at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs via checking or money market accounts
2.20% 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
2.20%
Min. balance for APY
$1

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
Stay Away
They start off all great but as soon as a problem arise, you can only call in to fix it and when you do call in to fix it, you may get 20 different ways of fixing the issue based on what representative you talk to. Then if they mess up, they blame you so skip this headache and get you a bank you can actually walk in, in person to deal with issues that may arise that you have no control over. They will fee you, they will hold your $$$ like it belongs to them and above all they are unorganized. Avoid, avoid and AVOID.
Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
Fair
Classic Bait & Switch
This bank lures customers in with higher than average savings rates. To open an account requires a complicated process made worse by the fact that they make you do it three times. When you call the toll-free for help, wait times are north of 10 min. I had $200,000 to deposit and by the time I got a Customer Service rep on the phone, I was treated not as a customer making a deposit, but as someone who bounced a check. They did everything possible to discourage me from depositing my funds. So I chose to take my business elsewhere.
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