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Ally Bank Review: Leading Rates on a Variety of Banking Products

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Ally Bank is one of the most popular options for those looking to leave brick-and-mortar banking behind thanks to its high APYs and minimal fees. Even though it only offers one checking account and one savings account, both are among the best we've seen. And they have no minimum balance requirements. Check out our full Ally Bank review below to learn more about these accounts as well as everything else Ally has to offer.

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

Ally Bank savings accounts review

Ally Online Savings account charges no monthly maintenance fees and 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 a digital envelope system, 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 turn this feature off if you don't want to use it.

Compare savings accounts

If you're not sure if the Ally Bank Online Savings account is right for you, check out how it stacks up against our other best savings accounts.

Rates as of Aug. 18, 2022
Offer
 
 
 
Account
Rating
APY 1.60% 1.50% 1.90%
Min. to earn APY $0 $1 $100
Next Steps

Ally Bank CD accounts

Ally Bank offers three types of certificates of deposit (CDs): High Yield CDs, Raise Your Rate CDs, and No Penalty CDs.

Ally High Yield CDs

Ally High Yield CDs have no minimum opening deposit, and offer terms ranging from three months to five years. Its rates are among the best we know of, and if you choose to open a new Ally High Yield CD once your initial term is up, it rewards you with a bonus APY for loyalty. 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 Bank Raise Your Rate CDs

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 your rate twice. These CDs also come with loyalty bonus APYs for customers who open a new CD after the initial term ends.

Ally Bank No Penalty CDs

Ally Bank's No Penalty CDs have a single 11-month term, and let you withdraw your funds 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 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 loyalty bonus if they renew, and the No Penalty CD is also subject to Ally's 10-day best rate guarantee.

Compare CD rates

Ally CD's tend to match or beat the competition, but it's always worth considering a selection of offerings to find the right CD account for your needs. Review our side-by-side comparison below for other competitive CD rates.

Rates as of Aug. 16, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
2.30%
2.60%
2.70%
2.80%
3.20%
$2,500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
2.40%
2.80%
2.90%
3.00%
3.25%
$500
Yes

Ally Bank checking accounts review

Ally offers a checking account with some unique features, which may appeal to new customers:

Ally Interest Checking Account

The Ally Interest Checking 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 Allpoint ATMs for free with your Ally Bank debit card. Ally also provides some out-of-network ATM fee reimbursements each month.

Compare checking accounts

If Ally Interest Checking isn't a good fit for your needs, you'll need to shop around for other offers. Browse our list of best checking accounts for other top online (as well as brick-and-mortar) checking options.

Ally Bank customer service and experience

Ally Bank's customer satisfaction is just average compared to the rest of the industry. It fell two points below the industry average in the J.D. Power 2021 U.S. Direct Banking Satisfaction Study, and it currently has a C rating with the Better Business Bureau.

Ally doesn't have branches, so you have to be comfortable doing most of your account management online and reaching out via phone, live chat, or email when you have questions. Ally has customer support representatives standing by 24/7 to assist you.

Ally Bank relationship benefits

Online banks rely on high APYs and few fees to draw customers in. Brick-and-mortar banks, which can't afford to compete with online banks on those fronts, fall back on relationship benefits like waived fees or higher APYs for opening multiple accounts and keeping larger sums at the bank.

The only thing Ally offers that resembles a relationship benefit is the bonus APYs for customers who renew CDs at the end of the term. This isn't something you see with many banks -- online or brick-and-mortar -- but it's not something everyone will be interested in.

That said, there's still plenty to appreciate about Ally, and it doesn't need special relationship benefits to entice new customers to join.

Alternatives to Ally Bank

CIT Bank

CIT Bank 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 can compete with Ally's broad range of products, and it offers some unique CDs that even Ally doesn't have. If you're interested in CIT Bank, check out our expert review of the CIT Savings Connect account.

Capital One Bank

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 good variety of banking products to choose from.

Is Ally Bank right for you?

Ally Bank is a smart choice for you if:

  • You want high interest rates with minimal fees.
  • You want a bank that offers a wide variety of banking products, including deposit accounts, loans, and investment products.
  • You're comfortable managing your money entirely online.

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