Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.35% 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
2.40%
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
Absolute joke
I needed to talk to a customer service representative and went to the website, which told me I was #160 in line. Then the website went down and said "we are not able to show you your accounts right now." Then I called and waited on hold for 55 minutes. Finally, when someone picked up, she had trouble hearing me. Then she finally said "oh yeah our phones are not working today." Obviously not her fault, but if the website and phones do not work, and they do not have a physical location, I am literally unable to do anything. Imagine having all of your money in a bank with no customer service. If that is what you want, go for it.
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
Fair
Your Parents' Bank
By the time they get around to approving you're application to open a savings account and fund it your beneficiaries are more likely to have access to your money than you.
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