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LAST UPDATED: October 16th, 2020

Ranked as one the "Best Online Banks" by MONEY Magazine, Ally Bank provides excellent customer service and strives to make banking smarter and simpler by providing consumers with higher rates and lower fees than traditional banks. Offering various online-only checking and savings account options, consumers can choose what will be the best fit for their financial needs and circumstances.

As an online-only banking service, Ally Bank has no physical branch locations, but provides 24/7 customer service via phone, email, or live chat. From a phone or computer, Ally Bank customers can quickly and easily access their account information and manage transactions through Ally Bank's mobile app or website. While this may be efficient and preferable for some consumers, it may not be the best fit for everyone.

Continue reading for pros and cons, and Ally Bank customer reviews from real customers.

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The Good

  • High Interest Rates
  • Various Checking and Savings Options
  • Allpoint ATMs
  • Customer Service
  • Value and Transparency

High Interest Rates

Online banks can generally offer higher rates and lower fees because they don't put money into physical bank branches. Ally Bank is no exception and offers competitively high rates in the industry.

For savings, Ally Bank offers an above-average 0.60 percent APY, which is nearly 12 times the national average of 0.05 percent APY. In addition, interest is compounded daily, meaning that interest earnings are calculated daily which could result in the consumer making more money than other accounts that offer monthly compounded interest.

Various Checking and Savings Options

Ally Bank offers one online checking account that offers more benefits than a consumer could likely find with another online banking institution. In addition to competitive APYs, the Ally Bank Interest Checking Account allows consumers to deposit checks remotely and provides access to 43,000+ Allpoint ATMs for free. Consumers can also move and transfer money easily without worrying about getting hit with a monthly maintenance fee. It is important to note that the opening deposit required for this account is unknown.

Ally Bank also offers various savings options:

  • Online Savings Account: Ally Bank's Online Savings Account offers some of the highest APYs in the industry at 0.60 percent APY on all balance tiers. There are no monthly maintenance fees and the account has tools to help consumers grow their money faster.
  • Money Market Account: Consumers will receive an APY of 0.50 percent on all balance tiers, and can enjoy not getting hit with any hidden fees, including monthly maintenance fees or minimum balance requirements. In addition, consumers will have access to Ally's Allpoint ATM network.
  • High Yield Certificate of Deposit (CD): The APY that consumers will qualify for is dependent on their CD term length, but all consumers qualify for competitive rates and daily compounded interest.
  • Raise Your Rate CD: The Ally Bank Raise Your Rate CD is designed with longer terms in mind, and consumers will receive an APY of 0.70 percent.
  • No Penalty CD: As Ally Bank describes it, the No Penalty CD is "easy money with an easy out". This CD is an 11-month term with an APY of 0.60 percent, an above average APY.

No matter which account option, or multiple options, you choose with Ally Bank, you can rest assured that you will receive the most competitive rates possible.

Allpoint ATMs

Ally Bank provides access to 43,000+ Allpoint ATMs for free. An ATM offering with an online bank is unique, as most online banks do not have ATMs or provide free access to any ATMs. In addition, if you use another ATM at which you are charged an ATM fee, Ally Bank will reimburse up to $10 per statement cycle.

Customer Service

Ally has 24/7 customer service via phone or online chat. Their mobile banking app allows deposits, bill pay, and money transfers. One of the biggest benefits of banking with Ally is there are no monthly maintenance fees, no hidden fees, no ATM fees, and no fees for getting cash back when paying for purchases.

Value and Transparency

AllyBank's interest checking account was a awarded an A+ for value and transparency by Because they do not have any physical brick and mortar locations they do not have any of the costs that traditional banks have so they are able to give their customers a higher interest rate. Ally goes the extra mile by eliminating everyday fees that other banks add on.


The Bad

  • Random Account Holds
  • Long Wait to Get Help
  • No Cash Deposits

Random Account Holds

Some customers have complained that their Ally bank account was frozen, seemingly for no reason. However, it appears that most of these problems were resolved, though inconvenient at the time. 

Long Wait to Get Help

Because Ally is such a popular bank, there's sometimes a long wait to get help through the call center or email. Some customers have complained that they were put on hold for more than 15 minutes.

No Cash Deposits

Like many other online banks, it's not easy to deposit cash into your account. To make a deposit you'll need to use a remote check deposit, online transfer, or wire transfer. 


The Bottom Line

If you are looking for an online bank that can help you save more money, Ally Bank would be a good choice. With above average APYs and minimal fees, consumers can choose from a variety of savings accounts and CD options. Because Ally Bank is not a traditional bank, it has no physical branch locations, which could be limiting for consumers who prefer in-person banking.

Ally Bank's Interest Checking Account provides greater flexibility than most by providing consumers with a debit card, and free access to a network of ATMs. Although consumers will be charged an overdraft fee when necessary, there are no monthly maintenance fees. However, if you are hoping to find an easy cash deposit process, Ally Bank may not be the best choice for you, as you will be required to deposit money either through a wire transfer or online transfer. It is important to note that this cash deposit process is common among online banks, and you may be hard pressed to find an online banking institution with more efficient options.

Based on customer service, we would recommend Ally Bank. Consumers can speak with a representative at any time, and many customers speak to the efficiency and effectiveness of Ally Bank's customer service. However, be aware that wait times to speak with someone over the phone can be long at times.

Currently, customer reviews are limited. If you have worked with this financial institution, please leave an Ally Bank review and tell us about your experience.

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3 Reviews

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rone Milton, FL

I had been Customer with this bank for 4-5 Yrs. Six months ago I received through TXT message that my e-mail address was "updated", Also another message show that my passcode also was "updated". When I check my account, effectively, my profile was changed internally with another email and passcode. Ally did not have explanations for the event, rather indicate that the account had been compromised and for "my security" the account should be closed rather than just correct the “anonymous updates”. Six months later Now, (Aug 2019) when I try to log-on into the account, the page reloads itself. After unsuccessful tries, I call them to know the status of the account. They ask the usual questions, then the request to hold up to verify the account 2-3 minutes, those minutes extended to 54 minutes of verifying… then I got way worst, they started to ask about: Which state my parents got my Social Security, which is my height, where I am now, which id my ISP and which is my driver license number (all this to know they got the correct customer), I did complain for such questions, since in no place those questions should be made. (Also, they already checked through code sent to my phone via txt). For all this they say that they have the right to ask all these questions and offer No explanation whatsoever of the status of my account after 4 phone calls. As soon I clear up their mess. I move my business elsewhere.

4 years ago

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KEMASTERS 87 Mount Laurel, NJ

Everything about Ally has been pleasant. Right now I have a Xing and saving but I'm about to look into an IRA and more. They are the best

6 years ago

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Erin Rhoton Pleasant Grove, UT

I have really liked Ally Bank. I originally chose to bank with them when they had the best Savings Account interest rate I could find and I have been happy ever since.

6 years ago