at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.60% APY on savings, among the best you'll find

Cons

No way to deposit cash
For its savings account, Ally charges $10 for every outbound transfer after the sixth one

Overall

4.5

An online-only bank, Ally Bank has become popular among people seeking strong rates and robust customer service. Because it doesn’t have to put money into physical branches, Ally is able to offer better rates and fees than brick-and-mortar institutions and can invest more in its products.

 

Ratings methodology | Updated Nov. 29, 2017

Checking

4.5

Ally offers an interest-bearing checking account with good rates, low fees and free access to over 43,000 ATMs nationwide. Ally will also reimburse you up to $10 per statement cycle for any fees you’re charged using an out-of-network ATM in the U.S. Although there is only one checking account to choose from, its rates are competitive — deposits under $15,000 earn an annual percentage yield of 0.10%, while larger balances earn 0.60%.

Online Savings Account
APY
1.60%
Min. balance for APY
$1

at Ally Bank,

Member, FDIC

High Yield CD
APY
2.60%
Min. balance for APY
$25,000
Length of term
5 years

at Ally Bank,

Member, FDIC

Interest Checking Account
APY
0.10%
Monthly fee
$0
Balance to waive monthly fee
$0

at Ally Bank,

Member, FDIC

NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Worst company I’ve ever dealt with! Tried to pay off balance and no one could figure out what payoff amount was.
Horrible customer service. Tried to pay off balance and once we DID I got a call a week later saying we still owed one more payment
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Terrible Customer Service
Ally Bank violated their written policy by holding my deposited funds for 6 days rather than the 2 days that they outline in their policy statement. Then they failed to return my call within the time frame that they promised. When I called them, I was placed on hold for 52 minutes waiting to speak to someone who would explain why they violated their policy, and finally gave up, and hung up. AVOID Ally Bank. They are unethical and unresponsive to their customers.
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