Ally Bank Review 2021

Published January 2021 by Matthew Goldberg

AT A GLANCE
4.9

Bankrate Score

bank-logo

ATM fee refunds

High APYs

No monthly fees

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

  • Savings
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    5.0
  • Checking
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    5.0
  • CDs
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    5.0
  • MMAs
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.9

    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.

    • Customers can use Zelle to send and receive money from others.

    What we don't

    • Ally Bank offers zero physical branches.

    • Customers can’t deposit cash.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    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.

    Ally Bank savings accounts also have buckets, which 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.

    What we don't

    Checking accounts

    5.0

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    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.

    Ally Bank is a part of the Allpoint Network. That gives Ally Bank checking account customers access to 55,000 in-network ATMs. Ally also will reimburse up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.

    Customers can deposit checks remotely through their phones and computers. 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.

    • 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.

    What we don't

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

    CD rates

    5.0

    Bankrate Score

    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.

    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

    • Other online banks pay higher yields.

    • Two-year and four-year CDs are only available as bump-up CDs.

    Money market accounts

    4.4

    Bankrate Score

    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.

    Those looking to access an account through ATMs and 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 has 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 customers cannot visit a physical branch. However, 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.

    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.

    The Ally Bank mobile app has a high rating of 4.7 on iOS and a 4.0 rating on Google Play.

    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.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. His 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. Matthew has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He 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 is on the organization’s training and finance committees. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. 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 WGN Radio 720 in Chicago, 1080 KRLD Dallas-Fort Worth, 700WLW in Cincinnati, News Radio 610 WTVN in Columbus, Ohio, NewsRadio WINA in Charlottesville, Virginia and other stations. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.