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.
1.70% 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
1.70%
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
Poor
Rates
Good
Fees
High
Stay away!
There was a time that I thought the most important thing to look for in an investment was the rate of return. But then the day comes when you have an emergency and you need to dip into your savings and you realize Ally is NOT the place to deal with. I needed to get a disbursement from an IRA Online Savings account. The paperwork says "same day or next day" for a wire transfer. Well I submitted all the required paperwork on the 3rd and when I just called them for the 4th time to inquire about my missing money, I was told "MAYBE" Monday. That's 6 days for a wire transfer. And it could end up being longer. Just not acceptable. And this is not my first issue with Ally. A check disbursement takes over 2 weeks!! I just filed a complaint with the Federal Reserve for misleading banking procedures.
Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
Fair
Not for me
There were too many problems with Ally for me. The customer service was by far the worst of all. I had an account problem and they didn't communicate anything with me. They shut down my account and I didn't get my check back for a month. It wasn't terrible and there are definitely advantages to Ally but I didn't​ have a great experience.
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