Ally Review 2022
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Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Ally Bank savings accounts also have buckets that help you save for goals inside your online savings account.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
There is no minimum deposit required to open any of the CDs. Customers can qualify for the highest interest rate (depending on their balance amount and CD term) if rates rise within 10 days of opening and funding the accounts. Those who renew a CD will receive an added benefit of getting an added 0.05 percent loyalty reward from Ally.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
Those looking to access an account through ATMs and who want to write checks might want to choose the Ally’s Money Market Account over its savings account.
There are no monthly maintenance fees tied to the checking account.
Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.
Checks can be deposited online with the use of a scanner or with a smartphone using the Ally app. Each checking account comes with free checks and a debit card.
In June 2021, Ally Bank stopped charging overdraft fees.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.Editorial disclosure
All reviews are prepared by our staff. Opinions expressed are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including any rates, terms and fees associated with financial products, presented in the review is accurate as of the date of publication. AllyAlly Bank Review 2022
Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Updated November 10, 2022 Bankrate logoThe Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.On This Page
At a glance
5.0 Bankrate Score CDs Checking Savings MMA About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.Overview
Ally Bank is ideal for consumers comfortable with banking only online who want access to loans, high-yield deposit products and credit cards.Highlights
ATM Fee Refunds High APY Low Min Deposit Compare offers Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. Member FDIC Savings Account 3.60 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. balance for APY Offer detailsBask Bank
Member FDIC Savings Account Details 3.60 % APY Min balance for APY 0 Monthly Acct Fees. No Balance Cap to Earn APY.Overall
Ally Bank is a one-stop shop for online-only banking customers from coast to coast. It offers a competitive yield on its savings account, money market account and its CDs. It is a part of a large fee-free ATM network and its checking account reimburses $10 worth of out-of-network ATM fees each statement period.Pros
Ally is a robust online bank with an array of deposit products, loans and services. The bank offers low-fee deposit accounts with no monthly maintenance fees or minimum balance requirements. Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks. Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.Cons
Cash deposits aren't accepted. You can’t send an international wire transfer from Ally Bank.Ally bank products
Savings CD Money Market Checking 5.0 Bankrate ScoreAlly savings overview
Ally offers a high-yield savings account that is consistently competitive. It doesn’t offer the absolute highest APY, but it is always around the top-tier rate. There’s no minimum deposit needed to open an account and no monthly service fees either. The account doesn’t offer an ATM card, so you’ll have to do an online funds transfer, wire transfer, telephone transfer or request a check to access your funds.Ally Bank savings accounts also have buckets that help you save for goals inside your online savings account.
Pros
Ally’s Online Savings Account pays the same competitive APY across all balance tiers. The account doesn’t have monthly maintenance fees or minimum balance requirements. The digital account offers a feature that helps you save toward your various goals.Cons
Cash deposits aren't accepted. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Savings Account 3.00 % APY Info Bankrate Savings rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min balance for APY Offer details Offer detailsCapital One
Member FDIC Savings Account Details 3.00 % APY Min balance for APY It only takes about 5 minutes to open a fee-free account. 5.0 Bankrate ScoreAlly CD overview
CDs at Ally Bank come in three different flavors. The online bank offers high-yield CDs across multiple terms, a couple of bump-up CDs and an 11-month no-penalty CD.There is no minimum deposit required to open any of the CDs. Customers can qualify for the highest interest rate (depending on their balance amount and CD term) if rates rise within 10 days of opening and funding the accounts. Those who renew a CD will receive an added benefit of getting an added 0.05 percent loyalty reward from Ally.
Pros
There is no minimum deposit required to open a CD. Multiple types of CDs are available. Early withdrawal penalties are less harsh than at other banks.Cons
Some other online banks pay higher yields. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC CD 4.10 % APY Info Bankrate CD rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Min. deposit Term Offer details Offer detailsCapital One
Member FDIC CD Details 4.10 % APY Min. deposit Term Get peace of mind with fixed rates and guaranteed returns. 5.0 Bankrate ScoreAlly money market overview
The Ally Money Market account offers a competitive interest rate. Unlike the savings account, free checks and a debit card are provided with the money market account.Those looking to access an account through ATMs and who want to write checks might want to choose the Ally’s Money Market Account over its savings account.
Pros
The Ally Money Market offers a competitive APY. The account includes a debit card and checks. Account holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs. There’s no minimum deposit required to open the account.Cons
There may be accounts available with APYs higher than Ally’s at other online banks. Accounts that aren’t funded within 30 days of account opening will be closed. 4.8 Bankrate ScoreAlly checking overview
Ally Bank offers a single checking account. Its competitive Interest Checking account offers tiered interest rates; yields vary depending on the minimum daily balance in the account.There are no monthly maintenance fees tied to the checking account.
Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.
Checks can be deposited online with the use of a scanner or with a smartphone using the Ally app. Each checking account comes with free checks and a debit card.
In June 2021, Ally Bank stopped charging overdraft fees.
Pros
Customers can earn interest on any daily balance. There is no minimum deposit required with the Interest Checking account. There are zero monthly fees as well as no cost for standard checks and debit cards. Ally doesn’t charge overdraft fees.Cons
Ally Bank doesn’t have physical branches and doesn’t accept cash deposits. Compare Offer Advertiser DisclosureAdvertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Member FDIC Checking Account 2.50 % APY Info Bankrate Checking rating = 5/5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. To open To avoid fees Offer details Offer detailsSoFi
Member FDIC Checking Account Details 2.50 % APY To open To avoid feesBank experience
Ally Bank has no branches, but retail bank customers can speak with a representative over the phone 24/7. Customers can also tell how long the phone wait will be on Ally’s website. They can also use the live chat feature online. The Ally Bank mobile app has a high rating on iOS and a good rating on Google Play. One feature helps users to get into the habit of saving, by analyzing customers’ checking accounts and automatically moving money into their savings when its algorithms determine it’s safe to do so.About Ally
Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corp. (GMAC), which was originally an auto financing company. In 2009, GMAC Bank became Ally Bank. Today, the bank offers consumers nationwide a wide range of products, including credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a leading financial services provider with headquarters in Detroit. It serves millions of retail customers and thousands of automotive dealers.Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. .