Ally Bank Review 2021

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Reviewed By

Updated on Monday, April 5, 2021

Ally Bank

Ally Bank opened in 1919 as GMAC, a division of the auto manufacturing company General Motors (GM), but spun off into an online-only bank in 2009. Ally’s key features are its lack of monthly fees and minimum balances on its banking accounts, in addition to APYs that generally exceed national averages.

Ally Bank also excels with its 24/7 customer service and broad, fee-free ATM access offered with its checking and savings accounts. The main drawbacks to banking with Ally are the inability to deposit cash or access its savings account with an ATM card, and the lack of branch access.

Ally Bank savings accounts 5 out of 5

Online Savings account
  • APY: 0.50%
  • Minimum balance: $0
  • Monthly fee: $0

The Ally Bank Online Savings account pays well above the current national average of 0.04% APY, and its 0.50% APY ranks among the best available online savings account APYs. The account also has no monthly fees or minimum balance requirements.

While there are no monthly maintenance fees, the Ally Bank Online Savings account does have a $10 excess transaction fee for every withdrawal or transfer in excess of six per statement cycle. The account also carries an overdraft fee of $25.

Additionally, there is no ATM card access to the account. To make a withdrawal, you’ll have to request a check, perform an online funds transfer, set up a wire transfer or make a telephone transfer. You also can’t deposit cash into the account, though there are workarounds.


on Ally Bank’s secure website

Member FDIC

Ally Bank Money Market account
  • APY: 0.50%
  • Minimum balance: $0
  • Monthly fee: $0

The Ally Bank Money Market account has some of the same basic features as the Ally Online Savings account — namely no monthly fees, no minimum balance requirements and the same 0.50% APY. However, the money market account offers much greater access to your funds.

The Ally Bank Money Market account comes with ATM access, meaning you can withdraw funds without paying a fee at over 43,000 U.S.-based Allpoint® ATMs. Plus, you’ll receive up to $10 per month in out-of-network ATM fee rebates. You can also deposit checks remotely with the mobile app.


on Ally Bank’s secure website

Member FDIC

For more savings options, check out our high-yield online savings page.

Ally Bank checking accounts 5 out of 5

Ally Bank Interest Checking account
  • APY: 0.10% ; 0.25% for balances of $15,000 or more
  • Minimum balance: $0
  • Monthly fee: $0
  • ATM access: Free access to 43,000+ AllPoint ATMs, plus up to $10 per statement cycle in fee reimbursements

Ally Bank’s Interest Checking account has no minimum balance requirements or monthly fees. It also offers free ATM access via the Allpoint ATM network and provides $10 per statement cycle in domestic non-Allpoint ATM withdrawals.

The account pays a modest interest rate for deposits below $15,000, but it jumps to 0.25% APY for deposits of $15,000 or more. This is higher than the national average but below current available rates from some other online banks and credit unions.

If you link the Interest Checking account to a savings account at Ally, you can get free overdraft protection. Money transfer is available via Zelle®, or with the Ally Skill™ on Amazon Alexa.

For more options, check out our roundup of the best checking accounts available.

Ally Bank CDs 4 out of 5

TermAPYMinimum deposit
1 year0.55%$0
3 years0.65% $0
5 years0.80%$0

Ally Bank’s primary CD product is its High-Yield CD line, with rates posted above and term lengths ranging from three months to five years. Ally also offers two additional CD products: the Raise-Your-Rate CD and the No-Penalty CD. Jumbo CDs are not currently offered.

All Ally Bank CDs have the following features:

  • Interest compounded daily
  • 10-day, best-rate guarantee
  • Automatic renewal at maturity

Ally Bank CD rates range from 0.20% to 0.80% . Rates are the same regardless of how much you deposit, but the earnings change depending on which term length you choose. All Ally Bank CDs have no minimum.

The Raise-Your-Rate CD offers two- and four-year maturities and allows you to raise the rate once or twice per term, respectively, if rates rise after purchase. The No-Penalty CD offers a single 11-month term and allows penalty-free withdrawals of all deposits and interest any time after the first six days of funding the CD.


on Ally Bank’s secure website

Member FDIC

For more account options, see our top picks for CDs.

Customer experience at Ally Bank

Although Ally Bank is a completely online institution, it brings together some of the best features of both online and brick-and-mortar banks. Ally Bank’s checking, savings and money market APYs are currently well above national averages, and far above those offered by most traditional banks. Ally also has no minimums or fees for any of its basic banking products.

Yet, Ally Bank also offers the convenience of a wide-ranging ATM network, currently over 43,000 Allpoint machines strong, along with $10 in monthly out-of-network fee rebates. Customer service is tough to beat as well. Although you can’t visit a branch to speak with a representative, phone reps are available 24/7. You can also reach the bank via live online chat, secure email and regular mail. In addition, Ally has a highly rated mobile app that allows everything from mobile deposit to money transfers and complete account management.