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Ally Bank Review 2024

Updated November 19, 2024
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At a glance

4.7
Rating: 4.7 stars out of 5
Bankrate Score
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CDs

Rating: 4.6 stars out of 5

Checking

Rating: 5 stars out of 5

Savings

Rating: 4.4 stars out of 5

MMA

Rating: 4.5 stars out of 5

About Bankrate Score

Overview

Ally Bank is ideal for consumers that are comfortable solely banking online, and those interested in consolidating their banking under one roof. The bank offers a full suite of deposit products, along with loans and credit card services.

Highlights

  • High APY
  • ATM Fee Refunds
  • Low Min Deposit
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 12/23/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
3.80
%
APY
APY
Info Icon
As of 12/23/2024
Rating: 4.4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.75
%
APY
APY
Info Icon
As of 12/23/2024
Rating: 4.5 stars out of 5
$500
Min. balance for APY
View offer Arrow Right Icon
Promoted offer:

Overall

Ally Bank is a one-stop shop for online-only banking customers from coast to coast. It offers a competitive yield on its savings account, money market account and certificates of deposit (CDs). It is a part of a large fee-free ATM network, and its spending (checking) account reimburses up to $10 worth of out-of-network ATM fees each statement period.

Pros

  • Checkmark Icon

    Ally is a robust online bank with an array of deposit products, loans and services.

  • Checkmark Icon

    The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.

  • Checkmark Icon

    There are higher yields on CDs and savings accounts than traditional brick-and-mortar banks.

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    Ally Bank lets customers access more than 75,000 ATMs through the Allpoint network.

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    Customer service is available 24/7.

Cons

  • Cash deposits aren't accepted.

  • You can’t send an international wire transfer from Ally Bank.

Ally Bank products

Ally Savings Account

4.4
/5
Rating: 4.4 stars out of 5
SCORE BREAKDOWN
APY offering:
3.80%
Rating: 4 stars out of 5
4/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
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Pros

  • Checkmark Icon

    Ally’s Savings Account pays the same competitive annual percentage yield (APY) across all balance tiers.

  • Checkmark Icon

    The account doesn’t have monthly maintenance fees or minimum balance requirements.

  • Checkmark Icon

    The digital account offers a feature that helps you save toward your various goals.

Cons

  • Cash deposits aren't accepted.

  • Other online banks offer higher APYs.

Rate history for Ally Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Ally Bank
APY
APY
Info Icon
National average APY
How do we get this data?
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CD account

4.6
/5
Rating: 4.6 stars out of 5
SCORE BREAKDOWN
APY offering:
4.00%
Rating: 4 stars out of 5
4/5
Info Icon
Minimum deposit:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
Info Icon
Early withdrawal penalty:
Great
Rating: 5 stars out of 5
5/5
Info Icon
Offer no-penalty or bump-up CDs:
Yes
Rating: 5 stars out of 5
5/5
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Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
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Pros

  • Checkmark Icon

    There is no minimum deposit required to open a CD.

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    Multiple types of CDs are available.

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    Early withdrawal penalties are less harsh than at other banks.

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    Rates on all CDs are well-above average.

Cons

  • The No Penalty CD isn’t available as an IRA CD.

Rate history for Ally Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Ally Bank
APY
APY
Info Icon
National average APY
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How do we get this data?
Info Icon

Ally Money Market Account

4.5
/5
Rating: 4.5 stars out of 5
SCORE BREAKDOWN
APY offering:
3.85%
Rating: 4 stars out of 5
4/5
Info Icon
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Check writing:
Yes
Rating: 5 stars out of 5
5/5
Info Icon
Debit/ATM access:
Good
Rating: 4 stars out of 5
4/5
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Pros

  • Checkmark Icon

    The Ally Money Market offers a competitive APY.

  • Checkmark Icon

    The account includes a debit card and checks.

  • Checkmark Icon

    Account holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs.

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    There’s no minimum deposit required to open the account.

Cons

  • Other online banks are offering a higher yield on a money market account.

Ally Spending Account

5.0
/5
Rating: 5 stars out of 5

Pros

  • Checkmark Icon

    Customers can earn a solid interest rate on any daily balance.

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    There is no minimum deposit required with the Spending Account.

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    There are zero monthly fees as well as no cost for standard checks and debit cards.

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    Ally doesn’t charge overdraft fees.

Cons

  • Ally Bank doesn’t have physical branches.

  • Ally doesn’t accept cash deposits.

How Ally Bank compares to other banks

Compare different account types offered by Ally Bank. Annual percentage yields (APYs) shown were updated between Dec. 16, 2024 and Dec. 22, 2024.

Selected bank
Ally Bank savings account
Ally Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Most comparable
Capital One savings account
Capital One Logo
Member FDIC
Bankrate score
Rating: 4.9 stars out of 5
4.9
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
Info Icon
3.80% 5.00%
Minimum balance for APY
$0.00 $5.00
Estimated earnings
Info Icon
$1,900 $2,500
Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM. Capital One’s 360 Performance Savings Account earns a competitive yield. It doesn’t require a minimum opening deposit and you won’t pay a monthly service fee with this account. Capital One is one of the few online banks that you can visit at a branch location to withdraw cash.
  • Ally Bank offers a competitive yield on its Online Savings Account.
  • Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.
  • The bank pays a competitive yield on its 360 Performance Savings Account.
  • The Capital One 360 Performance Savings Account doesn’t have a monthly service fee.
  • You don’t need a minimum opening deposit.
  • You can deposit checks through mobile deposit with this account.
    N/A
  • Ally Bank doesn’t offer ATM access directly from its savings account.
  • Some other online banks offer a higher yield than Ally Bank.
  • Some banks offer a higher yield on their savings accounts.
    N/A
APY offering:
3.80%
4/5
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Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
APY offering:
5.00%
5/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Info Icon
Info Icon
Info Icon
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Bankrate does not currently track additional product details for this bank.

Bank fees

Fee Charged?
Overdraft fee None
Non-sufficient funds fee None
Account maintenance fees None
Out-of-network ATM fee None
Excessive transaction fee None

Customer experience

Customer support

24/7 support is available. Ally Bank has no branches, but retail bank customers can speak with a representative through live chat or over the phone 24 hours a day, seven days a week. The website even lists the current wait time to get connected with a representative before you make a call.

High overall customer satisfaction. Ally Bank ranked highly in overall satisfaction among online-only banks for both its checking and savings products, according to J.D. Power’s 2024 Direct Banking Satisfaction Study. The bank ranked third among checking providers and second among savings providers. Ally was named the overall best bank as part of the 2024 Bankrate Awards.

Digital experience

Highly rated mobile app. The Ally Bank mobile app has a high rating on iOS and a low rating on Google Play. Both apps have been reviewed by more than 27,000 users. One feature helps users to get into the habit of saving by analyzing customers’ checking accounts and automatically moving money into their savings when its algorithms determine it’s safe to do so.

Robust help center. Ally’s website maintains an extensive help center, which can assist current and prospective customers in getting answers to their questions without having to connect with a representative. 

The FAQ menu system is easy to navigate and prominently displays important forms you may need during the application process. There’s also an FAQ section at the bottom of each product page. Moreover, the search function does a great job of finding relevant information based on the keywords you enter, including information on fees and helpful articles breaking down banking basics.

Short helpful how-to videos. Ally features how-to videos on its website and mobile app, which break down Ally’s banking tools. For example, these videos will show up next to Ally’s buckets, recurring transfers and round-up tools, which are all features to help grow your savings.

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The above images were last updated on May 21, 2024.

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Bankrate staff insight

“I like that you can organize your savings into different categories,” said a Bankrate staff member who personally uses this account. “You can have up to 30 buckets and name them whatever you want. I’ve never had a savings account that has a bucket-type feature, and it really comes in handy. But the app and website can be very busy with information; it could be laid out in a simpler, more intuitive way.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

CTA We want to know what you think about Ally Bank

We want to know what you think about Ally Bank

Do you have experience with Ally Bank? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Ally Bank customer reviews

CTA Ally Bank has 25 reviews

Ally Bank has 25 reviews

Dive into community reviews below and see what others think about Ally Bank.

4.4 Star Icon
25 ratings
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Score breakdown
5 stars
68%
4 stars
16%
3 stars
12%
2 stars
0%
1 star
4%
Score by category
Overall Rating 4.4 / 5
Competitiveness of APY 4.1 / 5
Amount of fees 4.1 / 5
Customer support 4.5 / 5
Website / Mobile app 4.4 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Ally Bank.
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Anonymous account holder
September 13, 2024
It is important to know that fees can be added to account if the balance goes low. Reliability, customer service, credit score acceptance.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
They are wonderful. They have great rates, early direct deposit, and overdraft protection.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
Continually lowered their much bragged about interest rates, screwed up a contest by having a malfunctioning website, and refused to extend it, insisting they would if they could. But customer sevrice is friendly. I initially chose this bank for the so called higher interest rate that lasted two months.
Score by category
Amount of fees 2 / 5
Competitiveness of APY 2 / 5
Customer support 4 / 5
Website / Mobile app 3 / 5
Anonymous account holder
September 13, 2024
This is the best bank i'll ever do business with and they're so supportive and protecting my money. Very reliable and honest and very helpful.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
How easy a it to get to your money?. They had a high interest rate! I could easily transfer money from one of my local banks.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 3 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
High interest!. Online bank, so it is easy to open accounts.
Score by category
Amount of fees 3 / 5
Competitiveness of APY 3 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
Accessing funds and account information is convenient. The website provides all information needed on my account and allows me to conduct transactions easily and swiftly with complete transparency with reasonable customer service.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
The mma has a good interest rate. The interest rates paid on their cd's.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 4 / 5
Anonymous account holder
September 13, 2024
I absolutely LOVE Ally Bank!! There are no fees whatsoever and their interest rates are very competitive, their Customer Service people are friendly and knowledgeable. Interest rates No fees Customer Service available 24/7/365.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
September 13, 2024
Their rates and customer service. I love it.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5