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2026 Award Winner
Ally Bank offers a wider selection of banking products than most online banks, and its APYs are among the most competitive in the industry. The bank also charges minimal fees and requires no minimum balances. It's garnered a large following and a reputation for great customer support.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
Ally Bank is a great option if:
Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our writers, Ashley Maready, has several accounts with Ally Bank.
I have checking and savings accounts with Ally, and also recently opened an investment account there. I'm a big fan of the Ally mobile app, the high APY on my savings account, and the lack of maintenance fees. But my favorite Ally features are saving and spending buckets for deposit accounts -- I love being able to separate my savings and track my progress toward different goals.
| Ally Fee | Charge |
|---|---|
| Monthly maintenance fee | $0 |
| Overdrafts | $0 |
| ACH transfers | $0 |
| Incoming domestic or international wire transfers | $0 |
| Cashier's checks | $0 |
| Expedited delivery | $15 |
| Outgoing domestic wire transfers | $20 |
The Ally Bank Savings account charges no monthly maintenance fees. Plus, it offers one of the most competitive APYs we've seen. There are no minimum balance requirements to open the account or to earn interest.
The account also stands out for its strong online and mobile management tools, plus its built-in budgeting features that help you save for your financial goals. Those features include savings buckets, recurring transfers, and "Surprise Savings." That last feature analyzes your linked Ally Bank checking account and transfers safe-to-save money to your savings every month. You can opt into this feature, or not if you don't want to use it.
Ally Bank Savings
The Ally Bank Savings Account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 3.80%
Rate info
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
|
Earn $50 or $400 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Earn up to 3.80% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. |
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website.
4.70/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
4.15%
Rate info
Earn a guaranteed 4.15% APY for 90 days. After that, your savings keep growing at a competitive standard rate — currently 3.97% APY (subject to change). No minimum account balance required. Deposit or withdraw at any time with no additional fees. See product terms for complete details.
Min. to earn: $1
|
Earn up to $1,200 when you sign up and fund your account using code SUMMER26.¹
|
Open Account for NexBank High-Yield Savings Account from Raisin
On Raisin's Secure Website. |
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website.
4.70/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
4.00% APY with $250+ in monthly deposits
Rate info
*LevelUp Rate of 4.00% APY applied to full balance with $250+ in deposits in Evaluation Period. Otherwise, accounts earn Standard Rate of 3.00% APY. LevelUp Rate applies to first two statement cycles. Rates variable & subject to change at any time. See terms: https://www.happen.com/legal/deposits/levelup-savings-t-and-cs
Min. to earn:
|
N/A
|
Open Account for Happen Bank LevelUp Savings
On Happen Bank's Secure Website. |
¹New customers only. Earn a cash bonus (the "Base Bonus") when you deposit and maintain funds with partner banks on the Raisin platform. Customers will receive a Base Bonus of $50 for depositing between $10,000 and $24,999; $125 for depositing between $25,000 and $49,999; $250 for depositing between $50,000 and $99,999; $500 for depositing between $100,000 and $199,999; and $1,000 for depositing $200,000 or more.
Customers may earn an additional bonus by setting up a recurring deposit within 14 days of their initial deposit (the “Recurring Deposit Bonus”). To qualify, the recurring deposit must be established within 14 days of the initial deposit date and it must execute at least two (2) times within 90-days of the initial deposit. Recurring Deposit Bonus eligibility is determined by your Base Bonus tier:
Customers are eligible to earn the Recurring Deposit Bonus associated with their Base Bonus tier or any lower Recurring Deposit Bonus tier. For example, a customer with an initial deposit of $200,000 (qualifying for the highest Base Bonus tier) whose aggregate recurring deposits total $500, is eligible for the lower tier and will receive the $50 Recurring Deposit Bonus. However, setting up a recurring deposit greater than your Base Bonus tier's required threshold will not qualify you for a higher Recurring Deposit Bonus.
The Recurring Deposit Bonus is paid in addition to the Base Bonus. To qualify for the Base Bonus and Recurring Deposit Bonus, your first deposit must be initiated between June 1, 2026, and August 31, 2026, by 11:59 PM ET, and the promo code SUMMER26 must be entered at the time of sign-up. Only funds deposited within 14 days of the initial deposit date and maintained with partner banks on the Raisin platform for 90 days will be eligible for the Base Bonus. Bonus cash will be credited directly to your Cash Account within 30 days of meeting all qualifying terms. This offer is available to new customers only and may not be combined with any other bonus offers. Raisin may modify or end this offer at any time and may withhold or revoke bonuses in cases of fraud, abuse, or violation of these terms or Raisin’s Terms of Service.
Ally Bank offers three types of certificates of deposit (CDs): High Yield CDs, Raise Your Rate CDs, and No Penalty CDs.
The bank also offers a unique Ally Ten Day Best Rate Guarantee, so if rates go up within 10 days of opening a CD, Ally will raise yours automatically.
Ally's Raise Your Rate CDs offer a 2- or 4-year term. If you go with a 2-year term, you can raise the rate once during the term if Ally's rates for new Raise Your Rate CDs are higher than your current rate. If you choose the 4-year term, you can raise the rate twice.
These CDs also come with a loyalty bonus of 0.05% APY increases for customers who renew or open a new CD after the initial term ends. One downside is that Ally's Raise Your Rate CDs offer lower APYs than those offered for standard CDs with comparable terms. But if you want to benefit from potential rising rates while still having a guaranteed yield, these could be worth a look.
Ally Bank's No Penalty CDs have a single 11-month term and let you withdraw your deposit plus any interest earned penalty free any time after the first six days from account opening. The rates aren't quite as high as Ally's other CD rates, but they are not far off and are still competitive, especially compared to CDs offered by brick-and-mortar banks.
Customers who stick it out until the end of the term are rewarded with a 0.05% loyalty bonus if they renew, and the No Penalty CD is also subject to Ally's Ten Day Best Rate Guarantee.
EverBank CD Raisin
On Raisin's Secure Website.
CIT Bank No-Penalty CD
On CIT's Secure Website.
Ally offers a single checking account option, which it calls the Spending Account. It has some unique features that may appeal to new customers.
The Ally Bank Spending Account lets all customers earn interest, though those with larger balances earn a higher rate. Like its other bank accounts, Ally's checking account doesn't have minimum balance requirements or annual fees.
The bank doesn't have physical branches, but its mobile apps and online banking account let you transfer funds, pay bills online, and remotely deposit checks. When you need cash, you can use more than 75,000 Allpoint ATMs for free with your Ally Bank debit card. Ally also provides out-of-network ATM fee reimbursements of as much as $10 each month.
Ally Bank Spending Account
The Ally Bank Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Bonus | Next Steps |
|---|---|---|---|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
The Ally Money Market Account offers a competitive APY on your money. And unlike the Ally Savings Account, you get one-step cash access via debit card and checks. Ally has a network of more than 75,000 fee-free ATMs you can use, and you can deposit checks via mobile app. You get the same $10 per month reimbursement for out-of-network ATM fees.
And unlike some money market accounts, you don't need a minimum opening deposit for this account -- you can open it with $0, and you'll earn the same high APY across all balance tiers.
Ally Money Market Account
Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.
Like most financial institutions, Ally has distinctly mixed reviews from ordinary people. But it's important to remember that big review sites take into account reviews of all of its offerings, and not just banking services -- hence the lower numbers.
Ally offers lots of financial services, including auto loans, mortgages, and investment accounts, alongside banking. Reviews on major aggregator sites like BBB and Trustpilot primarily focus on auto loans, but the few reviews of Ally as a bank were largely positive. Customers called out Ally's high APYs, intuitive web and mobile banking, and easy cash transfers.
Personally, I have only contacted Ally Bank a few times to speak to a customer service rep. Using the website and app is very easy, and it's also simple to find answers to most questions.
I appreciate that Ally's website provides an estimated wait time for customer service calls. This can help you avoid waiting on hold for a human to connect.
You can reach customer service 24/7 by calling 877-247-2559. You can also access help via chat or secure email when you're logged into your account.
The Ally mobile app has mixed reviews for iOS and Android, but the overall rating for iOS is quite high. Written customer feedback suggests the app is buggy, and this is true across reviews for both iOS and Android. Other customers complain about being unable to deposit checks or lock/unlock their debit card.
From my perspective, Ally's mobile app is one of the best financial apps I've ever used (and I've never experienced any bugs on iOS). When you sign in, all your accounts are ready and waiting on the home screen.
You can transfer money, deposit checks, or play with your savings buckets easily. You can also check out analysis of your progress, and estimates to see how much your savings could grow over time.
Ally has no physical branches. You can't deposit cash into your accounts (you could deposit it into another bank, then transfer it), but you can access cash at more than 75,000 in-network ATMs.
SoFi® (Member FDIC) is another online bank that offers competitive APYs and no monthly maintenance fees on deposit accounts. It's one of the few online banks we've seen that actually has a product range as impressive as Ally's, and it offers some compelling relationship discounts that could be appealing if you're planning to do all of your banking with one institution.
Capital One Bank is a hybrid brick-and-mortar and online bank. It has branches in a few states, but many of its customers bank entirely online. Its APYs are more in line with online bank rates than with their brick-and-mortar cousins, and it has a solid variety of banking products to choose from.
Yes, Ally Bank is an FDIC-insured financial institution. It was formerly a subsidiary of General Motors, known as GMAC Financial, and was separated and renamed following the Great Recession. While auto lending is still a major focus of Ally, it has evolved into a full-service consumer bank with several different types of bank accounts and loans. It also offers investment accounts now.
The biggest downside to banking with Ally Bank is that it is a 100% online bank with no branches. If you need in-person assistance, or frequently need to deposit cash into your bank account, you might be better off with a branch-based financial institution.
Ally is a member of the FDIC, which means your money is protected for up to $250,000 per depositor, per ownership category. In the event of bank failure, your funds would be returned to you up to these limits.
Motley Fool Stock Disclosures
American Express is an advertising partner of Motley Fool Money. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Synchrony Financial is an advertising partner of Motley Fool Money. Charles Schwab is an advertising partner of Motley Fool Money. SLM is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Goldman Sachs Group, Intuit, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc, Capital One Financial, and Charles Schwab and recommends the following options: short June 2025 $85 calls on Charles Schwab. The Motley Fool has a disclosure policy.No-Penalty/11-MO CD
APY — Annual Percentage Yield is accurate as of July 1, 2026. $1,000 minimum to open the account.
With a No-Penalty CD, you may withdraw the total balance and interest earned, without penalty, beginning 7 days after funds have been received for your CD. No withdrawals are permitted during the first 6 days following the receipt of funds.
CIT General Disclosures
For complete list of account details and fees, see our Personal Account disclosures.
