Ally Bank 2024 review: CDs, checking, savings & more

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Ally Bank is an online bank providing a full suite of banking products with some of the best interest rates available. Ally doesn't charge any monthly fees on its accounts, and there are no minimum balance requirements to open an account. 

Like most online banks, Ally doesn't have any physical branches, which may be a drawback for those who need in-person support.

Read on to see if Ally’s accounts and rates, based on their features and benefits, fit your financial needs.

About Ally Bank

Ally Bank is a popular online bank that has been providing customers with a wide range of financial products and services since 2009. 

As a division of Ally Financial, the bank has grown to become one of the largest and most trusted online banks in the United States. Ally Bank offers a variety of banking options, including checking and savings accounts, certificates of deposit (CDs), and money market accounts, all of which come with competitive interest rates and minimal fees.

Ally Bank accounts

Ally Bank offers a number of bank accounts — from checking and savings to CDs. These accounts stand out for their strong interest rates and lack of minimum balance requirements or monthly fees.

The national average savings account interest rate is 0.58% annual percentage yield (APY). Ally Bank’s dedicated savings accounts all offer interest that’s at least seven times higher. Even Ally’s checking account offers interest, which is rare for most banks.

Some banks offer multiple checking or savings accounts, with tiered interest rates or varying fees. Ally Bank keeps it simple. There’s only one checking and one savings account, saving you the effort of figuring out which account is suitable for you. Here’s a closer look at each account.

Ally Spending Account

What to know: 

• APY: 0.25%
• Minimum initial deposit: $0
• Fees: None

The Ally Spending Account is a free checking account with no balance requirements or monthly fees. You can earn 0.25% APY if your account’s daily balance is above $15,000 or 0.10% APY if your balance is below that.

Other online banks force customers to jump through hoops for perks like ATM fee reimbursements and debit cards. Ally, on the other hand, provides a debit card and nationwide ATM access from day one. Ally will also reimburse you up to $10 per statement cycle for out-of-network ATM fees.

Other features include overdraft protection, mobile check deposit, and 24/7 live customer support. But, while getting cash is easy, there’s no way to deposit cash, which can be a drag for people who frequently need to deposit cash.

Ally Savings Account

What to know:

• APY: 4.20%
• Minimum Deposit: $0
• Fees: None

Ally offers one of the best high-yield savings accounts on the market today. With zero monthly fees or balance requirements, you can begin earning a 4.20% APY on any amount.

While you may be able to find higher interest rates elsewhere, the lack of fees or balance requirements makes Ally a solid option. Internal and external transfers are fee-free, making integration with other accounts seamless.

Ally’s savings account also comes with tools to automate your savings. For example, Ally can round up your debit card purchases to the next dollar and deposit the difference into your savings account. Ally also helps you organize savings goals into “buckets” and offers personalized recommendations.

Ally Bank Money Market Account

What to know: 

• APY: 4.20%
• Minimum Deposit: $0
• Fees: None

Money market accounts combine features of checking and savings accounts. Like checking accounts, they offer flexibility and easy ways to withdraw money, such as a debit card or checkbook. Like savings accounts, they pay high rates of interest.

Some money market accounts require a high monthly balance to avoid hefty monthly fees. But, the Ally Money Market Account has no minimum balance requirement or monthly fees. It also earns a robust interest rate.

The combination of high returns and accessibility makes this account ideal for those who want to earn interest on their transactional account balances. This account comes with unlimited ATM withdrawals and a limit of ten additional withdrawals per month. This includes debit card purchases and online transfers.

Ally Bank CDs

What to know: 

• APY: 3.00% - 4.50%
• Minimum Deposit: None
• Fees: 60 - 150 days interest for early withdrawal

CDs let you trade flexibility for higher returns on your savings. You can earn a higher interest rate by promising to keep your money in the account for a set period. Ally offers three different types of CDs to choose from: traditional CDs, bump-up CDs, and a no-penalty CD.

Ally’s traditional CD rates range from 3.00%-4.50% APY, depending on the term. Terms range from three months to five years.

There are no minimum balance requirements or monthly maintenance fees. Early withdrawal penalties apply, but the lack of a minimum deposit means virtually anyone can start investing.

What other products does Ally offer?

Ally offers more than just online banking services. You can also use this online bank for your lending and investing needs.

On the lending side, Ally offers various credit cards, from credit builder cards to rewards cards.

For example, the Ally Unlimited Cash Back Mastercard® offers 2% unlimited cash back on all purchases, along with no annual fees, late fees, or penalty APR.

You can also work with Ally for personal loans, auto loans, and mortgages. Lastly, Ally offers taxable brokerage accounts and Individual Retirement Accounts.

Ally Bank online and digital experience

Ally Bank has positioned itself as a user-friendly online and mobile banking platform. The bank's website is intuitive and easy to navigate, allowing customers to manage their accounts, pay bills, and transfer funds with just a few clicks. 

Ally's mobile app, available for both iOS and Android devices, offers even more convenience, enabling users to deposit checks, send money, and manage their accounts on the go.

The mobile app has slightly spotty reviews, depending on the type of device you have. It's rated an impressive 4.7/5 stars on the Apple App Store, but only 2.4/5 stars on Google Play. 

In addition to its core banking features, Ally's digital experience includes a range of helpful tools and resources. Ally also offers a comprehensive learning center featuring articles, videos, and interactive courses designed to help customers improve their financial knowledge and make informed decisions.

Ally Bank fees

One of the most appealing aspects of Ally Bank is its commitment to minimizing fees. The bank's checking and savings accounts have no monthly maintenance fees, and there are no minimum balance requirements to worry about. Here's a breakdown:

• Overdraft fees: None
• Non-sufficient funds fees: None
• Monthly maintenance fees: None
• Out-of-network ATM fees: None. Ally also refunds up to $10 in ATM surcharges charged by other ATM owners
• Excessive transaction fee: None
   

Ally also offers free standard checks, free online bill pay, and free ACH transfers. While Ally does charge fees for certain services, such as outgoing wire transfers and expedited delivery, these fees are generally lower than those charged by traditional banks. 

Ally Bank customer service 

Ally Bank prides itself on providing exceptional customer service, and the bank's commitment to its customers is evident in the various support options available. 

Customers can reach Ally's support team 24/7 via phone, email, or live chat, ensuring that help is always just a click or call away.

Is Ally Bank right for you? 

Ally Bank is an excellent choice for anyone looking for a solid online banking experience. 

If you're looking for a checking account with no minimum balance requirements and no monthly maintenance fees, Ally's Interest Checking account is a great option. The account offers a competitive interest rate, free standard checks, and access to over 43,000 ATMs nationwide.

For those focused on savings, Ally's Online Savings offers a moderately competitive interest rate, no minimum balance requirements, and no monthly fees.

Ally Bank is also a strong choice for those who prioritize customer service and digital experience. With its 24/7 support options, user-friendly online and mobile banking platforms, and comprehensive learning resources, Ally makes it easy for customers to manage their finances and get the help they need, whenever they need it.

But, as an online bank, Ally may not be the best fit for those who prefer in-person banking experiences or require access to physical branches. Additionally, while Ally does offer a wide range of financial products and services, some customers may find that the bank's offerings are not as comprehensive as those of some traditional banks.

How we rated this bank

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity.

We rate all banks on a 10-point system, with 10 being the highest possible score and 1 being the lowest possible score. We assess each card across several key factors, weighted based on what our research shows matters most to readers like you. Learn more about our methodology here.

Here are some of the factors that influenced this bank’s overall score: 

• Interest rates: Ally Bank excels in offering highly competitive interest rates across all its account types, including checking, savings, money market, and CDs. The lack of minimum balance requirements to earn the highest APY makes these rates accessible to a wide range of customers.
• Fees: The bank's fee structure is exceptional, with no monthly maintenance fees, overdraft fees, or fees for internal or external transfers. The reimbursement of up to $10 per statement cycle for out-of-network ATM fees is another big perk. 
• Requirements: Ally Bank also stands out for its lack of minimum deposit and balance requirements across all account types, making it easy for customers to open and maintain accounts without worrying about fees or losing out on interest.
• Product mix: The bank's product mix is comprehensive, offering checking, savings, money market, and various CD options, as well as credit cards, loans, and investment services. However, it lacks some specialized account types like joint or teen checking accounts.
• Customer experience: Ally Bank's customer service is rated highly, with 24/7 live support via multiple channels.
• Digital experience: The bank's digital experience is a strong point, with a user-friendly website and mobile app that includes features like mobile check deposit, bill pay, and savings tools. 
• ATM & branch access Lastly, while Ally Bank offers access to a large network of fee-free ATMs and reimburses out-of-network ATM fees, the lack of physical branches and cash deposit options may be an inconvenience for those who prefer in-person banking or frequently deal with cash.
   

Bottom line

If you like the idea of an online bank with no monthly fees or minimum balance requirements, Ally is a great choice.

Those regularly using cash may struggle with a bank that doesn’t offer any way to make cash deposits. But if you only need to make occasional cash withdrawals and want to earn a reasonable interest rate on your balances, Ally may be right for you.

Editorial Disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.