Pros

No monthly maintenance fees or minimum balances
Access to over 43,000 free ATMs
1.45% 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
Monthly fee
None
Balance to waive monthly fee
Learn moreat Ally Bank
High Yield CD
2.50%
APY
$25,000
Min. balance for APY
5 years
Length of term
Learn moreat Ally Bank
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Overall
Customer service
Good
Website / app
Excellent
Rates
Excellent
Fees
Low
Great rates and automatic overdraft avoidance by linking accounts
Great rates and automatic overdraft avoidance by linking accounts
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
GREAT BANK
I have been banking with Ally for at least five years with no problems. The one time I needed customer service was on a Saturday evening and I was surprised to get a live person right away. They also recently sped up the time it takes for transferring money and their rates are always near the top with their competitors. I also have an Ally Rewards Credit Card where if I deposit my rewards money into my Ally Savings Account I get an extra 10% bonus. One other nice thing is there is no minimum deposit to get the same high rate as some banks that require high minimums
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