Ally Bank Review (2024)

Pros Explained

• No monthly fees on deposit accounts – Ally doesn’t charge any monthly maintenance fees on its online savings, checking, money market, or certificate of deposit (CD) accounts.
• High rate on savings and CD accounts – Ally’s online savings account earns a 3.75% annual percentage yield (APY), a higher interest rate than found at many traditional banks. Its no-penalty CD account option also earns better rates than CDs from most brick-and-mortar banks.
• No balance requirements – None of Ally’s bank accounts have minimum balance requirements.
• Large fee-free ATM network – Ally customers have access to more than 43,000 fee-free AllPoint ATMs across the U.S.

Cons Explained

• No physical locations – As an online-only bank, customers don’t have access to in-person services from local bank branches. If you prefer brick-and-mortar banking service, you’ll have to look elsewhere.
• No cash deposits – Ally doesn’t accept traditional cash deposits. Your only options are remote check deposit, online transfers, direct deposit, wire transfers, and sending a check through the mail.
• Low rate on money market accounts – Ally’s money market account doesn’t offer competitive rates the same way that other top online banks do.

Who Is Ally Bank Best For?

Ally Bank should appeal to individuals looking for a full-service online bank. It’s an especially good fit for consumers who are looking to:

• Earn competitive rates on savings accounts and CDs
• Have access to ATMs without paying fees
• Bank without worries of minimum balances and monthly fees
• Reach a real customer service representative 24/7

What Does Ally Bank Offer?

As a full-service online bank, Ally offers a variety of banking accounts and services.

• Savings account
• Checking account
• Money market account
• CDs

Savings Account

Ally’s online savings account is a high-yield savings account that offers 3.75% APY regardless of your account balance. Having an online savings account is a great way to save money to reach financial goals. Other highlights of the savings account include:

• No monthly maintenance fees
• No minimum balance requirements
• Postage-paid deposit envelopes
• Automatic recurring transfers (to accelerate savings)

Select withdrawals and transfers are limited to a combined total of six per statement period. Ally Bank charges a $10 charge per transaction over the limit.