Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.45% 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%.

High Yield CD
2.50%
APY
$25,000
Min. balance for APY
5 years
Length of term
Learn moreat Ally Bank
Interest Checking Account
0.10%
APY
$0
Monthly fee
$0
Balance to waive monthly fee
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
Bad Experience
When you are trying to get a car loan and have no credit, you probably will get stuck with Ally. Think twice!!! They charge very large interest rates and will not refinance. You also can't prepay down your balance. Make sure if you do use them, you understand to get away from them as soon as you establish your credit and auto loan history.
Overall
Customer service
Poor
Website / app
Good
Rates
Fair
Fees
Fair
Large Bank/Small Capabilities
Have a trust and a personal account. Ally is unable to separate the two and in turn, they are jumbled together. Tried and tried again to alleviate this confusing situation to no avail. Their solution was to cash in the cd's and take the penalty and establish another account (Done to begin with). Sent letter to one of the presidents and she just turned it over to a very low (But nice) level employee who could do nothing. Obvious they don't care.
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.