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

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here’s how we make money.

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

High Yield CD
APY
2.75%
Min. balance for APY
$25,000
Length of term
1 year

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

How does Ally Bank compare?

Ally Bank

Online Savings Account

NerdWallet Rating

at Ally Bank,

Member, FDIC

APY

2.20%

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

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

2.35%

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
Poor
Website / app
Poor
Rates
Poor
Fees
High
Scary!!
I opened an approved account then funded the account. After funding the account I received an email that my banking pin was changed and the account was locked online. After calling customer support and being transferred to someone that could actually help I was told they needed more info to verify my account. I sent over documents, called again after 24 hours since I never got any confirmation and was told they are reviewing the documents and will let me know the account decision. I asked if they account was already approved then what decision is being made, I was told " I cannot give you that information". I asked what happens if the account is not approved again and was told "if they can verify the source of fund a check would be mailed back to me and if not they will confiscate the funds". Granted I did not have a concern on verifying funds, but it seems after talking with their loss prevention dept they can take your money and you have to fight to get it back!! Definitely bank local and do not take the risk of banks like this!
Overall
Customer service
Poor
Website / app
Fair
Rates
Fair
Fees
Fair
Was great, now garbage and dishonest [BAIT AND SWITCH]
Applied for a 1% additional bonus for adding new money to my account. Was told by customer service that I qualified—- no problem. Waited 3 months for my bonus to arrive (per instructions of bonus offer). Repeated inquires on where my bonus is. Now told I didn’t qualify. This is fraud...BAIT AND SWITCH. This bank is getting worse and worse. In addition, wait times on the phone are beyond ridiculous and staff completely incompetent. Will move my substantial deposit with this bank to anywhere else. Expect more everyone!
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.