Our verdict
Ally 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.
Best for. Those who want high APY savings products and prefer digital banking.
Pros
- High APYs on savings and CDs
- No monthly maintenance fees
- 24/7 customer support via phone or chat
- Easy-to-use mobile app and online tools
Cons
- No physical branches or in-person service
- No cash deposit options
- No business banking products
- Limited loan options compared to larger banks
Is Ally Bank right for you?
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 like Ally.
Ally currently operates the biggest online-only bank in the country, and its checking and savings accounts offer competitive rates and easy access. That said, Ally may not be the best fit if you prefer in-person service or need access to physical branches for things like cash deposits or certified checks.
How Ally Bank stacks up
Ally Bank’s high-yield savings, interest-bearing checking and low fees make it one of the best online-only banks out there. That said, it may not be the best option if you prefer in-person services or require features such as business banking or cash deposits.
Where it shines
Ally is an online-only bank with many perks.
- Competitive interest rates. Ally’s 3.6% APY on its high-yield savings account may not be the highest out there, but it’s still much more competitive than those offered by traditional banks.
- No monthly maintenance fees. Ally Bank charges zero monthly fees across its checking, savings, money market and CD accounts.
- Digital tools. The online bank comes with an easy-to-use mobile app, as well as savings buckets and financial automation features.
- Overdraft protection. Ally’s CoverDraft gives you protection up to $250 in the event you overdraft your checking account.
Where it falls short
Like any other financial institution, Ally Bank comes with some downsides.
- No in-person support. Ally Bank is entirely online and has zero brick-and-mortar branches.
- No cash deposits. Ally doesn’t accept cash deposits. You’ll need to deposit into your account using remote check deposit with Ally eCheck Deposit, online transfers, wire transfers or mail.
- No business accounts. Ally only supports personal banking needs. If you need a business checking or savings account, look elsewhere.
- Fewer lending products. The online bank offers limited loan options compared to traditional banks.
Ally Bank’s checking account
Ally Bank offers a single checking account called the Ally Bank Spending Account, designed for digital-first banking. It comes with zero monthly maintenance fees and overdraft fees. You earn 0.1% APY on account balances less than $15,000 and 0.25% APY on balances over $15,000.
It also provides access to over 75,000 Allpoint and MoneyPass ATMs nationwide, and you don’t need to meet any minimum deposit requirements to open an account.
Ally Bank’s savings account
Ally’s High Yield Savings Account is designed to help you grow your savings with competitive interest rates and smart savings tools.
This account currently has a high 3.6% APY, no monthly fees and no minimum balance requirements. On the downside, there’s no way to deposit cash. Also, keep in mind that with this type of account, there’s a limit of 10 withdrawals per statement cycle. There’s no fee for going over the limit, but Ally may close your account if you exceed the limit regularly.
Ally Bank’s money market savings account
Ally’s Money Market Account combines the benefits of savings and checking accounts by offering competitive interest rates with the flexibility of check writing and debit card access. There’s no minimum balance required to earn the advertised 3.6% APY, and you can make unlimited ATM withdrawals at one of 75,000+ Allpoint® and MoneyPass® ATMs for free.
Overall, the Ally Money Market Account is a pretty solid option if you want the flexibility of accessing your money while still earning interest. However, it doesn’t currently support cash deposits.
Ally Bank’s CDs
Ally Bank offers three types of CDs: high-yield CDs, Raise Your Rate CDs and No-Penalty CDs. All three require no minimum deposit to open.
High-yield CDs
Ally’s high-yield CD lets you choose from a variety of terms that offer competitive fixed rates.
Term | APY | Opening deposit requirement |
---|---|---|
3 months | 2.9% | $0 |
6 months | 3.9% | $0 |
9 months | 3.9% | $0 |
12 months | 3.85% | $0 |
18 months | 3.7% | $0 |
3 years | 3.5% | $0 |
5 years | 3.5% | $0 |
Raise Your Rate CDs
Ally’s Raise Your Rate CD gives you the chance to increase your rate once over the two-year term or twice over the four-year term, provided that Ally’s rate for your term and balance tier goes up.
Term | APY | Opening deposit requirement |
---|---|---|
2 years | 3.5% | $0 |
4 years | 3.5% | $0 |
No-Penalty CDs
The no-penalty CD is more flexible than a traditional CD, allowing you to withdraw your full balance and interest any time after the first six days of funding your account. Ally Bank is one of the few banks that offers these rare CD types.
Term | APY | Opening deposit requirement |
---|---|---|
11 months | 3.55% | $0 |
Other Ally Bank products
Here are a few other products you can find at Ally Bank:
- Auto loans. Provides vehicle financing through dealerships with flexible terms and online account management.
- Credit cards. Ally offers multiple credit cards, including Ally Platinum, Ally Everyday Cash Back and Ally Unlimited Cash Back.
- Self-directed trading. Allows you to trade US stocks, exchange-traded funds (ETFs), and options with $0 commissions. No account minimum required.
- Automated investing. Automated investing means Ally Bank’s robo-advisor will manage your portfolio, so you don’t have to.
- Personal advice. Gives you access to a dedicated financial advisor with a $100,000 minimum investment.
- Retirement accounts. Offers traditional, Roth and rollover IRAs.
Compare with leading bank accounts
Compare top bank accounts with Ally Bank.
Compare other products
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseWhat is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
Customer reviews
BBB accredited | No |
---|---|
BBB rating | A+ |
BBB customer reviews | 1.14 out of 5 stars, based on 170 customer reviews |
Trustpilot score | 1.4 out of 5 stars, based on 301 customer reviews |
Apple App Store Score | 4.7 out of 5 stars, based on 92,300 customer reviews |
Google Play Score | 4.4 out of 5 stars, based on 33,100 customer reviews |
Customer reviews verified as of | 03 June 2025 |
As expected from a pretty large institution, Ally Bank has hundreds of negative reviews and complaints on its Better Business Bureau (BBB) and Trustpilot pages.
Many of these poor customer experiences came from issues like unexpected account closures, subpar customer service and drawn-out fraudulent charge resolutions. Ally Bank’s reviews on its Google Play and App Store look a lot better, though. Its ratings average over 4 out of 5 stars on both stores based on tens of thousands of user reviews.
See how Ally compares to other top banks
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Read more on Bank Accounts
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Ally Bank CD Rates Review
Ally offers CDs with no minimum deposit requirement, high rates and a no-penalty CD option.
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Ally Bank Savings Account review
The Ally savings account boasts a high APY on all balances with no fees, but you can’t make cash deposits.