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

4.5

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 — 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
2.35%
APY
$25,000
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
Poor
Website / app
Fair
Rates
Good
Fees
Fair
TERRIBLE Customer Service
I picked Ally for the decent savings rates, but it was NOT worth the trouble of dealing with their customer service. They over-promise and under-deliver on how quickly they can transfer funds via EFT and wire. The turnaround times listed on their website are FALSE. Different people from customer service will call you (over several days!) to verify transfer info, asking the same exact questions. A "manager" completely LIED to me - not what you want from a "trusted" bank - resulting a material financial issue for me. Moving my funds and closing as soon as I select another bank.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Absolutely horrible
I am a real estate broker and Ally was the lender for a buyer on one of my listings. Nothing about the transaction went smoothly and went well over a reasonable timeframe, all due to lending complacency. The communication was very poor when details were needed, we were always directed to another representative who didn't know the answer or asked why we contacted them. Never before have I experienced such a blatant disregard or genuine lack of care for others, and how they are affected by someone not doing their job. There are a ton of lending options out there, I'd suggest looking elsewhere and not subjecting yourself to our experience.
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