Ally Review 2024 | Bankrate (2024)

• At a glance
• Overall
• Ally bank products
• Bank fees
• Customer experience
• About Ally Bank
• How Ally compares to other banks
• FAQs
• Review methodology

4.8

As of 1/10/2024

$1

Min. balance for APY

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Member FDIC

As of 1/10/2024

$5,000

Min. balance for APY

CIT Bank

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$0

Min. balance for APY

Jenius Bank - 501

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SCORE BREAKDOWN

FEATURES

Ally offers a high-yield savings account that is consistently competitive. It doesn’t offer the absolute highest APY, but it is always around the top-tier rate. There’s no minimum deposit needed to open an account and no monthly service fees either. Since the account is online only and doesn't include an ATM card, you’ll have to do an online funds transfer, wire transfer, telephone transfer or request a check to access your funds.

Ally Bank allows 10 certain transfers and withdrawals from your Ally Bank savings account per your statement cycle. There isn’t a fee for exceeding this number of certain transfers and withdrawals, but your account could be closed for exceeding this limit too often.

A unique feature of Ally Bank savings is “buckets” that help you organize your money to save for your goals inside your savings account. The account also analyzes your finances and provides personalized recommendations to help you save.

Promoted offer:

SCORE BREAKDOWN

FEATURES

CDs at Ally Bank come in three different flavors. The online bank offers high-yield CDs across multiple terms, two bump-up CDs and an 11-month no-penalty CD.

There is no minimum deposit required to open any of the CDs. Customers can qualify for the highest interest rate (depending on their balance amount and CD term) if rates rise within 10 days of opening and funding the accounts. Those who renew a CD currently receive an added benefit of getting an added 0.05 percent loyalty reward from Ally, though that could change by the end of the CD’s term.

The rates on Ally’s standard, high-yield CDs are very competitive. The rates on the bump-up and no-penalty CDs are somewhat lower, but still above the national average and generally competitive.

SCORE BREAKDOWN

The Ally Money Market account offers a competitive interest rate. Unlike the savings account, free checks and a debit card are provided with the money market account.

There are no monthly maintenance fees, overdraft fees, expedited ACH transfer fees or out-of-network ATM fees on the account. In addition, Ally reimburses up to $10 a month for fees charged by other ATMs.

There’s also no minimum balance requirement to open the account or earn interest — money market accounts often tend to have high minimums.

5.0

Compare top checking rates

Ally’s Spending Account — the bank’s sole checking account — is an interest-bearing account with tiered rates, meaning yields vary depending on the minimum daily balance in the account. There are no monthly maintenance fees tied to the checking account.

Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.

Checks can be deposited online with a smartphone using the Ally app, up to $50,000 in a day. Each checking account comes with free checks and a debit card.

Ally doesn’t charge overdraft fees and offers two forms of overdraft protection. One is called CoverDraft, which provides up to $250 in temporary relief for overdrawn transactions. The other is overdraft transfers, which automatically transfers money from a linked Ally savings account to cover any overdrafts.

The Ally Bank Spending Account lets you get your direct deposit paycheck up to two days earlier than normal direct deposit.