How to Buy Bitcoin with Ally Bank
As noted earlier, the best digital-asset investing platform to buy Bitcoin and other cryptocurrencies with Ally Bank, is Uphold. Ally Bank account holders can send USD to Uphold via Bank Transfer, Credit/Debit Card, Plaid, Skrill & Neteller. To buy Bitcoin with an Ally Bank account, you will need to take the following steps:
- Open a free account on Uphold and complete identity verification.
- Tap ‘Deposit Funds’ and select '+' to connect your Ally Bank account with their Plaid integration to complete a bank transfer
- Click the search bar, type in ‘Bitcoin’ and select the ‘Trade’ button.
- Input the amount of USD you wish to spend and click the ‘Open Trade’ button.
What are the fees to invest in cryptocurrencies?
When you invest in crypto or digital currencies for the first time, you need to be aware of the various fees that you will incur. Fortunately, there are zero fees to deposit funds onto Uphold from your Ally Bank account via Plaid. That being said, once your funds are deposited on the site, you will incur a small transaction fee in the spread of 0.5% whenever you execute a cryptocurrency trade.
The only other additional costs are a small $5 USD fee for every withdrawal to your bank account and a $10 monthly inactivity fee if you don’t use the platform for over 12 months.
Ally Bank’s stance on digital assets
Ally Bank hasn't yet released an official statement regarding its position on cryptocurrencies. However, since they allow customers to buy digital assets with the funds in their Ally Bank account, it's highly probable that the bank is open to the concept of digital assets. This means that we don't anticipate any major problems when using your Ally account to purchase cryptocurrencies.
About Ally Bank
Ally Bank is one of the leading online banks in the United States. It is a subsidiary of Ally Financial. The bank offers a full range of financial products and services to customers. Ally Bank has more than 10.5 million customers in all 50 states. It has assets of more than $180 billion.
Ally Bank's history dates back to the early 1900s. The bank was founded in Detroit, Michigan in 1919. The bank was originally called the General Motors Acceptance Corporation (GMAC). GMAC was created to provide financing for customers who wanted to buy General Motors vehicles. In time, the company expanded and began offering other financial services.