Ally Bank Review 2023
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At a glance
CDs
Checking
Savings
MMA
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
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 = 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.
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 = 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.
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
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Ally is a robust online bank with an array of deposit products, loans and services.
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The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.
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Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks.
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Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.
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Customer service is available 24/7.
Cons
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Cash deposits aren't accepted.
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You can’t send an international wire transfer from Ally Bank.
Ally banking products
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, 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
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Ally’s Online Savings Account pays the same competitive APY across all balance tiers.
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The account doesn’t have monthly maintenance fees or minimum balance requirements.
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The digital account offers a feature that helps you save toward your various goals.
Cons
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Cash deposits aren't accepted.
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 = 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.
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. |
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
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.
