We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.
Explore Ally’s suite of personal bank accounts
This online bank offers transparency and competitive rates on essential financial services.
If your banking needs are fairly straightforward and you can’t remember the last time you stepped foot in a bank, you may want to consider an online-only bank. Ally currently operates the biggest online-only bank in the country, and its checking and savings accounts offer competitive rates and easy access.
What banking products does Ally offer?
- Online Savings Account. This high-interest savings account offers a 1.7% APY with no monthly fees or balance requirements, making it easier to save.
- Interest Checking account. Earn up to 0.5% interest with this free, easily accessible checking account.
- Money Market Account. Get APY or more with this low-fee money market account that’s designed to help maximize your savings.
- CDs. Ally’s certificates of deposit offer flexible terms, up to 2.25% APY and have almost no fees.
- IRAs. Ally’s IRAs are designed to help you save and grow your money for retirement.
How does Ally compare to other banks/services?
With headquarters in Riverwoods, Illinois, Ally operates entirely online. It offers its customers several key savings options, including online savings accounts, interest checking accounts, CDs, money market accounts, mortgages and credit cards.Ally Bank holds over $100 billion in deposits, making it the 20th-largest FDIC-insured institution in the country. That number pales in comparison to the amounts held by the Big Four banks but makes it the largest online-only institution in the country.
Compare Ally to the competition
Why should I open an account with Ally?Ally offers a number of perks and benefits to its members, giving potential customers plenty of reasons to open an account:
- Security. Ally keeps your money safe with FDIC deposit insurance, a mobile and online security guarantee and free security software.
- Connected accounts. Monitor all of your money in one place when you have multiple accounts with Ally.
- Financial education. Ally offers a comprehensive learning center to educate customers on responsible financial behavior.
- No minimum deposits. Many of Ally’s accounts don’t require a minimum deposit, meaning you can start saving earlier.
- Competitive rates. Ally offers higher interest rates than most of its competitors, earning you more on your deposits.
- Interest compounded daily. Unlike many of its competitors, Ally compounds interest daily, helping your money grow faster.
- Minimal fees. Ally doesn’t charge fees to open or maintain accounts, giving you more control of your money.
- Transparency. Ally is completely transparent regarding fees, so you won’t find any unexpected charges on your monthly statement.
What should I look out for?Ally is a popular bank, but there are still a few things you should look out for:
- No branches. Ally operates entirely online, so if you prefer to do your banking in person, it might not be for you.
- Limited product selection. While Ally does offer essential products like checking and savings accounts, you’ll have to go elsewhere for loans, business accounts and other services.
- Difficult deposits and withdrawals. Since there are no branches, you might have a bit more trouble making deposits or withdrawals.
- Withdrawal limits. Ally’s checking account has a $1,000 daily withdrawal limit, while the savings account — like most of them — is limited to six transfers per month.
What do regulators and customers say?Ally Financial is FDIC insured, meaning deposits up to $250,000 are covered by FDIC deposit insurance. It isn’t accredited on the BBB website, but it holds an A- rating and 1 out 5 stars in customer reviews.
Many customers have complaints about communication issues, overcharging, inaccurate statements and more. Keep in mind that many people don’t bother to leave positive reviews online, which is why negative reviews are often more common.
Bottom lineAlly is an online-only bank with no branches, allowing it to cut overhead costs and pass down savings to its customers. This business model allows it to offer a strong lineup of basic financial products with competitive rates, low fees and almost no minimum deposit requirements.
However, if you’re looking for loans, business accounts or in-person service, you might be better off with another bank.
Common questions about banking at Ally
Read more on this topic
Explore Associated Bank’s suite of checking and savings accounts Offers 24/7 customer service and suite of accounts for individuals and businesses.
Explore Union Bank’s suite of bank accounts Offers 12 checking and savings accounts for individuals and businesses.
Explore Truist Bank’s suite of bank accounts Choose from 27 checking and savings accounts from the sixth largest bank in the US.
Compare credit union vs. bank Compare fees, interest rates, customer service, ATM networks and more.
Explore Quontic Bank’s suite of bank accounts Offers essential checking and savings accounts with high APYs.
Chase business banking for members of the military This well-established national provider has perks in store for military member-run businesses.
Explore Regions Bank’s suite of bank accounts Explore the pros and cons of banking with Regions Bank
Explore Security Service Federal Credit Union’s suite of bank accounts This credit union offers 18 different personal and business banking accounts.
Explore Popular Direct Bank’s suite of bank accounts High APYs are the name of the game with this online-only bank.
Explore TCF Bank’s suite of bank accounts Choose from over 15 checking and savings account options for personal and business use.
Ask an Expert