Ally Bank Review 2019

Ally Logo

5/5

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

ATM Fee Refunds
High APYs
No Monthly Fees

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

The Bankrate editorial team compiles publicly-available company data as well as information from the government organizations like the Federal Deposit Insurance Corp. for our review of each financial institution. App ratings are obtained from iTunes and Google Play. The interest rates, branch densities, fee amounts and other data was collected in fourth quarter 2018 and first quarter 2019.

When a financial firm offers more than one checking, savings or MMA accounts, Bankrate reviews the account with the highest APY. Each bank is evaluated based on the 12-month certificate of deposit (CD) it offers.

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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.

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.

 Pros

  • 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.

 Cons

  • Ally Bank offers zero physical branches.
  • Reimbursements for out-of-network ATM fees are limited to $10 per statement cycle.
  • Customers cannot deposit cash.

Ally Services

CDs Rating

5/5

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.

 Pros

  • No minimum deposit required to open a CD.
  • Multiple types of CDs are available.
  • Early withdrawal penalties are less harsh than at other banks.

 Cons

  • Other online banks pay higher yields.
  • Two-year and four-year CDs are only available as bump-up CDs.

Ally CDs

2.85 % APY
5 YEAR CD
$0 MINIMUM DEPOSIT
2.60 % APY
3 YEAR CD
$25,000 MINIMUM DEPOSIT
2.55 % APY
1 YEAR CD
$0 MINIMUM DEPOSIT
2.55 % APY
18 MONTH CD
$25,000 MINIMUM DEPOSIT
2.50 % APY
2 YEAR CD
$0 MINIMUM DEPOSIT
2.50 % APY
4 YEAR CD
$0 MINIMUM DEPOSIT
2.30 % APY
11 MONTH CD
$25,000 MINIMUM DEPOSIT
1.25 % APY
9 MONTH CD
$0 MINIMUM DEPOSIT
1.00 % APY
6 MONTH CD
$0 MINIMUM DEPOSIT
0.75 % APY
3 MONTH CD
$0 MINIMUM DEPOSIT

CDs available from other banks

Goldman Sachs Bank USA Logo
2.50% APY
$500 MINIMUM DEPOSIT
CIBC Bank USA Logo
2.45% APY
$25,000 MINIMUM DEPOSIT
Capital One Logo
2.30% APY
$0 MINIMUM DEPOSIT
Savings Rating

5/5

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.

 Pros

  • 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.

 Cons

  • The Ally Online Savings Account doesn’t have an ATM card.
  • There are other savings accounts available with higher APYs.

Savings accounts available from other banks

CIBC Bank USA Logo
2.39% APY
$1 MINIMUM DEPOSIT
CIT Bank Logo
2.30% APY
$100 MINIMUM DEPOSIT
Goldman Sachs Bank USA Logo
2.15% APY
$0 MINIMUM DEPOSIT
Checking Rating

5/5

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.

 Pros

  • 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.

 Cons

  • There are no physical branches.
  • Other online checking accounts pay much higher yields.

Checking accounts available from other banks

TIAA Bank Logo
1.21% APY
$5,000 MINIMUM DEPOSIT
MMAs Rating

4.2/5

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.

 Pros

  • 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.

 Cons

  • There are accounts available with APYs more than twice the one that Ally offers.
  • You must have a minimum balance of $25,000 in order to earn Ally’s highest-tiered APY.
  • The difference between the yields for the lowest and highest tiers is only 10 basis points.

MMAs available from other banks

State Farm Bank Logo
2.15% APY
$1,000 MINIMUM DEPOSIT
TIAA Bank Logo
2.15% APY
$5,000 MINIMUM DEPOSIT
Capital One Logo
2.00% APY
$10,000 MINIMUM DEPOSIT
Bank Experience Rating

4.6/5

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.

Read bank experiences from other banks

Citibank Logo
BANK EXPERIENCE
4.6 /5
TIAA Bank Logo
BANK EXPERIENCE
4.5 /5
Capital One Logo
BANK EXPERIENCE
4.5 /5