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Ally Bank Review: Great Perks on All Types of Banking Products

Review Updated
Ryan Wilcox
Author: Ryan Wilcox
Ryan Wilcox
Ryan Wilcox
Full-Time Personal Finance Writer

Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

In the market for a new bank? If you're comparing options, I'd put Ally near the top of the list.

Ally offers several different accounts, with high interest rates and extra perks on nearly all of them. If you're comfortable with online-only banking, I'd give Ally a close look.

Here's what to know about Ally and how to find out if it's right for you.

Award Icon 2026 Award Winner
Offer image for
Member FDIC.

Ally

5.00/5 Circle with letter I in it. 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
Bottom Line

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.

Pros
  • High customer satisfaction ratings
  • Competitive APYs
  • Loyalty bonuses on CDs
  • No minimum balance requirements
Cons
  • No brick-and-mortar branches

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.

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.

Is Ally Bank right for you?

Ally Bank is a great option if you're looking for high interest rates and no monthly fees. It works well for anyone who wants deposit accounts, loans, and investment products under one roof.

You can also use savings and spending buckets to organize your money by goal. Ally is built entirely for online banking, so you'll need to be comfortable managing your money without a branch to walk into. If that's you, I recommend it.

Ally Bank fees

Ally charges $0 for monthly maintenance, overdrafts, ACH transfers, incoming domestic or international wire transfers, and cashier's checks. That's pretty good, and on par with most other online banks.

Expedited debit card delivery costs $15, and outgoing domestic wire transfers cost $20.

Ally Fee Charge
Monthly maintenance fee $0
Overdrafts $0
ACH transfers $0
Incoming domestic or international wire transfers $0
Cashier's checks $0
Expedited debit card delivery $15
Outgoing domestic wire transfers $20
Data source: Ally

Ally savings account

The Ally Bank Savings account charges no monthly maintenance fees and earns a competitive APY. There's no minimum balance to open the account or to start earning interest.

Ally backs the account with strong budgeting tools, including savings buckets, recurring transfers, and more.

We gave Ally Bank our award for Best AI Savings Automation of 2026. That's because of its Surprise Savings feature, which scans your checking account for excess cash and automatically moves it into savings. It can also round up everyday purchases and move the spare change into savings. It's one of the best ways to save more with no effort.

Rates as of

Ally Bank Savings

Read Review
Member FDIC.
4.80/5 Circle with letter I in it. 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
4.80/5 Circle with letter I in it. 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
Read Review
APY
3.00%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly maintenance fees
  • Saving buckets to separate savings by goals
  • No minimum balance requirements
  • No local branches
  • No cash deposits

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.

You'll want to compare rates and promotions before you open an account, though. See how Ally stacks up against some of the best high-yield savings accounts before you commit.

Compare savings rates

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
up to 4.00%
Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% 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#4. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn $50 or $400 and +0.90% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it.

Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% 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#4. SoFi Bank, N.A. Member FDIC.
3.50%
Rate info Circle with letter I in it. Balances less than $250,000 earn 3.50%, and balances greater than $250,000 earn 3.65%.
Min. to earn: $0
$200 Bonus with qualifying activities. Terms Apply Circle with letter I in it.

To earn a $200 bonus, new customers can open a savings account; deposit $25,000 or more within 30 days; and maintain at least that balance for 120 consecutive days. The bonus will be credited to your account within 60 days of meeting these requirements. Offer ends Oct. 31, 2026. Terms apply.
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

4.20% APY with $250+ in monthly deposits
Rate info Circle with letter I in it. *LevelUp Rate of 4.20% 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.

Disclaimers

https://www.happen.com/legal/deposits/levelup-savings-t-and-cs

Ally certificates of deposit

Ally also offers competitive certificates of deposit (CDs), with great rates and flexible terms. They all come with Ally's Ten Day Best Rate Guarantee, too -- if rates rise within 10 days of opening a CD, Ally bumps your rate automatically.

Ally Bank High-Yield CDs run from 3 months to 5 years, with a handful of options in between and no minimum deposit required. The current APYs are very competitive with top CDs on the market.

Ally Bank Raise Your Rate CDs have 2- or 4-year terms. A 2-year term lets you raise your rate once during the term if Ally's new-CD rates go higher than yours. A 4-year term lets you raise it twice. The tradeoff: these CDs typically pay less than Ally's standard CDs with comparable terms.

Ally Bank No Penalty CDs run a single 11-month term. You can withdraw your full balance plus interest, penalty-free, any time after the first six days. Rates run a bit below Ally's other CDs but stay competitive, especially against branch-based banks.

Compare CD rates

Rates as of Sept. 11, 2026
EverBank CD Raisin

EverBank CD Raisin

APY:
4.10%
Term:
6 Months
Min. Deposit:
$1
Open Account for

On Raisin's Secure Website.

CIT Bank No-Penalty CD

CIT Bank No-Penalty CD

Member FDIC.
APY:
3.90%
Term:
11 Months
Min. Deposit:
$1,000
Open Account for

On CIT's Secure Website.

Ally checking account

Ally offers one checking account, called the Ally Bank Spending Account, with a few features that set it apart.

The Ally Bank Spending Account pays interest to every customer, with a higher rate for larger balances. Like Ally's other accounts, it skips minimum balance requirements and monthly fees.

Ally has no branches, but its app and online banking let you transfer funds, pay bills, and deposit checks remotely. You get free access to more than 75,000 Allpoint and MoneyPass ATMs nationwide, plus up to $10 a month in out-of-network ATM fee reimbursement.

The account also works with Zelle, so you can send or request money using just a phone number or email.

Ally Bank Spending Account holders also get early direct deposit, which can make your paycheck land up to two days sooner. Ally's CoverDraft feature covers overdrafts up to $100 for free, and that coverage grows to $250 once you've received a qualifying direct deposit of at least $250 for two straight months.

Rates as of

Ally Bank Spending Account

Member FDIC.
4.50/5 Circle with letter I in it. 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
4.50/5 Circle with letter I in it. 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
APY
up to 0.25% Rate info Circle with letter I in it. Balances less than $15,000 earn 0.10% APY. Balances of $15,000 or higher earn 0.25% APY.
Min. To Earn APY
$1
  • Strong online and mobile tools
  • No monthly maintenance or overdraft fees
  • Monthly ATM fee reimbursements
  • Competitive APY
  • Early direct deposit
  • Higher APY available at other financial institutions
  • No physical locations
  • No cash deposits

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.

Compare your options to make sure you're getting the best fit -- see how Ally holds up against the best checking accounts available today.

Ally customer experience

Reviews and customer service

Ally has mixed reviews from ordinary customers, like most financial institutions. Keep in mind that major review sites lump in feedback on all of Ally's services -- including auto loans -- not just banking, which drags the numbers down.

Third-party research tells a more favorable story: J.D. Power's 2026 Direct Banking Satisfaction Study ranked Ally third among online checking providers, and second among online savings providers.

Also, the smaller pool of reviews focused specifically on Ally's bank accounts are more positive, with customers calling out high APYs, easy transfers, and an intuitive app.

The Ally interface make it easy to find answers without calling customer service. When a call is necessary, Ally's site shows an estimated wait time upfront, which helps you avoid guesswork. Reps are available 24/7 at 877-247-2559, or through chat or secure email once you're logged in.

Mobile app

Ally's mobile app rates well on both the App Store and Google Play, though reviews mention occasional bugs on both platforms -- mostly around check deposits and locking or unlocking a debit card.

Overall, Ally's app ranks among the better financial apps available, with every account visible on the home screen at login. Users can transfer money, deposit checks, manage savings buckets, and check projections for how their savings could grow over time.

  • App Store rating: 4.7 out of 5 stars
  • Google Play rating: 4.4 out of 5 stars

Physical locations

Ally has no physical branches, and you still can't deposit cash directly into an ATM. But you can now add cash to an Ally Bank Spending Account at any Walmart nationwide, and you can access your money at more than 75,000 in-network ATMs.

How does Ally Bank compare?

Ally vs. SoFi®

SoFi® is another online financial institution with competitive APYs and no monthly maintenance fees. It's one of the few online competitors with a product lineup as broad as Ally's, and it adds relationship discounts that can pay off if you consolidate all your banking there.

This one's pretty much a toss-up -- both have their pros and cons. Check out our full SoFi Checking and Savings (Member FDIC) review to learn more.

Ally vs. Capital One Bank

Capital One Bank blends brick-and-mortar and online banking. It still runs branches in a handful of states, though most customers bank entirely online.

Still, its APYs track closer to online-bank rates than traditional ones, and it offers a solid range of banking products. If you want the option to bank in-person in certain states, it's worth a look.

FAQs

  • Yes. Ally Bank is FDIC insured, which protects your deposits up to $250,000 per depositor, per ownership category. If Ally were to fail, the FDIC would return your money up to that limit within days.

  • Ally Bank is a subsidiary of Ally Financial, a public company that started in 1919 as GMAC, General Motors' financing arm. Ally split from GM after the 2008 financial crisis and rebranded as a standalone digital bank in 2009.

  • Yes. Ally Bank is a full-service, FDIC-insured bank regulated the same as any brick-and-mortar competitor. It offers checking, savings, CDs, money market accounts, loans, and investment accounts, all through Ally Financial.

  • The biggest downside is that Ally has no physical branches. You can add cash to an Ally Bank Spending Account at Walmart, but there's no teller or ATM deposit slot, so anyone who wants full in-person banking may prefer a traditional bank.