Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.45% 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%.

Interest Checking Account
$0
Monthly fee
None
Balance to waive monthly fee
Learn moreat Ally Bank
High Yield CD
2.50%
APY
$25,000
Min. balance for APY
5 years
Length of term
Learn moreat Ally Bank
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
Ally thinks your dumb
Ally seems to be a shady business, no different than the recent documentary on the Montel Williams cash loans. They try and squeeze every dollar and penny out of you. First: They are making money from your personal information. However, they make it tricky for you to prevent that. Here is the sequence to stop Ally Bank from sending your personal information to 3rd party persons (12 steps): Create an online account; Sign In; click "more"; click"Profile and Settings:; click "Privacy Preferences"; click "edit for information sharing"; check "do not share for all"; click "continue"; click click "edit for marketing"; check "no"; click "continue". DONE Second: They make it very difficicult to payoff your loan sooner. If you ever get a bonus, tax refund, or enjoy paying a little extra every month, then you're screwed unless you pickup the phone and call their international call center representatives (which is already off to a bad start with me, they say, "I apologize" more than they actually help you). Those who pay extra likely do not know that the money sits in Ally's account until they next scheduled payment. What does that mean for you? You never pay it off early, they just hold onto every dollar and only pay the minimum amount, meanwhile, they get every scheduled interest payment. This is trick is known as applying a payment to the "future payments" of the account and is a scam to most who do not understand this. Solution: Call their hotline and say, "I would like any pending or future payments to be immediately applied to my principal loan balance". Also say, "I would like to ensure my account is setup to apply all additional payments made in the calendar year to never go to future payments and always toward my principal since this is too hard to call in every stupid time I make a payment" Phrase it how you wish, but that is how its done. Dont fall for the scam, "your next payment is not due until 6 months from now"...they win and you loose. Third: I am now making payments and it is showing up as late as 1-month effective/posted from the date I pay. Did you ever wonder how Enron always had a growing stock price? They used every trick in the book to get just a little more money. Ally claims this is an IT problem, but what they dont tell you is that this problem is making them MORE money, not less money. Coincidence? I think not, just another Enron scam. Solution: When you make a payment, be sure to log back on online, click on pending payments, then click "edit" and change the date it becomes effective. Fourth: Ally only allows 1 payment per day. This means if you realized that 3 payments were towards the future payments on day 1, then you have to go out of your way to reschedule all three payments to process one day 2, day 3, then day 4. A small inconvenience that mistakenly makes Ally more money. One more sneaky trick and I'll hope Ally gets flooded with litigation. I'll keep an eye out for any more similar reviews and consider the possiblity for a class action suit, I think its about time I get my name out on the big bank list.
Overall
Customer service
Good
Website / app
Good
Rates
Poor
Fees
High
10 year account holder: Ally USED to be the best.
I was excited when I first opened my Ally account on recommendation from my dad. Opening accounts is easy on Ally. When they first began, they had 8 dollar overdraft fees, no returned check fees, unlimited ATM fee reimbursement, and some of the best CD rates in the business. I always appreciated their 24/7 customer service based in PA. Over the years, the fees started to increase. Check ordering fees. Overdraft fees crept up to $25. ATM fee reimbursements capped at $10. CD rates dropped. If you are looking for a CD, Ally is great for that. Their raise your rate CD is awesome because you can get a better rate if one becomes available. I travel outside the country a lot and found my card getting declined in addition to foreign transactions fees that did not used to exist. If you are like most Americans with an occasional overdraft, or bank fees truly impact your monthly budget, I would bank elsewhere. There are new banks like Chime that will help you to avoid overdraft. Once Ally became publicly traded it began to raise its fees and I don't think this will change in the favor of consumers. Its app is behind the times. Banks like Sallie Mae and GE Capital bank are offering better rates. As they say on Shark Tank, Ally is not keeping up with the times. For this reason, I'm out.
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