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
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Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
Fair
Ally stole 10 days of interest!
It took 10 days to get my CD money transferred after closing a large CD with them. It was their fault but they didn't care b/c they were making interest on MY money the longer they kept it! Shame for such sneaky tactics!
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.
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