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.
1.80% 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 in a month.

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Overall

4.5

Ally Bank is a popular online bank 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 July 23, 2019

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
1.80%
Min. balance for APY
$0

at Ally Bank,

Member, FDIC

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
Poor
Fees
High
AVOID RAISE YOUR RATE
Raise your rate does not allow you to raise to their best current rate, it's a special rate that applies only to your account. Been with them for 10 years and they won't even match Discover CD rates which was only a 0.10 difference. Customer service is poor and though they answer quickly you are put on hold over and over again each time you ask a question. Sad because I used to recommend them highly.
Overall
Customer service
Fair
Website / app
Good
Rates
Poor
Fees
Fair
Interest rates going down without justifiable reason
Ally Bank lowered its interest rates in July and blamed “market conditions." They lowered it again in Oct (1.80%)without even bothering to explain why this time. Perhaps demand for their loans declined = lower the interest they charge their clients to borrow so they cut rates on their savings accounts to maintain margins. They are gauging to find out whether or not they can get away with lowering their APY. There simply are no “market conditions” that necessitate lowering rates on savings accounts. I have over $25K in Ally. Switching to a bank that offers 2.05%
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