How to Buy Crypto with Ally Bank
Summary: While Ally Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party cryptocurrency trading platform.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most banks, Ally Bank doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
Luckily for us, there are plenty of crypto trading platforms to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with Ally Bank
There are only 4 steps involved, let’s get started!
1. Choose a crypto trading platform
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign-up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Ally Bank.
About Ally Bank
Ally Bank is a leader in online banking. It offers personal banking services as well as a variety of investment options.
Ally Online Savings Account has no monthly maintenance fees, and offers one the best APYs that we have seen. To open an account and earn interest, there is no minimum balance requirement.
This account is also notable for its strong online management and mobile tools. It also has built-in budgeting features that will help you save money for your financial goals. These features include a digital envelope, recurring transfer, and "Surprise Savings". This last feature analyses your Ally Bank linked checking account and transfers safe money to your savings each month. If you don't wish to use this feature, you can turn it off.
Ally Bank offers three types certificate of deposit (CDs), High Yield CDs and Raise Your Rate CDs.
Ally High Yield Cds do not require a minimum opening deposit and have terms that range from 3 months to 5 years. The rates offered by Ally are some of the most competitive in the industry. If you open a new Ally High Yield CFD after your term ends, you will be rewarded with an APY bonus. Ally also offers a 10-day Best Rate Guarantee. This means that if rates rise within 10 days of opening a new CD, Ally will automatically raise your rate.
Ally's Raise your Rate CDs are available with a 2-year or 4-year term. You can increase your rate up to once per year if Ally's new Raise Your Rate Cds have a higher rate than your current rate. You can increase your rate up to twice if you choose the 4-year term. Customers who open a new CD within the first term are eligible for loyalty bonus APYs.
The No Penalty CDs from Ally Bank have an 11-month term and allow you to withdraw funds without penalty within six days of account opening. Although the rates aren’t as competitive as Ally’s other CD rates they still offer competitive rates, especially when compared to CDs offered at brick-and-mortar bank branches. Customers who keep their word until the end of the term receive a loyalty bonus and the No Penalty CD is subject to Ally’s 10-day best rate guarantee.
Ally offers a unique checking account that may be appealing to new customers.
All customers can earn interest with the Ally Interest checking account. However, those with higher balances will earn a higher rate. Ally's checking account does not have a minimum balance requirement or an annual fee.
Although the bank does not have physical branches, its mobile banking apps and online account allow you to transfer funds, pay your bills online and deposit checks remotely. Allpoint ATMs are free to use with your Ally Bank debit cards. Ally Bank also reimburses out-of-network ATM fees each month.
Ally Bank's customer satisfaction score is below average when compared to the rest. The J.D. Index lowered it two points from the industry average. U.S. Power 2021 Direct Banking Satisfaction Study. It currently holds a C rating with The Better Business Bureau.
Ally does not have branches. You will need to feel comfortable managing your accounts online. If you have any questions, you can reach out via email, chat, phone or live chat. Ally offers 24/7 customer support to help you.
Online banks are able to attract customers by offering high APYs with low fees. Brick-and-mortar bank can't compete with online banks on these fronts so they rely on relationship benefits such as waived fees and higher APYs to open multiple accounts or keep larger sums at the bank.
Ally's only relationship benefit is the bonus APJs customers who renew their CDs at the end the term. This is not something that can be considered a relationship benefit. Although this is not something you'll find with all banks, online and brick-and-mortar, it's something that many customers will appreciate.
Ally has a lot to offer, even though it doesn't require special relationship benefits to attract new customers.