Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency exchange. However, that doesn’t mean you can’t use your Ally Bank account to buy crypto.
All you need is a reliable and trusted crypto exchange. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Ally Bank
As stated above, just like with the vast majority of banks, you can’t buy crypto with Ally Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto trading platform.
However, there are many cryptocurrency trading platforms that you can use for buying bitcoin and other cryptocurrencies.
1. Choose a cryptocurrency exchange
While there are a lot of cryptocurrency trading platforms, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Ally Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Ally Bank
Ally Bank leads online banking. Ally Bank is a leader of online banking. It provides personal banking services, as well as investment options.
Ally Online Savings Account doesn't have any monthly maintenance fees and offers one of the best APYs we have ever seen. You don't need to have a minimum balance in order to open an account or earn interest.
This account is well-known for its strong online management capabilities and mobile tools. This account also includes budgeting features to help you save money and reach your financial goals. These include a digital envelope, recurring transfers, and "Surprise Savings". This last feature checks your Ally Bank-linked checking account and transfers safe funds to your savings each month. This feature can be turned off if you do not wish to use it.
Ally Bank offers three kinds of certificates of deposit (CDs), High Yield CDs, Raise Your Rat CDs and High Yield CDs.
Ally High Yield Cds are available with terms ranging from 3 months to 5 year. There is no minimum opening deposit. Ally rates are among the most competitive in this industry. You will receive an APY Bonus if you open a new Ally High Yield CFD following your term. Ally offers a 10-day Best-Rate Guarantee. Ally will automatically increase your rate if rates rise in the first 10 days after you open a new CD.
Ally's Raise Rate CDs come with a 2-year and 4-year terms. Ally's new Raise your Rate CDs can raise your rate up to one per year. The 4-year term allows you to increase your rate by up to two times. Customers who open new CDs within the first term of their contract are eligible to receive loyalty bonus APYs.