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Ally Bank Review 2021

Ally Bank is a full-service online bank. Their products range from checking and savings accounts to loans, IRAs, and credit cards. Because Ally Bank doesn’t have physical branch locations, they can offer competitive rates on their products.


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at Ally Bank, Member FDIC

4.8

MayoFi rating

Ally Bank Summary

Ally Bank is a subsidiary of Ally Financial. Ally Financial dates back to 1919, when the company was called General Motors Acceptance Corporation, a company formed by General Motors. Ally Bank is a popular online bank known for its competitive rates and lower fees. If you’ve been searching for a reputable internet bank with strong advantages, Ally Bank is certainly an option worth considering.

Pros
  • High interest rates on savings, money market, and CDs
  • Low fee accounts with no minimum opening deposits
  • Access to over 43,000 no-fee ATMs and a $10 monthly reimbursement on out-of-network ATM fees
Cons
  • No physical branch locations
  • No way to deposit physical cash

Checking accounts

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at Ally Bank, Member FDIC

Ally Bank eChecking

4.7

MayoFi rating

0.10%

APY

$0

Min. balance for APY

Ally Bank follows a trend that many other banks have started—offering interest on checking accounts. With the Interest Checking Account by Ally Bank, you can earn an annual percentage yield of 0.10% on balances under $15,000. On balances over $15,000, you’ll earn more.

On top of earning interest on your checking account, Ally Bank won’t charge you certain fees that most banks would charge, such as:

  • Monthly maintenance fees
  • Standard or expedited ACH transfer fees
  • Incoming wires (domestic and international) fees
  • Postage-paid deposit envelopes
  • Cashier’s check fee

If you need access to cash, don’t worry. Ally Bank has partnered with Allpoint to give you access to over 43,000+ no-fee ATMs nationwide. If you use an out-of-network ATM that charges fees, Ally Bank will reimburse you up to $10 per statement cycle.

Additionally, the Interest Checking Account does come with a debit card and check-writing privileges.

Savings accounts

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at Ally Bank, Member FDIC

Ally Bank Savings Builder

4.8

MayoFi rating

0.50%

APY

$0

Min. balance for APY

Ally Bank’s Online Savings Account is a high-yield savings account with an APY of 0.50% on all balances. The national average rate for a savings account is between 0.01% and 0.06%, making Ally’s 0.50% a steal.

There are no monthly maintenance fees or minimum balance requirements—you can open an account anytime. Ally Bank also has a reputation for providing excellent customer support. You can contact an agent by phone, chat, or email 24/7.

Money market accounts

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at Ally Bank, Member FDIC

Ally Bank Money Market

4.8

MayoFi rating

0.50%

APY

$0

Min. balance for APY

The Money Market Account offered by Ally Bank will pay you 0.50% APY on all balances. Unlike Ally’s savings account, the money market account (MMA) comes with a debit card and checks.

If you want the flexibility of a checking account, with the high interest rates of a savings account, a money market account is worth looking into—and Ally’s won’t disappoint.

Certificate of deposits (CDs)

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Ally Bank, Member FDIC

Ally Bank CD

4.9

MayoFi rating

0.85%

APY

$0

Min. balance for APY

Ally Bank offers three different types of CDs:

  • High Yield CD
  • Raise Your Rate CD
  • No Penalty CD

Each of these CDs offers very competitive interest rates on terms ranging from three months to five years. For example, a 1-year CD will earn you a 0.60% APY on your deposit, while a 5-year CD will earn you 0.85% APY.

And of course, the no-penalty CD is great if you think you may need your cash sooner than later. You can take advantage of the high interest rates while keeping your money relatively liquid.

It’s also worth noting that all of Ally Bank’s CDs can be opened with any amount of money. In other words, no minimum opening deposits. Most competitors will require between a $1,000 and $2,500 minimum deposit for CDs.

Banking experience

4.6

MayoFi rating

We have nothing to complain about with Ally Bank. The rates they offer on all of their financial products are competitive, their customer service is stellar, and the overall banking experience they provide is outstanding.

Ally Bank has a clean website that is very easy to use. Their mobile app on both the App Store and Google Play have garnered high ratings from users.

The biggest complaint is that Ally Bank does not have any physical banking locations. This makes it hard to do simple tasks like depositing cash. However, we did not factor the lack of locations into our star rating because Ally Bank is an internet-only bank by definition.

Rating methodology

To give you the most trustworthy and accurate information, MayoFi takes an objective and unbiased approach to the way we rate banks and credit unions. We first take a weighted average of several categories, including checking, savings, CDs, money market, and banking experience. We look at several other factors within each category, including rates and fees, branch and ATM access, technology, customer service, and account features or limits. We average these factors into a star rating between one star (poor) and five stars (excellent). Star ratings are rounded to the nearest half-star.