Ally Bank Review: Checking, Savings and CDs

Ally Bank is a popular online bank among people seeking strong rates and convenient customer service.

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Overall bank rating

Ally Bank
  • Savings

  • Checking

4.5

NerdWallet rating 

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

Ally Bank Online Savings Account
Ally Bank Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.40%
With $0 min. balance for APY

Ally’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

Ally Bank Interest Checking Account
Ally Bank Interest Checking Account

Checking

Member FDIC

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.10%
With $0 min. balance for APY
Ally Bank Online Savings Account
Ally Bank Online Savings Account

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.40%
With $0 min. balance for APY

Ally’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

Methodology

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