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

No Penalty CD
APY
1.80%
Min. balance for APY
$1
Length of term
11 months

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
Poor
Fees
High
be aware of ally bank
ally bank is some subcidiary of JPmortgage Chase bank the first bank that stole 600$cash deposit out of my account when I was a college student, the same bank with hidden fees, the same bank who block a dentist payment because the Name sounded Arabic,... Don't trust Ally bank with your money. Use a local bank where you can see and talk to the people you give your money to......
Overall
Customer service
Poor
Website / app
Fair
Rates
Fair
Fees
Fair
Seems great but beware!!
Been a customer with Ally since Dec of last year. Initially it was good and now I find myself fraught with issues. Takes three days to transfer money between accounts. I need cash for a bill that arose and it was more trouble to get it transferred. I needed it over night and customer service tells me they can't do it over night except with a wire transfer, which I refuse to pay got some poor excuse as to why they could not epidate my transfer and it was I haven't set up enough transfer to meet the criteria. What the hell!!! This is a savings account. Duh!! I would not be making a lot of transfers. Also the savings does not come with a debit card, so I am equally screwed. If I had been traveling overseas, and need money in a pinch, I would have been screwed. Everything is a hassle with Ally.
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