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Ally Bank Review 2022

Published February 2022 by Matthew Goldberg

AT A GLANCE
5.0

Bankrate Score

bank-logo

ATM fee refunds

High APYs

Low Minimum Deposit

No monthly fees

Top CD rates

Ally Bank is ideal for consumers comfortable with banking only online who want access to loans, high-yield deposit products and credit cards.

  • Savings
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    5.0
  • CDs
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    5.0
  • Checking
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    4.8
  • MMAs
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    5.0
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    UFB Direct

    Member FDIC

    Savings account

    0.81 % APY

    $ 0

    Min. balance for APY

    Vio Bank

    Member FDIC

    Savings account

    0.80 % APY

    $ 100

    Min. balance for APY

    Overall

    5.0

    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 has no branches.

    • Cash deposits aren't accepted.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.85 % APY

    $ 0

    Min. balance for APY

    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. 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.

    Ally Bank savings accounts also have buckets that help you save for goals inside your online savings account.

    What we like

    • 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.

    What we don't

    • Cash deposits aren't accepted.

    CD rates

    5.0

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    2.00 % APY

    16mo

    Term

    $ 0

    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.

    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. Those who renew a CD will receive an added benefit of getting an added 0.05 percent loyalty reward from Ally.

    What we like

    • There is 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

    • Some other online banks pay higher yields.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    SoFi

    Member FDIC

    Checking account

    1.25 % APY

    $ 0

    To open

    $ 0

    To avoid fees

    Ally Bank offers a single checking account. Its competitive Interest Checking account offers tiered interest rates; yields vary depending on the minimum daily balance in the account.

    There are no monthly maintenance fees tied to the checking account.

    Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.

    Checks can be deposited online with the use of a scanner or with smartphone using the Ally app. Each checking account comes with free checks and a debit card.

    What we like

    • Customers can earn interest on any daily balance.

    • There is no minimum deposit required with the Interest Checking account.

    • There are zero monthly fees as well as no cost for standard checks and debit cards.

    • Ally doesn’t charge overdraft fees

    What we don't

    • Ally Bank doesn’t have physical branches and doesn’t accept cash deposits.

    Money market accounts

    5.0

    Bankrate Score

    The Ally Money Market account offers a competitive interest rate. Unlike the savings account, free checks and a debit card are provided with the money market account.

    Those looking to access an account through ATMs and who want to write checks might want to choose the Ally’s Money Market Account over its savings account.

    What we like

    • The Ally Money Market offers a competitive APY.

    • The account includes a debit card and checks.

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

    • There’s no minimum deposit required to open the account.

    What we don't

    • There may be accounts available with APYs higher than Ally’s at other online banks.

    • Accounts that aren’t funded within 30 days of account opening will be closed.

    Bank experience

    Ally Bank has no branches, but retail bank customers can speak with a representative over the phone 24/7. Customers can also tell how long the phone wait will be on Ally’s website. They can also use the live chat feature online.

    The Ally Bank mobile app has a high rating of 4.7 on iOS and a 4.1 rating on Google Play. One feature helps uses 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.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His banking career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth