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On This Page
- At a glance
- Overall
- Ally bank products
- Bank fees
- About Ally
- How Ally compares to other banks
- FAQs
- Review methodology
At a glance
5.0
Rating: 5 stars out of 5
Bankrate Score
CDs
Rating: 5 stars out of 5
Checking
Rating: 4.9 stars out of 5
Savings
Rating: 4.9 stars out of 5
MMA
Rating: 5 stars out of 5
About Bankrate Score
Overview
Ally Bank is ideal for consumers comfortable with banking only online who want access to loans, high-yield/no-fee deposit products and credit cards.
Highlights
- ATM Fee Refunds
- High APY
- Low Min Deposit
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Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Capital One
Member FDIC
Savings Account Details
3.40
%
APY
$0
Min balance for APY
Offer rate as of2/5/2023
Interest rate3.40%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
3.30
%
APY
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Goldman Sachs Bank USA
Member FDIC
Savings Account Details
3.30
%
APY
$0
Min balance for APY
Offer rate as of2/5/2023
Interest rate3.30%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.40
%
APY
Rating: 0 stars out of 5
Bankrate Savings rating = 0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. balance for APY
Goldman Sachs Bank USA
Member FDIC
Savings Account Details
4.40
%
APY
$500
Min balance for APY
Offer rate as of2/5/2023
Interest rate4.30%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Overall
Ally Bank is a one-stop shop for online-only banking customers from coast to coast. It offers a competitive yield on its savings account, money market account and CDs. It is a part of a large fee-free ATM network, and its checking account reimburses $10 worth of out-of-network ATM fees each statement period.
Pros
Ally is a robust online bank with an array of deposit products, loans and services.
The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.
Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks.
Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.
Customer service is available 24/7.
Cons
Cash deposits aren't accepted.
You can’t send an international wire transfer from Ally Bank.
Ally bank products
4.9
Rating: 4.9 stars out of 5
Bankrate Score
Compare top savings rates
Ally savings overview
Ally offers a high-yield savings account that is consistently competitive. It doesn’t offer the absolute highest APY, but it is always around the top-tier rate. There’s no minimum deposit needed to open an account and no monthly service fees either. Since the account is online only and doesn't include an ATM card, you’ll have to do an online funds transfer, wire transfer, telephone transfer or request a check to access your funds.
While there is typically a fee for more than six transactions from the savings account in a month, Ally Bank has been refunding this fee since the COVID-19 pandemic, though it states that this is a temporary measure.
A unique feature of Ally Bank savings is “buckets” that help you organize your money to save for your goals inside your online savings account. The account also analyzes your finances and provides personalized recommendations to help you save.
Pros
Ally’s Online Savings Account pays the same competitive APY across all balance tiers.
The account doesn’t have monthly maintenance fees or minimum balance requirements.
The digital account offers a feature that helps you save toward your various goals.
Cons
Cash deposits aren't accepted.
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Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
3.40
%
APY
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min balance for APY
Capital One
Member FDIC
Savings Account Details
3.40
%
APY
$0
Min balance for APY
Offer rate as of2/5/2023
Interest rate3.40%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
5.0
Rating: 5 stars out of 5
Bankrate Score
Compare top CD rates
Ally CD overview
CDs at Ally Bank come in three different flavors. The online bank offers high-yield CDs across multiple terms, two bump-up CDs and an 11-month no-penalty CD.
There is no minimum deposit required to open any of the CDs. Customers can qualify for the highest interest rate (depending on their balance amount and CD term) if rates rise within 10 days of opening and funding the accounts. Those who renew a CD currently receive an added benefit of getting an added 0.05 percent loyalty reward from Ally, though that could change by the end of the CD’s term.
The rates on Ally’s standard, high-yield CDs are very competitive. The rates on the bump-up and no-penalty CDs are somewhat lower, but still above the national average.
Pros
There is no minimum deposit required to open a CD.
Multiple types of CDs are available.
Early withdrawal penalties are less harsh than at other banks.
Rates on all CDs are well-above average.
Cons
Some other online banks pay higher yields.
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Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
4.40
%
APY
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
1yr
Term
Goldman Sachs Bank USA
Member FDIC
CD Details
4.40
%
APY
$500
Min. deposit
1yr
Term
Offer rate as of2/5/2023
Minimum deposit$500
5.0
Rating: 5 stars out of 5
Bankrate Score
Compare top money market rates
Ally money market overview
The Ally Money Market account offers a competitive interest rate. Unlike the savings account, free checks and a debit card are provided with the money market account.
There are no monthly maintenance fees, overdraft fees, expedited ACH transfer fees or out-of-network ATM fees on the account. In addition, Ally reimburses up to $10 a month for fees charged by other ATMs.
There’s also no minimum balance requirement to open the account or earn interest — money market accounts often tend to have high minimums.
Pros
The Ally Money Market offers a competitive APY.
The account includes a debit card and checks.
Account holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs.
There’s no minimum deposit required to open the account.
Cons
At least a couple of other online banks are offering a higher yield on a money market account.
4.9
Rating: 4.9 stars out of 5
Bankrate Score
Compare top checking rates
Ally checking overview
Ally Bank offers a single checking account. Its competitive Interest Checking account offers tiered interest rates; yields vary depending on the minimum daily balance in the account. There are no monthly maintenance fees tied to the checking account.
Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.
Checks can be deposited online with a smartphone using the Ally app, up to $50,000 in a day. Each checking account comes with free checks and a debit card.
Ally Bank stopped charging overdraft fees in June 2021. It offers two forms of overdraft protection. One is called CoverDraft, which provides up to $250 in temporary relief for overdrawn transactions. The other is overdraft transfers, which automatically transfers money from a linked Ally savings account to cover any overdrafts.
Pros
Customers can earn interest on any daily balance.
There is no minimum deposit required with the Interest Checking account.
There are zero monthly fees as well as no cost for standard checks and debit cards.
Ally doesn’t charge overdraft fees.
Cons
Ally Bank doesn’t have physical branches and doesn’t accept cash deposits.
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Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
2.50
%
APY
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
2.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of2/5/2023
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Account maintenance fees | None | |
| Out-of-network ATM fee | No out-of-network ATM fees, and Ally refunds up to $10 in ATM surcharges charged by other ATM owners | |
| Excessive transaction fee | $10 for each transaction that exceeds six per month for savings and money market accounts. Ally is temporarily refunding excessive transaction fees. |
About Ally
Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corp. (GMAC), which was originally an auto financing company. In 2009, GMAC Bank became Ally Bank.
Today, the bank offers consumers nationwide a wide range of products, including credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a leading financial services provider with headquarters in Detroit. It serves millions of retail customers and thousands of automotive dealers.
Bank experience
Ally Bank has no branches, but retail bank customers can speak with a representative over the phone 24/7. They can also use the live chat feature online.
The Ally Bank mobile app has a high rating on iOS and an OK rating on Google Play. One feature helps users to get into the habit of saving by analyzing customers’ checking accounts and automatically moving money into their savings when its algorithms determine it’s safe to do so.
Ally Bank contributes to communities in Charlotte, North Carolina, and Detroit, Michigan, by offering grants and sponsorships locally. The bank expanded its involvement with professional sports in 2022, renewing its partnership with the Charlotte Hornets and adding a new partnership with the Detroit Pistons.
How Ally compares to other banks
Ally Bank vs. Capital One
Ally Bank and Capital One are both leaders in digital banking offering top-tier APYs and minimal fees. While Capital One does have limited branch access and Ally is fully digital, both banks are part of large ATM networks. Ally Bank additionally offers out-of-network ATM fee refunds, up to $10 each month.
One notable difference between the two banks is that Capital One no longer offers a money market account. Ally Bank’s money market account has a competitive APY and no minimum balance requirement. Ally also offers bump-up and no-penalty CD options, which Capital One does not.
Ally Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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