re: Tell Me About Ally Bank

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Hijack question. I don't understand why people use multiple banks for personal use. I have so many various online accounts, I try to consolidate as much as possible into the same entities (banking/credit, phone/internet, etc). Only where it makes sense, of course. I happen to have Capital One credit cards and also use them for banking, so it works out.

Is there a good reason why you use both banks that I am missing?

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If you like the checking account at one bank but the savings account at another, why not have accounts at both? Most banks don't offer 1% interest savings accounts, but Ally does. If you keep a sizable cash savings for emergencies (which is a sound personal finance practice), then you might as well maximize the interest rate you get. So a lot of people use one bank for their checking account, then have their cash savings at a bank like Ally.