Consumer reviews are somewhat problematic in that it is never certain whether a negative or positive review is honest. A review could be merely the expression of some disgruntled customer’s negative attitude, not having anything to do with the product or service itself. Nevertheless, professional review websites and publications can offer value for consumers looking for the best business in a particular industry. Reviews of firms in the financial services industry are especially important after the financial crisis of 2008. Banks in particular have received extra scrutiny and criticism.

Ally Bank is a renamed spin-off of General Motors Acceptance Corporation (GMAC), formed in 1919 to provide General Motors (GM) car dealerships with the financing to maintain vehicle inventories. GMAC ran into trouble in 2008, and the Federal Reserve allowed it to convert into a bank holding company to keep GM afloat. Restructured in 2009, Ally Bank (then known as GMAC Bank) was able to branch off and is now an Internet bank with $176 billion in deposits as of June 30, 2011.

Reviews of Ally Bank’s features highlight the attractive fee structure: no annual fees, no minimum balance requirements and no deposit mandates. The accounts offered at Ally Bank are extremely competitive, giving other online banks incentives to improve their offerings. A money market account can be opened with no minimum balance and no monthly fees. A complementary check card is provided and the first 50 checks are free. Interest compounds daily and six transactions per statement may be completed with no fees.

Interest checking accounts can be opened without a deposit, also with no minimum balance. A debit MasterCard comes with the account free of charge, along with checks, unlimited check writing privileges, online banking and Bill Pay. An added bonus is no ATM fees. The reviews of Ally Bank emphasize a neat feature provided by the bank: “Sleeping Money” notices. These inform the depositor when he could be earning more interest in another account. This happen no matter how small the balance is.

High yield savings accounts come with a $0 opening balance requirement and no monthly fees. This is the simplest of the accounts offered. Similar to interest checking, six transactions per monthly statement may occur with no fees levied. When it comes to certificates of deposit (CDs), Ally Bank offers some of the most competitive rates in the country according to the reviews of this bank.