at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.65% 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, starting at 0.10% APY.

Online Savings Account
APY
1.65%
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
2.75%
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

1.65%

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

1.8%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

1.65%

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
Fair
Fees
Fair
Investing department is horrible
Wanted to open an investment account with ally because of current promotions. Filled out full transfer of my current brokerage account, and they don't accept foreign stocks. Then filled out the ACAT for a partial, never notified me but they don't accept pink sheet stocks. called them this would have been the 3rd time i called to transfer my brokerage account, and they notified me that they needed a PDF statement of all the stocks that I owned again no one ever notified me. Horrible just horrible customer service, will remove all my 40,000 approximately and find a bank that actually deserves my money.
Overall
Customer service
Fair
Website / app
Excellent
Rates
Excellent
Fees
Low
Very good bank
I've been with Ally for 2 years. I've never been hit with fees and the APY on savings accounts are some of the best available. I'm a millennial and do all my banking on my phone and am satisfied with the app. I will consider Ally for other products (e.g. investment/home loan) when the need arises.
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