Ally Bank Business Account: Features, Benefits, and How to Open
Are you a small business owner looking for a reliable and efficient banking solution? Look no further than Ally Bank’s business account. In this blog post, we’ll explore the features, benefits, and application process of Ally Bank’s business account.
Ally Bank is a digital bank account that offers a range of personal and business banking solutions. The bank is known for its low fees, high-interest rates, and user-friendly online banking platform. If you’re a small business owner, you may be wondering if Ally Bank’s business account is right for you. Let’s find out.
Features of Ally Bank Business Account
Ally Bank offers three types of business accounts: Basic Business Checking like kabbage business checking account, Interest Checking, and Money Market. Each account comes with its own set of features and credit union benefits.
The Basic Business Checking account is ideal for small businesses with low transaction volumes. It offers no monthly maintenance fees, no minimum opening deposit, and up to 350 free transactions per month.
The Interest Checking account is best for businesses with higher transaction volumes. It offers interest on your balance, no monthly maintenance fees, and up to 500 free transactions per month.
The Money Market account is perfect for businesses with excess funds. It offers high-interest rate on your balance, no monthly maintenance fees, and the ability to write checks and make transfers.
Ally Bank’s online banking platform is also worth mentioning. The platform is user-friendly and allows you to manage your account from anywhere, at any time. You can view your balance and transaction history, pay bills, deposit checks, and transfer funds.
Benefits of Ally Bank Business Account
Ally Bank’s business account offers several benefits that make it an attractive option for small business owners.
One of the main benefits is the competitive interest rates. The Interest Checking and Money Market accounts offer high-interest rates that can help your business earn more money.
Another benefit is the free checks. Ally Bank offers free checks for all business accounts, which can save your business money in the long run.
Finally, Ally Bank’s customer support team is dedicated to helping business owners with their banking needs. Whether you have a question about your account or need assistance with an application, Ally Bank’s team is available to assist you.
How to Open an Ally Bank Business Account
Opening an Ally Bank business account is a simple and straightforward process. Here’s what you need to do:
- Visit Ally Bank’s website and select the business account that’s right for you.
- Provide the required information, such as your business’s legal name, address, and tax identification number.
- Upload the necessary documents, such as your business’s articles of incorporation and your personal identification.
- Wait for your account to be approved. This typically takes a few business days.
- Once your account is approved, fund your account and start using it!
Benefits of Using a Digital Bank for Your Business Account
In addition to the specific benefits offered by Ally Bank’s business account, there are also general benefits to using a digital bank for your business account.
Firstly, digital banks typically have lower fees than traditional banks. They don’t have the same overhead costs as physical branches, which means they can pass those savings on to their customers.
Secondly, digital banks often have higher interest rates than traditional banks. This is because they don’t have the same expenses as traditional banks and can afford to offer higher rates.
Thirdly, digital banks offer convenience and flexibility. You can manage your account from anywhere, at any time, and you don’t have to worry about visiting a physical branch during business hours.
Finally, digital banks have top-notch security features to protect your account from fraud and cyber attacks. They use advanced encryption and authentication methods to keep your account safe.
By choosing a digital bank like Ally Bank for your business account, you can enjoy these benefits and more.
How Ally Bank Business Account Compares to Competitors
While Ally Bank’s business account offers many benefits, it’s important to compare it to other business banking options to see how it stacks up. Here’s a quick comparison of Ally Bank’s business account to two of its competitors:
Ally Bank vs. Chase Business Complete Banking℠
Chase Business Complete Banking℠ is a popular option for small businesses. It offers similar features to Ally Bank’s Basic Business Checking account, including no monthly maintenance fees and a low minimum opening deposit. However, Chase Business Complete Banking℠ only offers 100 free transactions per month, compared to Ally Bank’s 350. Additionally, Ally Bank offers higher interest rates on its Interest Checking and Money Market accounts.
Ally Bank vs. Wells Fargo Business Choice Checking
Wells Fargo Business Choice Checking is another popular option for small businesses. It offers similar features to Ally Bank’s Basic Business Checking account, including no monthly maintenance fees and a low minimum opening deposit. However, Wells Fargo Business Choice Checking only offers 200 free transactions per month, compared to Ally Bank’s 350. Additionally, Ally Bank offers higher interest rates on its Interest Checking and Money Market accounts.
Overall, Ally Bank’s business account offers competitive features and benefits compared to its competitors. By choosing Ally Bank, you can enjoy low fees, high-interest rates, and a user-friendly online banking platform.
Ally Bank’s business account is a great option for small businesses. With its low fees, high-interest rates, and user-friendly online banking platform, it’s no wonder why so many business owners choose Ally Bank for their banking needs. If you’re ready to take the next step and open an account, head over to Ally Bank’s website and get started.