at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.85% 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
1.85%
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
3.00%
Min. balance for APY
$25,000
Length of term
5 years

at Ally Bank,

Member, FDIC

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
Fair
Website / app
Fair
Rates
Excellent
Fees
Low
Wire transfer support is a mess
I opened an online savings account in part because they stated on their website that they would take incoming domestic and international wire transfers without fees. Well, they do, but only sort of as all wire transfers have to go through Chase Manhattan and they don't have their own Swift code and the process to setup an incoming wire transfer is a TOTAL mess. Most forms that you usually need to fill out to receive a wire transfer are not setup to allow you to enter all the information that Ally tells you to provide. The net is that they look like a decent bank, but they are more akin to a credit union than a full service bank, and if you need to receive a number of wire transfers into your account, I would stay away from them.
Overall
Customer service
Poor
Website / app
Fair
Rates
Poor
Fees
High
36,000 mile lease is a thing of the past
Turned my car in almost 2 weeks early. My account with ally was closed the very next day by ally. Making it impossible for me to pay anything to ally on line. Next was the local taxes they tacked on for my over mileage. Was hoping for a recall on the stock tires that came on my 2015 200s. They sucked for winter driving. Even when the tire was new. Bought the car in October. Never leasing again.
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