at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.75% 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

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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.

 

Note that Ally doesn't accept cash deposits. Your options include mobile check deposit, setting up direct deposit, setting up a wire transfer or sending a check by mail.

Online Savings Account
APY
1.75%
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

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Live help 24/7

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Synchrony Bank

High Yield Savings Account

NerdWallet Rating

at Synchrony Bank,

Member, FDIC

APY

1.75%

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
Excellent
Fees
Fair
Disappointed customer
I have been a loyal Ally Customer for almost 5 years. After my experience yesterday, I plan to move my banking. For a bank that claims to be ahead of the curve, It took them almost 7 hours to complete a wire transfer. I called after an hour to see why it had not been sent, i was told it usually takes two hours and there is a verification call. I figured that was reasonable and waited on my verification call. Three hours later, it had not been sent and I had no call. I called Ally back and I was told it hadn’t been assigned to anyone and it was still in the queue. The person did let me go ahead and verify the wire so i wouldn’t have to get a call. I explained the urgency of the situation (closing on a house that afternoon) and they assured me it would be done. Well it was done an hour later from when I was closing. Around 10 people waited in a room for Ally to do something that was submitted 7 hours prior. Other banks I work with this would have taken 30 minutes start to finish.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Bad service
Make all payments in time, get title. Not so with Ally. They like to drag it out and make it a big hassle.
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