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Ally Bank Review 2024

Updated January 2, 2024
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At a glance

Best bank overall
4.9
Rating: 4.9 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.6 stars out of 5

Checking

Rating: 5 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 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.

Highlights

  • ATM Fee Refunds
  • High APY
  • Low Min Deposit
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/1/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 3/1/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.15
%
APY
APY
Info
As of 3/1/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

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

  • Checkmark

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

  • Checkmark

    The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.

  • Checkmark

    Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks.

  • Checkmark

    Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.

  • Checkmark

    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 banking products

4.9
/5
Rating: 4.9 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
4.35%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Good
Rating: 4 stars out of 5
4/5
Info

FEATURES

Invest Rate
4.35% APY
Info
Loan
$0 minimum deposit to open

Ally Bank 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.

Ally Bank allows 10 certain transfers and withdrawals from your Ally Bank savings account per your statement cycle. There isn’t a fee for exceeding this number of certain transfers and withdrawals, but your account could be closed for exceeding this limit too often.

A unique feature of Ally Bank savings is “buckets” that help you organize your money to save for your goals inside your savings account. The account also analyzes your finances and provides personalized recommendations to help you save.

Pros

  • Checkmark

    Ally’s Savings Account pays the same competitive APY across all balance tiers.

  • Checkmark

    The account doesn’t have monthly maintenance fees or minimum balance requirements.

  • Checkmark

    The digital account offers a feature that helps you save toward your various goals.

Cons

  • Cash deposits aren't accepted.

  • Other online banks offer higher APYs.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Ally Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 3/1/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

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 None (But your account could be closed for excessive transactions.)

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.

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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

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.