Ally Bank Review: Checking, Savings and CDs
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Overall bank rating
4.5
The bottom line:
Ally Bank is online-only; the money it saves on overhead, it can pass to customers in the form of high interest rates and minimal fees. For example, the bank doesn’t charge overdraft fees. It also has convenient customer service options and is ideal for people who don't need branch access for their banking.
Best for: Those who want competitive rates, minimal fees, easy access to customer support and don’t need to deposit cash or access in-person services.
Pros
- No monthly maintenance fees or minimum balances on checking, savings or CDs.
- Access to over 43,000 free ATMs via checking or money market accounts.
- An above-average interest rate on savings.
- No overdraft fees.
Cons
- No way to deposit cash.
- No branches available.
Full review
Savings
Member FDIC
4.5
/5 NerdWallet ratingAlly’s savings account offers a rate of 1.40%, much higher than the national average of 0.10%, and interest is compounded daily, which means you’ll make a bit more money on interest compared with accounts that compound monthly. To match federal regulation changes, Ally is temporarily refunding customers who are charged an excessive transaction fee for making more than six withdrawals or transfers per cycle.
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Checking
Member FDIC
4.5
/5 NerdWallet ratingSavings
Member FDIC
4.5
/5 NerdWallet ratingAlly’s savings account offers a rate of 1.40%, much higher than the national average of 0.10%, and interest is compounded daily, which means you’ll make a bit more money on interest compared with accounts that compound monthly. To match federal regulation changes, Ally is temporarily refunding customers who are charged an excessive transaction fee for making more than six withdrawals or transfers per cycle.
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Checking
Member FDIC
4.5
/5 NerdWallet ratingMethodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.
Frequently asked questions
Your money is safe with Ally Bank because it is FDIC-insured. This means that your funds in Ally deposit accounts are insured up to $250,000 per person, per ownership category if the bank goes out of business.
Ally Bank is part of Ally Financial Inc. Ally originally launched in 1919 as GMAC, a division of GM, to allow auto dealers to finance their inventory and keep up with demand from consumers. The company rebranded as Ally Financial in 2010.
Ally is one of our top overall institutions. It offers one of the best online checking accounts, and pays a competitive interest rate. While there’s no one bank that’s best for everyone, Ally is also strong in other categories, including savings and customer service.
Ally does not accept cash deposits. You can deposit funds in other ways, including mobile check deposit, online transfers, direct deposit, wire transfers or even mail.
