no monthly fee with this account, e-Transfers included, and you can pair it with a prepaid EQ Bank Card for no ATM or foreign transaction fees and to earn cashback on your spending. Even better, you can make your money work harder for you at the same time, as EQ pays up to 2.75% interest on your balance when you meet deposit requirements.
Competitive interest rate of up to 2.75%
No monthly fee or minimum balance requirement
unlimited transactions
Free withdrawals from any ATM across Canada
Earn 0.5% cashback with an EQ Bank Card
No branches for in-person service
Terms and conditions to earn the maximum interest rate
Designed for easy day-to-day banking, the BMO Performance Chequing Account offers unlimited transactions and $0 fee e-Transfers, and no fees on BMO ATM withdrawals. There's a $17.95 monthly fee, but that is waived when you maintain a balance of at least $4,000. Overdraft protection is also available for an additional fee, and it's simple and straightforward to manage your money via online and mobile banking.
unlimited day-to-day transactions with no fees—that's what you get with the Tangerine No-Fee Daily Chequing Account. This popular account from the online-only bank offers free e-Transfers, debit purchases, pre-authorized transactions and bill payments. You get fee-free access to Scotiabank's network of over 3,500 ABMs too, while other perks like a free chequebook help make this account a solid alternative to Ally Bank in Canada.
No fees for day-to-day banking
Free access to 3,500+ ABMs
No minimum balance requirement
50 free cheques
User-friendly online and mobile banking
Only pays a very low rate of interest
No branches for in-person service
2.5% foreign currency conversion fee
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$45
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $250
Simplii Financial: Ally Bank alternative in Canada
Just like the Ally Bank Spending Account, this offering from Simplii is a chequing account with no monthly fee. That means you get free e-Transfers along with unlimited debits, bill payments and withdrawals, plus a debit Mastercard you can use for in-store purchases. Overdraft protection is available if needed for a fee, while free access to the CIBC ATM network helps make this account a worthy Ally Bank alternative.
No monthly fee or minimum balance requirement
unlimited transactions
Free access to 3,400+ CIBC ATMs
No-fee international transfers
Only pays minimal interest
No physical branches for in-person service
Not available in Quebec
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$45
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $300
Key takeaways
Ally Bank is not available in Canada.
There are several reputable alternatives in Canada that offer similar products to Ally Bank, such as high-interest savings accounts and no-fee chequing accounts.
The right alternative to Ally Bank in Canada depends on the key features you need, so compare accounts to find one that’s right for you.
What is Ally Bank?
Ally Bank is an online-only bank based in the USA. The bank was launched in 2009, but its parent company, Ally Financial Inc., can trace its history all the way back to 1919 and the establishment of the General Motors Acceptance Corporation.
Ally Bank offers a variety of banking products and services to its customers. These include a no-fee chequing account, a high-interest savings account, auto loans and investing services.
As an online-only bank, Ally doesn’t have any physical branches. Customers can instead manage their accounts online or using a highly rated mobile app.
Is Ally Bank a real bank?
Yes, Ally Bank is a licensed banking institution and regulated by the US Federal Reserve. This direct bank is a member of the Federal Deposit Insurance Corporation (FDIC), so customer deposits with Ally Bank are covered by FDIC Insurance.
How does Ally Bank work?
Ally Bank offers the following features to customers in the USA.
Online-only
Ally Bank is a digital bank, so it offers its products and services completely online. Users can manage their accounts by logging in on the Ally website or by downloading the Ally Bank Android or iOS app.
Ally Bank Spending Account
The Spending Account is a no-fee chequing account designed for day-to-day banking. It has no monthly fee, no overdraft fees and no minimum balance requirement, and account holders get access to a network of over 75,000 no-fee ATMs. 24/7 support is also available if customers need help managing their accounts.
Ally Bank Savings Account
This savings account offers an annual percentage yield (APY) of 3.3% on all balances. There are no monthly fees to worry about, and users can set up savings “buckets” to help them save towards separate financial goals. They can also withdraw funds at any time.
Other savings products
Ally offers a money market account with an APY of 3.3% on all balances, and that has no monthly fees or minimum balance requirements. A selection of certificates of deposit (CDs) are also available, including the High Yield CD, the No Penalty CD and the Raise Your Rate CD.
Investing and lending services
There are several other financial products available under the Ally brand. These include a robo-advisor investing service, a self-directed stock trading platform, retirement accounts and car loans.
Does Ally Bank work in Canada?
If you’re a US resident and you have an Ally Bank account, you will still be able to access your account while temporarily visiting Canada. You will also be able to use your Ally Bank debit card while abroad, but you’ll pay a fee of up to 1% for international transactions.
Can Canadians use Ally Bank?
No, Canadians cannot use Ally Bank. So, why is Ally Bank not available in Canada? Ally previously had a presence in Canada and offered savings accounts, GICs and dealership auto financing. However, it sold its Canadian operations to RBC in 2013.
Today, Ally Bank only offers accounts to US citizens and permanent residents, so you will need to have a US address and a Social Security Number to open an account.
Where can you download Ally Bank?
US customers can download the Ally Bank app for free from:
Apple’s App Store for iOS devices.
Google Play for Android devices.
Ally Bank scams
Like all digital banking and online payment platforms, Ally Bank is a popular target for scammers. Scams commonly take the form of phishing emails or messages that direct unsuspecting users to a fake website or app to steal their login details. In other cases, scammers may impersonate Ally Bank’s fraud department to trick you into sharing your account information or paying a fake fee.
You can protect yourself against scams by following some simple security tips:
Setting up multi-factor authentication on your account
Never sharing your account information or login details with anyone
Not clicking on links in emails or SMS messages
Monitoring your account for any suspicious transactions
Is Ally Bank safe?
Yes, Ally Bank is considered a safe option for US customers. It is a legit, regulated digital bank, and deposits with Ally Bank are covered by FDIC insurance.
Ally did make headlines in April 2024 when it announced that it had fallen victim to a data breach. An unauthorized party gained access to a vendor’s system, potentially compromising the personal information of customers.
However, Ally Bank implements a range of security measures to help protect its customers. These include TLS encryption, multi-factor authentication, antivirus software and account monitoring. Ally Bank also guarantees that customers will not be liable for any unauthorized online or mobile transactions, provided that they report the transaction within 60 days of getting their statement.
Ally Bank investing alternatives in Canada
There are several alternatives to Ally Bank in Canada if you want to invest in stocks, ETFs and more online.
Wealthsimple is a popular option if you want a robo-advisor, providing access to a selection of pre-built portfolios based on your financial goals and appetite for risk. Questrade is another solid choice with its selection of Questwealth managed portfolios.
You can’t use Ally Bank in Canada, but the good news is that there are plenty of great alternatives available. The best one for you varies depending on what you need in a bank account, so compare a range of options before deciding where to deposit your money.
FAQs about Ally Bank in Canada
No, Ally Bank is not an international bank. Ally Bank is a US-based digital bank that only offers products and services to US citizens and residents. It does not operate any international branches.
Ally Bank's parent company is Ally Financial Inc. This financial services company is listed on the New York Stock Exchange and was formerly known as the General Motors Acceptance Corporation.
No. Ally Bank is an online-only bank and does not operate any physical branches. However, Ally Bank does have a corporate headquarters in Sandy, UT, and Ally Financial is headquartered in Detroit, MI.
Ally Bank is a US-based digital bank known for its no-fee chequing account and a high-interest savings account with a competitive rate. It doesn't operate any physical branches, but customers can easily manage their accounts using the Ally Bank mobile app. Ally also offers car loans, self-directed investing and robo-advisor investing.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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