Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.25% 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

4.0

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
1.25%
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
Excellent
Website / app
Good
Rates
Excellent
Fees
Low
Great for a cashless life
I really like the fact that the interest rates are so high considering other banks in the area with almost non-existent rates on the checking or savings account. The website is clean and well organized. There isn't a way to make cash deposits which is a slight bummer but overall not a deal breaker, particularly since I don't have cash often.
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
High
Ally Mortgage Dept.
NO returned phone calls,re-submission of paperwork countless times,they cancelled the closing date on three occasions. The worst financial experience I have ever had. Stay away from this outfit.
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