at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.90% 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

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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 Oct. 9, 2018

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, starting at 0.10% APY.

 

Note that Ally doesn't accept cash deposits. Your options include mobile check deposit, setting up direct deposit, setting up a wire transfer or sending a check by mail.

Online Savings Account
APY
1.90%
Min. balance for APY
$1

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

High Yield CD
APY
3.00%
Min. balance for APY
$25,000
Length of term
5 years

at Ally Bank,

Member, FDIC

How does Ally Bank compare?

Ally Bank

Online Savings Account

NerdWallet Rating

APY

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Live help 24/7

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.95%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews
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
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Recommended
Great app/interface and customer support. No bad experiences so far.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Why put your money anywhere else?
The interest rate on the Ally online savings account is unmatched. I opened my account 1 year ago at a 1% interest rate, which was already high for the industry. Now, my rate is 1.9%, and I earn about $10 in interest every month on a $4,500 deposit. By the time you read this, the interest rate will have probably increased already. I get a rate increase almost every month it seems. The only "downside" if you want to all it that is that Ally has no physical branches, and does not deal with cash. But if you are still dealing with cash, you need to transition to 21st-century banking. (You can still deposit checks into your Ally account by taking a picture of the check in the app.) By all means, keep a checking account open with a "traditional" bank (I do), but if you have a savings account with any other bank, you're missing out on free money. I've been a happy customer for a year, and I do not see myself moving my money anywhere else anytime soon.
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