Ally Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Ally Bank is ideal for consumers that are comfortable with online-only banking who want access to loans, high-yield/no-fee deposit products and credit cards.
Highlights
- ATM Fee Refunds
- High APY
- Low Min Deposit
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 spending (checking) account reimburses up to $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 banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/25/2023
Ally savings overview
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 began.
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.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
AllyAPYAPYNational average APYSee table viewHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly 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. |
Customer experience
Customer support
24/7 support is available. Ally Bank has no branches, but retail bank customers can speak with a representative through live chat or over the phone 24 hours a day, seven days a week. The website even lists the current wait time to get connected with a representative before you make a call.
High overall customer satisfaction. Ally Bank ranked third in overall satisfaction among online-only banks for both its checking and savings products, according to J.D. Power’s 2023 Direct Banking Satisfaction Study. Ally was named the overall best bank as part of the 2023 Bankrate Awards.
Digital experience
Highly rated mobile app. The Ally Bank mobile app has a high rating on iOS and a solid rating on Google Play. Both apps have been reviewed by more than 20,000 users. 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.
Robust help center. Ally’s website maintains an extensive help center, which can assist current and prospective customers in getting answers to their questions without having to connect with a representative.
The FAQ menu system is easy to navigate and prominently displays important forms you may need during the application process. There’s also an FAQ section at the bottom of each product page. Moreover, the search function does a great job of finding relevant information based on the keywords you enter, including information on fees and helpful articles breaking down banking basics.
Short helpful how-to videos. Ally features how-to videos on its website and mobile app, which break down Ally’s banking tools. For example, these videos will show up next to Ally’s buckets, recurring transfers and round-up tools, which are all features to help grow your savings.
Bankrate staff insights
“I like that you can organize your savings into different categories,” said a Bankrate staff member who personally uses this account. “You can have up to 30 buckets and name them whatever you want. I’ve never had a savings account that has a bucket-type feature, and it really comes in handy. But the app and website can be very busy with information; it could be laid out in a simpler, more intuitive way.”
About Ally Bank
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.
Ally Bank contributes to communities in Charlotte, North Carolina and Detroit by offering local grants and sponsorships. 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 high 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
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.
