Ally Bank Review: Strong Rates and Convenient Online Banking
Written by
Rudri Patel
Edited by
Melanie Grafil
Commitment to Our Readers
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If you’re looking for an online bank only, Ally Bank offers competitive interest rates with minimal fees.
Earn a high annual percentage yield with a $0 minimum deposit on a 1-year CD.
If you’re looking for an online bank only, Ally Bank offers competitive interest rates with minimal fees. GOBankingRates has ranked it among the Best Online Banks, Best CD Accounts and Best Money Market Accounts for 2025.
Ally Checking AccountÂ
- Ally Bank offers an interest-bearing checking account and no overdraft fees. Here are some key takeaways about Ally’s checking option:Â
- Earns interest
- Compounded daily
- No maintenance fees
- Remote check deposit
- Free standard checks
- Debit card available
- No overdraft fees
Best For
Online Banking
CD Accounts
Money Market Accounts
No Fees
Great APYs
No Overdraft Fees and Interest-Earning
Ally’s checking account earns interest, which is a huge factor when you think about alternatives that don’t offer or have very few interest-bearing options.
Fees
$0
APY
Min Opening
$0
Pros
- No minimum deposit
- No maintenance fees
- Interest-bearing checking accountÂ
- Access to over 75,000 ATMs via Allpoint
Cons
- No physical locations
- Not convenient for cash deposits
- No in-person services
Quick Take
Ally Bank is a leading online bank known for its user-friendly digital platform and a full suite of financial products, including checking accounts, loans, and investments. With no monthly maintenance fees and 24/7 customer support, it appeals to tech-savvy consumers seeking convenience and value.
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Ally Bank Savings AccountÂ
- A high APY and lack of monthly maintenance fees make Ally’s online savings account one of the industry’s better options. If you’ve been looking for a high-yield savings account, here are some features to consider:Â
- No minimum balance
- No maintenance fees
- No overdraft feesÂ
- Competitive interest rate
Best For
Online Banking
CD Accounts
Money Market Accounts
No Fees
Great APYs
No Minimum Balance
Are you pretty tech-savvy? Ally Bank’s savings option is all one, user-friendly and earns a competitive APY.
Fees
$0
APY
Min Opening
$0
Pros
- Interest is compounded daily
- Competitive interest rateÂ
- No minimum deposit makes it appeal to all savers
- No monthly maintenance fees
Cons
- No physical branches
- No ability to make cash deposits
- May be limitations on withdrawals
- No in-person access limits the ability to deposit cash
Quick Take
Ally Bank’s Savings Account stands out for its high interest rates, no minimum opening deposit, and lack of monthly maintenance fees, making it ideal for online savers. The user-friendly digital platform and robust customer support enhance its appeal, especially for tech-savvy individuals.
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Ally Bank CDs
Ally offers various rates and terms for its certificates of deposit that range from three months to five years, depending on which CD you choose. Some CDs can be easily liquidated, whereas you can earn higher interest with more standard options. GOBankingRates has ranked Ally’s CD rates and offerings among the Best CD Accounts of 2025 and here’s why:
- Interest on all CDs is compounded daily, and you can renew the accounts when they mature.Â
- With Ally’s 10-day best-rate guarantee, you can get the best rate for your balance and term if you fund your CD within 10 days of opening and the rate rises during that period.
- For high-yield CDs, terms range from three months to five years. The Raise Your Rate CD comes in two- and four-year terms, with an option to increase the rate once during the two-year term and twice during the four-year term.
- Ally also offers a No Penalty CD at an 11-month term which means you can avoid early withdrawal penalties.
- Complete withdrawal of funds is available after the first six days following the date you funded your CD, and you can keep the earned interest.
Best For
Online Banking
CD Accounts
Money Market Accounts
No Fees
Great APYs
10-Day Best-Rate Guarantee
Ally Bank CDs come in several options ranging from three months to five years, including no-penalty CD options.
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- No minimum deposit
- No maintenance fees
- Variety of rates and CD terms
Cons
- No physical branches
- Early withdrawal penalty, though this applies to most CDs
- Fixed interest rates
Why We Like Ally Bank
Ally Bank offers a range of CDs with competitive rates and no minimum deposit requirements. Options include High Yield CDs for consistent growth, Raise Your Rate CDs that let you increase your rate if market rates rise, and No Penalty CDs allowing early withdrawals without fees after six days. All CDs feature daily compounding interest for maximum returns and are FDIC-insured for added security. These flexible options make Ally Bank a strong choice for secure savings.
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Ally Bank Money Market AccountsÂ
Ally Bank’s money market account works like a combination savings and checking account, offering the best of both-high interest rates and spending flexibility. GOBankingRates has ranked it among the Best Money Market Accounts of 2025 and here are some reasons why:
- Solid APY on all balance tiers, with instant access to cash via ATMs.
- As with the checking and savings accounts, Ally’s money market account has no monthly fees, no minimum deposit or balance requirements and interest is compounded daily.Â
- Customers get access to the Allpoint ATM network, a debit card and free standard checks.
- The account is limited to ten transfers and withdrawals per statement cycle. If you exceed the limit more than once, your account may be closed.
Best For
Online Banking
CD Accounts
Money Market Accounts
No Fees
Great APYs
Minimum Opening Deposit of $0
Ally Bank’s money market account has the benefits of both a checking and savings account since you can earn interest and receive free standard checks.
Fees
$0
APY
Min Opening
$0
Pros
- Debit card availability
- No monthly fee
- No maintenance fee
- Competitive interest rateÂ
- Free checks
Cons
- No physical branches
- No ability to deposit cash
- Some limits may apply on certain transactions
Why We Like Ally Bank
Ally Bank’s money market account offers competitive interest rates with no monthly maintenance fees or minimum balance requirements. It provides flexibility with check-writing, debit card access, and FDIC insurance for security. However, it lacks physical branches, does not accept cash deposits and some online banks may offer slightly higher rates. This account is ideal for those who prefer online banking with accessible funds and solid returns.
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Ally Bank Banking ExperienceÂ
Ally’s overall customer experience is highly positive. If you wondered how Ally Bank earned its GOBankingRates score, here’s a quick breakdown:
Interest Rates
Ally earned high marks for its competitive annual percentage yields, which rank among the best in the business.
Customer Service
Ally has made a name for itself in the banking industry for its attention to customer service, and that’s reflected in how it stacks up against the competition. Ally ranked first among banks surveyed by GOBankingRates in two important categories: service via live chat with a person and 24/7 phone customer service.
Services and Accessibility
Ally Bank also scores well in terms of digital accessibility. It ranked first among banks surveyed by GOBankingRates in both the quality of its mobile app and remote check deposits. Its app got a rating of 4.7 on the App Store, though is a bit lower overall, with 3.1 on Google Play.
Fees
You’ll never pay fees for monthly maintenance, domestic or international incoming wires, cashier’s checks, standard or expedited ACH transfers or standard checks for interest checking and money market accounts. Outgoing domestic wires carry a $20 fee, and if you need expedited delivery for a debit card or check, you will face a fee of $15.
How Does Ally Bank Compare?
All banks have their strengths. Here’s a quick look at Ally’s strong points as compared to its competitors.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
Up to $15
$0
APY
APY
APY
N/A
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
See Citi’s website for details on monthly fees.
$25 per wire transfer; free for Diamond status — 3 per cycle
APY
APY
APY
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
Early withdrawal penalty may apply
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$500
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$0
No monthly service fee
$25 per wire transfer; free for Diamond status — 3 per cycle
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0
$25
$0
Ally Bank vs. Citi®
Citi has the advantage of in-branch services, whereas Ally is an online-only bank. Ally does have an edge in terms of interest rates, offering up to APY on its checking account vs. the APY* offered by Citi.
Ally Bank vs. Discover
One of the big advantages Discover® Bank, Member FDIC, has over Ally is its credit card line. At Discover, you can keep all your accounts at one institution. Ally offers higher yields and both self-directed and automated investing — something not available at Discover.
Ally Bank vs. Synchrony
Ally and Synchrony Bank are digital-only banking options offering a high APY for savings accounts, with simple, straightforward account offerings. Synchrony’s high-yield savings APY of is a bit higher than Ally’s and many other banks for that matter, but Ally has an extensive product lineup and an noted excellent customer service base.
More on Ally Bank
- Ally Bank Review
- How To Avoid Ally Bank’s Monthly Maintenance Fees
- Newest Ally Bank Promotions
- Ally Bank Holiday Hours
- Ally Bank Interest Rates
- Ally Bank Routing Number
- Ally High-Yield Savings Account Review
- Ally vs. Capital One 360
- Ally vs. SoFi
Compare to Other Banks
- American Express National Bank Review
- Discover Bank Review
- First Internet Bank Review
- TAB Bank Review
- All Bank Reviews
Final TakeÂ
Most banking today is done online, and Ally Bank offers a 21st-century banking experience that includes a full suite of products and services. GOBankingRates has ranked Ally Bank among the Best CD Accounts, Best Money Market Accounts and Best Online Banks for 2025. Ally Bank is best for those seeking high-interest rates and who don’t want a minimum balance requirement to open a checking or savings account. It’s easy to open a new account with Ally.
Even if an online-only bank isn’t entirely appealing to traditional bank customers, some might be swayed by Ally’s competitive APY rates and 24/7 customer service.
Ally Bank FAQ
Here are the answers to some of the most common questions about Ally Bank and its products and services.- Is Ally Bank a reputable bank?
- Ally Bank has been ranked by GOBankingRates as the best online bank for the last several years. It continues this streak by once again being named the Best Online Bank for 2025.
- What are the disadvantages of Ally Bank?
- Ally Bank has no physical locations, so you cannot do any in-person banking, which makes it not ideal for transactions such as cash deposits.
- Can I trust Ally?
- Yes. Ally Bank deposits are protected by the Federal Deposit Insurance Corp. up to $250,000 per depositor for each qualifying account category.
- Is Ally Bank a bank?
- Ally Bank is a completely online bank, so though it doesn't have any branches, it offers the same rights and protections as a brick-and-mortar bank.
- Which is better, Chime or Ally?
- Though Chime has a larger ATM network, Ally Bank has a more extensive product lineup.
Caitlyn Moorhead, John Csiszar and Cynthia Measom contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 26, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine the Best Online Banks of 2025, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (7) were weighed 2 times. For all savings and checking account data, only the basic accounts or products offered at each institution were analyzed. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 26, 2024.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 26, 2024.
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 26, 2024.
