Ally Bank Review 2020

Published February 2020 by Amanda Dixon

AT A GLANCE
4.4
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Bankrate Score

bank-logo
Credit Card Cash

ATM fee refunds

Rates Trending Up

High APYs

Money

No monthly fees

Ally Bank is ideal for consumers comfortable with banking entirely online who want access to loans, high-yield deposit products and credit cards. If you need access to a bank branch or you’re a member of the service industry who’s primarily paid in cash, look elsewhere.

  • Savings
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    4.9
  • Checking
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    4.7
  • CDs
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    4.2
  • MMAs
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    Amerant Bank, National Association

    Member FDIC

    CD

    1.01 % APY

    1 yr

    Term

    $ 10,000

    Min. deposit

    Overall

    4.4

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    Bankrate Score

    Ally Bank is a one-stop shop for online-only banking customers from coast to coast.

    What we like

    • Ally is a robust online bank with an array of deposit products, loans and services.

    • The bank offers low-fee 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.

    What we don't

    • Ally Bank offers zero physical branches.

    • Reimbursements for out-of-network ATM fees are limited to $10 per statement cycle.

    • Customers cannot deposit cash.

    Savings accounts

    4.9

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    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.05 % APY

    $ 0

    Min. balance for APY

    Ally offers a high-yield savings account that is consistently competitive. It doesn’t have the absolute highest APY, but it is always around the top-tier when it comes to APY. There’s no minimum deposit needed to open an account and no monthly service fees. The account doesn’t offer an ATM card, so you’ll have to do an online funds transfer, wire transfer, telephone transfer or request a check to access your funds.

    What we like

    • Ally Bank consistently offers savings account APYs that are in the ballpark of the top-yielding institutions.

    • 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.

    What we don't

    • The Ally Online Savings account doesn’t offer an ATM card.

    • There are other savings accounts available with higher APYs.

    Checking accounts

    4.7

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    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Simple

    Member FDIC

    Checking account

    1.00 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Ally Bank offers a single checking account. Its competitive Interest Checking account has a tiered interest rate structure. Yields vary depending on the minimum daily balance in customers’ accounts.

    There are no monthly maintenance fees tied to the checking account and customers have access to more than 43,000 ATMs through the Allpoint network. Customers can deposit checks remotely through their phones and computers. Each checking account comes with free checks and a debit card.

    What we like

    • Customers can earn interest on any daily balance.

    • No minimum deposit required.

    • Zero monthly fees as well as no cost for standard checks and debit cards.

    • Ally’s overdraft fee is below average, and customers cannot incur more than one overdraft fee in a single day.

    What we don't

    • There are no physical branches.

    • Other online checking accounts pay much higher yields.

    • They don't accept cash deposits.

    CD rates

    4.2

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    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    1.10 % APY

    1 yr

    Term

    $ 500

    Min. deposit

    CDs at Ally Bank come in three different flavors. The online bank offers high-yield CDs across multiple terms, a couple of bump-up CDs and an 11-month no-penalty CD.

    Interest compounds daily and 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.

    What we like

    • No minimum deposit required to open a CD.

    • Multiple types of CDs are available.

    • Early withdrawal penalties are less harsh than at other banks.

    What we don't

    • Other online banks pay higher yields.

    • Two-year and four-year CDs are only available as bump-up CDs.

    Money market accounts

    3.9

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    The Ally Money Market account offers tiered interest rates that differ based on each customer’s minimum daily balance. Unlike the savings account, free checks and a debit card are provided with the money market account. The money market account doesn’t offer the high APY that the savings account has. But it does have some better ways for you to access and use your money.

    What we like

    • The Ally Money Market has an APY that's more than four times the average money market account rate.

    • The account includes a debit card and checks.

    • Account holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs.

    • Interest is compounded daily.

    What we don't

    • There are accounts available with APYs more than twice the one that Ally offers.

    Bank experience

    Ally Bank customers cannot visit a physical branch. However, retail bank customers can speak with a representative over the phone 24/7. They can also use the live chat feature online.

    Ally customers who download the bank’s app have access to a voice-enabled assistant, too. Consumers with a debit card have the ability to control it. Customers can check their balances and complete other tasks using Amazon’s Alexa. They can also ask Alexa how many hours of work equals the price of an item.

    Ally Bank rates fairly well for its mobile app experience. Out of five stars, its app received 4.8 stars through the iTunes app store and 3.6 stars, according to Android users.

    About Ally

    Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corporation (GMAC), which was originally an auto financing company. In 2009, GMAC Bank was converted into 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, Michigan. It serves millions of retail customers and thousands of automotive dealers.

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon Twitter Created with Sketch. @AMANDAADIXON

    Amanda Dixon is a senior banking reporter for Bankrate. Prior to joining Bankrate, she served as a writer and editor for SmartAsset, a New York-based fintech startup. Originally from the metro Atlanta area, she's a University of Georgia alum. She enjoys providing an inside look into what banks and credit unions are up to and offering tips and tricks to help consumers save money and build wealth at every stage of their financial lives. Follow her on Twitter: @amandaadixon.