Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.15% APY on savings (as of 6/30/2017), 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
1.15%
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
Good
Website / app
Fair
Rates
Fair
Fees
Fair
Verification Issues
Tired Ally to open my first bank accounts, was very dissapointed I couldn't open a checkings and (an overdraft) savings account. I provided the correct name, address, SSN and whatnot and failed THREE TIMES. The first two times I waited a week to be denied through letter for the reason of "Unable to verify applicants identity." On my first call I was asked to simply try again. On the second I got more help, but the reason they stated was my SSN was wrong, even though I had my SSN card in front of me and recited what was exactly on it. The third application was actually submited during my second call, same process same SSN problem. At the end I was transfered to someone (I haven't a clue), who had me provide my SSN, verified it was the same on the application and hadn't a clue what was wrong. I asked if this was a problem above her control, and she said it probably was (so I do appreciate their customer service trying.) She did however offer a solution: To email a scan of my I.D. and Social Security Card to newaccounts@ally.com. To email my SSCard felt like a red flag, and the fact that the email isn't easy to find on their website just had me give up. This might've been a unique issue, still an unfortunate experience nonetheless, Ally had everything I was looking for. The only solution I can think of: Because Ally's identity verication process can never be as easy as a physical bank, they may refer to a Credit Bureau to see if the applicant exists. This being my first bank and having no credit history, perhaps they couldn't verify me because I'm credit invisible. Regardless, I'm currently searching for another bank.
Overall
Customer service
Fair
Website / app
Fair
Rates
Excellent
Fees
Low
So Far So Good
Applied for a CD account online. Went very smoothly and got confirmation e-mails on the account opening and status of account funding from an external account. I see a lot of complaints about customer service. Hopefully I will not run into that. We will see in 3 business days when my account is funded.
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