Ally Bank Review 2026: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Ally Bank is online-only, so the money it saves by operating without branches gets passed to customers in the form of relatively high interest rates and minimal fees. The bank doesn’t charge overdraft fees, monthly fees or ATM fees. It also has convenient customer service options and is ideal for people who feel comfortable banking mostly online. The bank has strong offerings across all types of accounts, unlike some of its competitors that lack checking accounts or certificates of deposit.
No overdraft fees.
No monthly fees.
Large, free, nationwide ATM network.
No minimum opening deposits.
No branch access.
Product reviews
Checking
Offers interest and a big ATM network. Ally offers an interest-bearing checking account with no monthly fees and free access to over 75,000 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.
» COMPARE: Best online checking accounts
Ally now accepts cash deposits. In December 2025, the bank started offering customers the ability to add cash to their accounts using the bank’s mobile app at Walmart stores. Other options for adding money to your account include online or mobile check deposit, setting up direct deposit, setting up a wire transfer or sending a check by mail.
Savings
Good rate and no monthly fee. Ally’s savings account offers a rate of 3.10%, much higher than the national average of 0.38%, and interest is compounded daily, which means you’ll make slightly more money on interest compared with accounts that compound monthly. It's a good rate, though you can find higher rates elsewhere (mostly at other online banks).
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Ally Bank Savings Account
Certificates of deposit
Decent rates and no minimum. Ally offers three types of CDs, including the High-Yield CD options listed above. There’s no minimum deposit requirement for any of these certificates of deposit. You can compare Ally CDs to our list of the best CD rates.
Variety of CD types and terms. Ally has CDs with terms from three months to five years. Its two- and four-year Raise Your Rate CDs let you bump up your APY once or twice, depending on the term length, to the rate currently on offer for new CDs — so rates on new CDs must go up for this perk to work. And there’s also an 11-month CD with no early withdrawal penalty. (Learn more about where CD rates are headed.)
» Learn more details about Ally Bank CD rates
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 2.90% | $0 |
| 6 months | 3.30% | $0 |
| 7 months | 3.50% | $0 |
| 8 months | 4.40% | $0 |
| 9 months | 3.30% | $0 |
| 11 months no-penalty | 2.70% | $0 |
| 1 year | 3.70% | $0 |
| 14 months | 3.75% | $0 |
| 1.5 years | 3.50% | $25,000 |
| 2 years bump-up | 3.25% | $5,000 |
| 3 years | 3.40% | $0 |
| 4 years bump-up | 3.25% | $5,000 |
| 5 years | 3.40% | $0 |
Ally Bank High Yield CD
Money market
Good rate. Ally’s Money Market Account earns a strong APY on any balance. It also offers customers a debit card and the ability to write checks. (An MMA is a type of savings account, but some MMAs offer debit cards and checks, which is not typical for regular savings accounts.) There is no minimum deposit requirement or monthly fee.
This account was not factored into Ally’s overall institution rating because we think the bank's regular savings account is a stronger offering for most people. However, if you you want a savings account with check-writing privileges, it’s worth a look. Read more about how MMAs work.
Ally Bank Money Market Account
Customer experience & overdraft fees
Customer experience
Multiple support channels. Ally is available online only, so you won’t get in-person service. But there are plenty of ways to get your questions answered — by phone, email, regular mail, and live chat — and Ally's thorough help center will likely answer many frequently asked questions.
Web experience
StrongMobile apps
Highly ratedPhone support
24/7Branches
Online onlyOverdraft fees
Free opt-in coverage and no overdraft fees. The bank offers $100 in temporary overdraft coverage for no fee. Generally, customers will qualify for the service 30 days after depositing at least $100 total into their checking account. Overdraft coverage can increase to $250 if the customer receives a direct deposit of at least $250 for two consecutive months. To maintain this amount of coverage, customers need to have at least one direct deposit every 45 days. Transactions are approved or declined at the bank's discretion, and customers who do overdraft will have 14 days to bring their balance back to positive before purchases and withdrawals are frozen.
Free overdraft transfers. Customers can also enroll in a service that allows them to make free overdraft protection transfers from a linked Ally savings or money market account.
» Want to comparison shop? See our list of the best banks for overdrafts
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.
Frequently asked questions
Is Ally a safe bank?
Your money is safe with Ally Bank because it is FDIC-insured. This means that your funds in Ally deposit accounts are insured up to $250,000 per person, per ownership category if the bank goes out of business.
Who owns Ally Bank?
Ally Bank is part of Ally Financial Inc. Ally originally launched in 1919 as GMAC, a division of GM, to allow auto dealers to finance their inventory and keep up with demand from consumers. The company rebranded as Ally Financial in 2010.
Is Ally the best online bank?
Ally is one of our top overall institutions. While there’s no bank that’s best for everyone, Ally offers excellent checking and savings accounts along with a stellar banking experience.
How do you deposit cash with Ally Bank?
In December 2025, Ally began offering the ability to add cash to your spending account using the bank’s mobile app at Walmart stores. The app creates a barcode that can be scanned by a Walmart employee. Then you give them the cash amount. Alternatively, you can deposit funds in Ally accounts in other ways, including online or mobile check deposit, online transfers, direct deposit, wire transfers or even mail.