Our experts answer readers’ banking questions and write unbiased product reviews (here’s how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
The bottom line: Ally is one of our top picks for the best online banks. It’s a great option for banking and investing. Other financial institutions have more offerings for mortgages and other types of loans, though.
Ally Bank: Overall Rating
FeatureInsider rating (out of 5)Banking4.25 to 4.75Auto refinancing2Mortgages3.63Investment platform4.48Trustworthiness4.5Total4
Ally Bank: Pros and Cons
ProsCons
High savings, CD, and money market rates
Bank accounts with no monthly fees and $0 minimum opening deposits
No application or documentation fees for vehicle refinancing
No origination, application, underwriting, or processing fees for mortgages
No account minimums or commissions for trading for brokerage accounts
Can’t deposit cashVehicle refinancing is not available in Nevada, Vermont, or Washington, DCLimited home loan options (No FHA, VA, or USDA loans)No cryptocurrency options for brokerage account
Ally Bank Personal Banking Review
Ally High Yield Savings Account – Product Name Only
Ally is a good option if you’re looking for a savings account that doesn’t require a minimum opening deposit.
Ally also makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.
See Insider’s Ally Savings Account Review >>
Ally Interest Checking Account – Product Name Only
The Ally Interest Checking Account is a solid low-fee option. You have free access to over 43,000 ATMs nationwide, but if you use an out-of-network ATM, Ally doesn’t charge a fee. If the out-of-network ATM provider charges you, then Ally will reimburse up to $10 per month.
Another standout perk is that you can use spending buckets to help manage your spending for different categories, like groceries or rent.
See Insider’s Ally Spending Account Review>>
Ally High Yield CD – Product Name Only
Ally Raise Your Rate CD – Product Name Only
Ally No Penalty CD – Product Name Only
Ally pays solid rates on its CDs, and it’s one of the few banks that doesn’t require a minimum opening deposit.
Along with the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate should Ally’s rates go up. You can increase your rate once during a 2-year term and twice during a 4-year term. Ally also offers an 11-month No Penalty CD.
If you’re worried you’ll need access to funds before your CD matures, then Ally could be a good option. The bank’s early withdrawal penalties are lower than what you’ll find with most banks, or you can open the No Penalty CD.
See Insider’s Ally CD Review>>
Ally Money Market Account
Savings and money market accounts have a lot of similarities, but one perk of a money market account is that it typically makes it easier to access your money than a savings account does. The Ally Money Market Account makes it especially easy by sending you both a debit card and paper checks.
See Insider’s Ally Money Market Account review>>
Ally Bank Auto Refinancing Review
You might find Ally Auto Refinance worthwhile if you live in an eligible state and would prefer to avoid application or documentation fees. Other companies may offer more competitive rates on auto financial products, though.
If you’re looking for a car loan, you’ll have to find a dealer that offers Ally auto financing options.
See Insider’s review of Ally Auto Refinance>>
Ally Bank Mortgages Review
Ally only has conforming and jumbo mortgages. It might be worth considering if you have a good credit score. However, if your credit score is below 620 or you’re searching for a different type of home loan, you’ll want to consider other mortgage lenders.
See Insider’s Ally Mortgage Review>>
Ally Bank Invest Review
Ally is featured in our guide for the best online brokerages for beginners as the best bank account and brokerage combo. Ally Invest stands out because it’s a low-fee investment platform. It has commission-free stock and ETF trades. It also has a robot portfolio with zero advisory fees and a $100 account minimum balance.
See Insider’s Ally Invest Review>>
About Ally Bank
Ally offers a wide range of products. In addition to the offerings listed above, Ally also has credit cards and loans for medical treatments.
Ally is an online-only bank, but it has physical ATMs. It’s part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs around the US. If you use an out-of-network ATM and the ATM provider charges a fee, then Ally will reimburse up to $10 per month.
The Ally mobile app has received 4.7 out of 5 stars in the Apple store, and 3.9 out of 5 stars in the Google Play store.
Live customer service is available 24/7, both by phone and online chat.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Is Ally Bank Trustworthy?
Ally received an A rating from the Better Business Bureau. The highest possible grade is an A+ but Ally has an A because it has three unresolved complaints on the BBB website.
The BBB looks at how a company responds to customer complaints. It also checks whether a business is honest in its advertising and transparent about how it conducts business.
Ally doesn’t have any recent public scandals.
Ally Bank FAQs
Does Ally have branches?
Ally doesn’t have any physical branches. You’ll have to be comfortable with a completely online banking experience.
Is Ally FDIC-insured?
Yes, Ally is a federally insured bank. Your money is insured by the FDIC for up to $250,000, or $500,000 if you have a joint account.
Is Ally Bank good?
Ally might be a good place to bank if you want to open an account with a low initial deposit. Ally lets you open savings, checking, CD, or money market accounts with $0. Ally’s brokerage account also doesn’t have any account minimums. Ally pays high interest rates on bank accounts.
Do Ally bank accounts have minimum balance requirements?
Ally doesn’t have minimum balance requirements. You won’t have to worry about keeping a specific daily balance to waive monthly service fees.
Methodology: How We Reviewed Ally Bank
For our Ally Bank review, we rated bank products and services using our editorial standards. At Personal Finance Insider, we rate products on a scale from zero to five stars. We also compare and contrast the features and fine print of various products to help determine if the account may be right for you..
For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options.
We’ll consider factors like investment selection for investment for a brokerage account, and loan types for mortgages. In general, we also look at customer service and ethics.
How Ally Bank Compares
We compared Ally to two other online banks with competitive savings and CD rates.
Ally Bank vs. Marcus
Ally and Marcus are both online-only financial institutions. If you are more comfortable banking at a place that has branches, you’ll want to consider other options.
Marcus only has a savings account and CDs, so if you’re looking for a checking or money market account, you’ll want to go with Ally.
Marcus has an investing platform, but it doesn’t offer mortgages or auto loans.
Ally Bank vs. Capital One 360
Although Capital One Bank is considered an online bank, it does have physical branches in six US states and Washington, DC. So if you live near a branch and would like a combination of online and in-person banking, then you might like Capital One.
Both banks have CDs, savings accounts, and checking accounts. If you want a money market account or a type of CD other than a regular term CD, then you’ll want to go with Ally.
If you’d like to get home loans and a brokerage account at the same place where you have a bank account, Ally will likely be a better choice. In 2017, Capital One decided to discontinue its home loan products. Capital One also no longer offers investment advisory services.
