Ally Bank Review 2024
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At a glance
Best bank overall
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Ally Bank is ideal for consumers that are comfortable with online-only banking who want access to loans, high-yield/no-fee deposit products and credit cards.
Highlights
- High APY
- ATM Fee Refunds
- Low Min Deposit
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
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 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
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Ally is a robust online bank with an array of deposit products, loans and services.
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The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.
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Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks.
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Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.
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Customer service is available 24/7.
Cons
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Cash deposits aren't accepted.
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You can’t send an international wire transfer from Ally Bank.
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Ally Bank banking products
APY last updated between 11/12 and 11/18.
Ally Bank savings overview
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.
Pros
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Ally’s Savings Account pays the same competitive APY across all balance tiers.
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The account doesn’t have monthly maintenance fees or minimum balance requirements.
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The digital account offers a feature that helps you save toward your various goals.
Cons
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Cash deposits aren't accepted.
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Other online banks offer higher APYs.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Ally BankAPYAPY last updated between 11/12 and 11/18.APYAPY last updated between 11/12 and 11/18.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fees | None | |
| Out-of-network ATM fee | No out-of-network ATM fees, and Ally refunds up to $10 in ATM surcharges charged by other ATM owners | |
| Excessive transaction fee | None (But your account could be closed for excessive transactions.) |
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 2023 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.
Bankrate staff insights
“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.
The above images were last updated on May 21, 2024.
About Ally Bank
Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corp. (GMAC), which was originally an auto financing company. In 2009, GMAC Bank became Ally Bank.
Today, the bank offers consumers nationwide a wide range of products, including credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a leading financial services provider with headquarters in Detroit. It serves millions of retail customers and thousands of automotive dealers.
Ally Bank contributes to communities in Charlotte, North Carolina and Detroit by offering local grants and sponsorships. The bank expanded its involvement with professional sports in 2022, renewing its partnership with the Charlotte Hornets and adding a new partnership with the Detroit Pistons.
How Ally compares to other banks
Compare different account types offered by Ally Bank. Annual percentage yields (APYs) shown were updated between Nov. 12, 2024 and Nov. 18, 2024.
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Selected bank
Ally Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Capital One savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 12, 2024 and Nov. 18, 2024.
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| 4.00% | 4.00% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,000 | $2,000 | |
| 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. | |
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APY offering:
4.00%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.00%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Ally Bank vs. Capital One
Ally Bank and Capital One are both leaders in digital banking offering high APYs and minimal fees. While Capital One does have limited branch access and Ally is fully digital, both banks are part of large ATM networks. Ally Bank additionally offers out-of-network ATM fee refunds, up to $10 each month.
One notable difference between the two banks is that Capital One no longer offers a money market account. Ally Bank’s money market account has a competitive APY and no minimum balance requirement. Ally also offers bump-up and no-penalty CD options, which Capital One does not.
Ally Bank FAQs
Review methodology
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 customer reviews
Ally Bank has 25 reviews
Dive into community reviews below and see what others think about Ally Bank.
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
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