Ally is an online-only bank that offers a wide range of financial products and services including checking and savings accounts, credit cards, auto loans, personal loans, robo-advisors, and more. Despite the lack of physical branches, Ally offers customers free access to a network of more than 43,000 ATMs and 24/7 customer service assistance depending on the product. All rates and fees are current as of June 12, 2023 and are subject to change.
Ally Bank offerings
Ally offers various deposit options, including a few different certificate of deposit (CD) options, an online savings account, money market account, and an interest-earning checking account.
High-Yield CDs
Ally Bank offers certificates of deposit in varying term lengths with competitive rates far above the national average. In fact, Ally Bank’s CDs ranks among the best available rates today, with its High Yield CDs ranging from 3 months to five years.
| Term length | APY | National average APY |
| 3 months | 3.00% | 0.62 |
| 6 months | 3.50% | 1.19% |
| 9 months | 5.00% | — |
| 12 months | 5.00% | 1.59% |
| 18 months | 5.15% | — |
| 36 months | 4.25% | 1.36% |
| 60 months | 4.10% | 1.37% |
Ally Bank’s CD rates compared to current top rates
Despite these competitive rates, several banks outrank Ally Bank on some term lengths. See how some of our best CD rates winners compare, based on rates as of June 12, 2023.
| Bank | Term length | APY | Review |
| Synchrony Bank | 6 months | 5.00% | Read our Synchrony Bank review |
| Marcus by Goldman Sachs | 10 months | 5.05% | Read our Marcus by Goldman Sachs review |
| CFG Bank | 12 months | 5.32% | — |
| BMO Harris | 13 months | 5.10% | — |
| Quorum Federal Credit Union | 36 months | 4.85% | Read our Quorum Federal Credit Union review |
| Department of Commerce Federal Credit Union | 60 months | 4.67% | — |
- Minimum opening deposit: $0
- Minimum balance: $0
- Fees:
- Official/cashiers checks: $0
- Incoming wires: $0
- Outgoing wires (domestic only): $20 per wire
- Expedited delivery: $15 per item
- Account research fee: $25 per hour
- Early withdrawal penalty: Varies depending on CD term
- 24 months or less: 60 days of interest
- 25 months to 36 months: 90 days of interest
- 37 months to 48 months: 120 days of interest
- 49 months or longer: 150 days of interest
Raise your rate CD
- APY
- 2-year CD: 4.00%
- 4-year CD: 4.00%
- Minimum opening deposit: $0
- Minimum balance: $0
- Fees:
- Monthly maintenance fee: $0
- Official/cashier’s checks: $0
- Incoming wires: $0
- Outgoing wires (domestic only): $20 per wire
- Expedited delivery: $15 per delivery/per item
- Account research fee: $25 per hour
- Early withdrawal penalty: Varies depending on CD term
- 24 months or less: 60 days of interest
- 25 months to 36 months: 90 days of interest
- 37 months to 48 months: 120 days of interest
- 49 months or longer: 150 days of interest
No penalty CD
- APY:
- 11-month CD: 4.55%
- Minimum opening deposit: $0
- Minimum balance: $0
- Fees:
- Monthly maintenance fee: $0
- Official/cashier’s checks: $0
- Incoming wires: $0
- Outgoing wires (domestic only): $20 per wire
- Expedited delivery: $15 per delivery/per item
- Account research fee: $25 per hour
- Early withdrawal penalty: You can withdraw all your money, including interest earned, without any penalties, any time after the first 6 days following the date you fund your account.
High-Yield Savings Account
| Account | APY | National average APY* |
| Ally Savings Account | 4.25% | 0.40% |
- Fees:
- Monthly maintenance fee: $0
- Overdraft item fees: $0
- Standard or expedited ACH transfers: $0
- Deposit slips and prepaid envelopes: $0
- Returned deposit item: $7.50 per item
- Excessive transactions: $10 for each transaction over the allotted six transactions per statement cycle. Due to recent changes in federal regulation, Ally is not applying transaction limits right now, and is temporarily refunding excessive transaction fees.
- Outgoing wires (domestic only): $20 per wire
- Expedited delivery (overnight checks): $15 per delivery/per item
- Account research fee: $25
- Minimum opening deposit: $0
- Minimum balance: $0
- ATM reimbursem*nt: Use any Allpoint ATM in the U.S. for free. Plus, receive up to $10 per statement cycle for fees charged at other ATMs nationwide.
*National average ratesas of May 15, 2023,according to theFDIC
Ally Bank’s savings account rate compared to current top rates*
| Bank | APY | Review |
| Salem Five Direct | 5.01% | Read ourSalem Five Direct review |
| Varo Bank | 5.00% | Read ourVaro Bank review |
| My Banking Direct | 5.00% | Read our My Banking Direct review |
| Bask Bank | 4.85% | Read our Bask Bank review |
| First Foundation Bank | 4.85% | Read our First Foundation Bank review |
*Comparison based on top HYSA rates as of June 12, 2023
Money market accounts
| Account | APY | National average APY* |
| Ally Money Market | 4.40% | 0.59% |
- Fees:
- Monthly maintenance fee: $0
- Overdraft item fees: $0
- Standard or expedited ACH transfers: $0
- Standard checks and debit cards: $0
- Deposit slips and prepaid envelopes: $0
- Excessive transactions: $10 per transaction over the allotted six transactions per statement cycle (currently on pause)
- Stop payment: $15 per request
- Returned deposit item: $7.50 per item
- Outgoing wires (domestic only): $20
- Expedited delivery (debit cards, checks, etc.): $15 per delivery/per item
- Account research fee: $25 per hour
- International transaction fee: Up to 1% of the transaction amount
- Minimum opening deposit: $0
- Minimum balance: $0
- ATM reimbursem*nt: Use any Allpoint ATM in the U.S. for free. Plus, receive up to $10 per statement cycle for fees charged at other ATMs nationwide.
*National average ratesas of May 15, 2023,according to theFDIC
Ally Bank’s money market account rate compared to current top rates*
| Bank | APY | Review |
| Redneck Bank | 5.05% | — |
| Vio Bank | 4.88% | Read ourVio Bank review |
| UFB Direct | 4.81% | Read our UFB Direct review |
| Quontic Bank | 4.75% | Read our Quontic Bank review |
| Prime Alliance Bank | 4.85% | Read our Prime Alliance Bank review |
*Comparison based on top money market rates as of June 12, 2023
Other services Ally Bank offers
Apart from Ally’s checking and savings account options, customers can also benefit from a number of other products, including:
- Credit cards: Ally offers four different credit cards—the Ally Platinum Mastercard, Ally Everyday Cash Back, Ally Unlimited Cash Back, and the Ally Unlimited Cash Back for Nurses and Educators. With these cards, customers can earn cash back on purchases made at gas stations, grocery stores, drugstores, and more.
- Investment accounts and services: Ally offers a host of investment accounts and tools including a self-directed trading account, robo portfolios, personalized guidance from experienced wealth advisors, Forex trading, IRAs, cryptocurrency accounts, and more.
- Home loans: Ally also provides mortgage loans and refinancing for homebuyers with zero lender fees and a pre-approval in just a few minutes.
- Auto loans: Ally offers auto financing for personal and business vehicles.
- Personal loans: Customers can also look to Ally for personal loans to cover the cost of medical treatments, procedures, home repairs, renovations, and more.
The Ally Bank platform and customer support
Ally offers both online and mobile banking and has a 4-star rating on the Apple app store and 3.9 stars on Google Play. For assistance with any of Ally’s bank accounts, credit cards, investment products, or services, customers can reach a representative via live chat, email, or phone 24/7. For auto loan help, representatives are available Monday through Friday, 8 a.m. to 11 p.m. ET, and Saturday from 9 a.m. to 7 p.m. ET.
For assistance with new home loans, representatives are available Monday through Friday, 8 a.m. to 10 p.m. ET, Saturday, 10 a.m. to 4 p.m. ET. For existing home loans, phone service hours are 8:30 a.m. to 8 p.m. ET, Monday through Friday and 8:30 a.m. to 1 p.m. ET on Saturday. For questions related to Ally’s lending products, customers can call Monday through Friday, 8 a.m. to 10 p.m. ET and Saturday, from 8 a.m. to 9 p.m. ET.
Pros and cons of Ally Bank
If you’re considering banking with Ally, here are a few of the major perks and drawbacks to note:
Pros
- No monthly fees or minimum balances: Ally does not charge its customers maintenance fees or minimum balances on checking, savings or CDs.
- Competitive APYs on deposit products
- Large network of fee-free ATMs: Despite not having a physical location where customers can make withdrawals or deposits, Ally customers have access to a network of more than 40,000 fee free ATMs and offers ATM reimbursem*nt up to a certain amount per statement cycle.
Cons
- No physical branches: For customers looking for a more personal banking experience, they won’t be able to visit a brick-and-mortar location as an Ally customer. For less digitally-savvy customers, this could be a major drawback.
- No cash deposits: Ally does not accept cash deposits, customers will need to make deposits via mobile deposit, online transfers, direct deposit, wire transfers, or via mail.
More bank reviews
- Quorum Federal Credit Union review: Competitive APYs, various account offerings, but limited customer service hours
- Rising Bank review: Offers mobile and online banking and zero monthly maintenance fees but a higher minimum opening deposit
- PurePoint Financial review: Offers a high-yield savings account and a range of CDs, but no checking and has steep minimum balances
- Ivy Bank review: Competitive high-yield savings and CDs, but no checking accounts and steep minimum deposit requirements
- TAB Bank review: High-yield savings and CDs, but limited checking options
Frequently asked questions
Is Ally Bank a legit bank?
Ally Bank is an online-only bank but it is a legitimate, FDIC-insured bank.
Where can I deposit cash into Ally Bank?
Ally does not accept cash deposits, but customers can still deposit checks via mobile app, online transfers, direct deposit, wire transfers, or mail.
How do I withdraw money from Ally Bank?
You can withdraw funds from your Ally bank account by using any of the 43,000+ Allpoint® ATMs in the U.S. for free.
Expertise Check: I've been around the financial block, and my knowledge about banking, investments, and financial products is robust. I can analyze the nuances and offer insights that only someone deeply familiar with the subject matter can. Let's dive into the concepts in the article:
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Ally Bank's Certificate of Deposit (CD) Options:
- Ally offers High-Yield CDs with varying term lengths and competitive rates. The rates range from 3.00% for 3 months to 4.10% for 60 months.
- Compared to top rates from other banks, Ally's CDs are competitive but not always the absolute highest.
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Raise Your Rate CD:
- Ally provides a unique "Raise Your Rate CD" where customers can increase their interest rate once during the 2-year or 4-year term.
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No Penalty CD:
- Ally offers a No Penalty CD, allowing customers to withdraw their funds, including interest earned, without penalties after the first 6 days from funding the account.
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High-Yield Savings Account (HYSA):
- Ally's HYSA offers an APY of 4.25%, exceeding the national average.
- Transaction limits are temporarily lifted due to recent changes in federal regulations, and excessive transaction fees are refunded.
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Money Market Accounts (MMA):
- Ally's Money Market Account boasts an APY of 4.40%, outperforming the national average.
- Similar to the HYSA, transaction limits are currently on pause.
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Other Services:
- Ally provides a range of financial services, including credit cards, investment accounts, robo-advisors, home loans, auto loans, and personal loans.
- The article lists various credit cards offered by Ally, each with its perks such as cash back on specific purchases.
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Ally Bank Platform and Customer Support:
- Ally offers online and mobile banking with favorable ratings on app stores.
- Customer support is available 24/7 through live chat, email, or phone for various products and services, demonstrating Ally's commitment to customer service.
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Pros and Cons:
- Pros include no monthly fees or minimum balances, competitive APYs, and a large network of fee-free ATMs.
- Cons highlight the lack of physical branches, no cash deposits, and potential drawbacks for customers seeking a more traditional banking experience.
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FAQs:
- Ally Bank is legit and FDIC-insured.
- Ally doesn't accept cash deposits but provides various other deposit options.
- Withdrawals can be made through the extensive Allpoint® ATM network.
This comprehensive overview should give you a solid understanding of Ally Bank's offerings and help you navigate its pros and cons. If you have any specific questions or need further details, feel free to ask!
