at Ally Bank,

Member, FDIC

Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs via checking or money market accounts
2.20% 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 Oct. 9, 2018

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
2.20%
Min. balance for APY
$1

at Ally Bank,

Member, FDIC

High Yield CD
APY
2.75%
Min. balance for APY
$25,000
Length of term
1 year

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

How does Ally Bank compare?

Ally Bank

Online Savings Account

NerdWallet Rating

APY

2.20%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Live help 24/7

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

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
Bad customer service
My wife opened a money market and savings accounts. The MM was for moving money in and out and savings was to park most of it at the higher interest rate. She misunderstood the agent who opened her accounts. Since she intended to write very few if any checks she turned down the starter checks for the MM account thinking they were a full chargeable set. Later she found out they were only the complimentary starter checks and she called back to request those. Instead, an order for a full set of regular checks was created, the agent failed to confirm what was actually happening. In the meantime my wife moved almost all her funds into savings account. This generated an overdraft when the check order was processed. When she called to complain she was told nothing could be done. So she has checks she did not want, paid an overdraft fee for that privilege, got a letter months later about an extended hold on her deposits because of "repeated overdrafts" - there only the first one. She waiting 5-10 minutes on phone to complain again but gave up. The website took three tries before accepting her email. The result of all this was an automated email trying to explain away the hold on deposit funds. She got tired of being mistreated and is done with Ally. I also had accounts with Ally but no more. Products are good but service is horrible!
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
High
They will make it almost impossible to close your account
I decided to close my account and ALLY made it almost impossible to close and provided the worst customer service I hace ever seen. I wasted around 5 hours of my time to close the checking account. By not having a physical presence (and no account manager) there is NO accountability and you are left to try to talk to their customer service reps on the phone. I regret my decision to work with ALLY (after reading positive Nerdwallet reviews on theirs fees, don´t make the same mistake).
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