Advertiser Disclosure

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.05% APY on savings (as of 4/21/2017), about 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

Ally Bank has become popular among people seeking strong rates and helpful tools. An online-only operation, it doesn’t have to put money into branches and so can offer better rates and fees and invest more in its products.

Ratings methodology | Updated May 12, 2017

Checking

4.5

Ally offers an interest-bearing checking account with good rates, low fees and easy ATM access. Although there is only one account, deposits under $15,000 earn an annual percentage yield of 0.10%, while larger balances earn 0.60%.

Interest Checking Account
0.10%
APY
$0
Monthly fee
None
Balance to waive monthly fee
Learn moreat Ally Bank
High Yield CD
2.25%
APY
$1
Min. balance for APY
5 years
Length of term
Learn moreat Ally Bank
Online Savings Account
1.05%
APY
$1
Min. balance for APY
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
Excellent
Fees
Fair
Old-fashioned
I love the idea of branchless banks. I mean, why does one need to be physically present at a bank anymore? I have two online banks: Ally and Simple, and I'm much more impressed with Simple. The only advantage Ally has over Simple is that it issues paper checks, and free ones at that. A year ago I had an overdraft. One overdraft. The overdraft occurred because I issued an online payment that wasn't debited from my account until the payment was received and processed vs. debited immediately upon issuance of the payment and I assumed I had more money in my account than I did. Ever since that single overdraft, if I deposit money into my Ally account, they hold the check for 5 days because of "multiple overdrafts". FIVE DAYS. Then there's processing time. The irony of course being that this invites even more overdrafts. When I've asked customer service about this, I never get a straight answer. Why? Because Ally is shady and their practices are old-fashioned. If you're looking for an online bank, I recommend Simple over Ally any time.
Overall
Customer service
Fair
Website / app
Poor
Rates
Fair
Fees
Fair
Website does not work
Cannot view my holdings, transfer money or anything. As soon as it is up I am pulling all my money outta there. Not how trading businesses should run their programs. Horrible.
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