- Overall Rating
- Pros and Cons
- About Ally Bank
- FAQs
- Personal Bank Accounts
- Mortgages
- Investing
- How Ally Bank Compares
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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
| Feature | Personal Finance Insider rating (out of 5) |
| Banking | 4.25 to 4.75 |
| Mortgages | 3.63 |
| Investment platform | 4.48 |
| Trustworthiness | 4.5 |
| Total | 4 |
Ally Bank: Pros and Cons
| Pros | Cons |
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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. 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.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Ally Bank Online and Mobile Banking Experience
Ally is an online-only bank, so it doesn't have any physical branches. If you're considering Ally as a banking option, you must be comfortable managing your bank account primarily through online and mobile banking.
The Ally mobile app includes standard banking features like mobile check deposits, an ATM locator, and debit and credit card usage controls.
If you have an Ally Savings Account or Ally Spending Account you can also have access to the bank's buckets feature. With the Ally Savings Account, you can save money for individual savings goals, like an upcoming vacation or occasion. Meanwhile, the Ally Spending Account allows you to separate your primary expenses with spending buckets.
The Ally mobile app has received 4.7 out of 5 stars in the Apple store based on 72,900 ratings. In the Google Play store it's rated 2.7 out of 5 stars based on 27,100 reviews.
Ally Bank Customer Service and Support
Ally offers customer support by phone, live chat, or email. If you have questions about banking, investing, or credit cards, representatives are available 24/7 by phone.
For questions about other services, the hours may vary. Generally, you can talk to a representative about auto loans, home loans, or personal loans beyond traditional hours Monday through Friday and select hours on Saturday.
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 a few 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
Is Ally Bank safe to use for online banking? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.Yes, Ally is safe to use for online banking. It's an FDIC-insured financial institution, so up to $250,000 per depositor per ownership category is secure in a bank account.
Does Ally Bank offer any physical branches? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.No. Ally is an online-only bank. It doesn't have physical branches.
Can I deposit cash with Ally Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.No. You cannot deposit cash with Ally Bank. You can set up direct deposits or make mobile check deposits through the mobile app.
Ally Bank Personal Banking Review
Ally Savings Account
Ally Savings Account Start saving Ally Bank, FDIC Insured
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksFeesno monthly service fee
Annual Percentage Yield (APY)4.20%
Minimum Opening Deposit$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Savings buckets help you save for different goals
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Surprise savings transfers help you save extra money from your checking account
- con icon Two crossed lines that form an 'X'. No physical branch locations
- con icon Two crossed lines that form an 'X'. No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Account Product Details- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Ally is a good option if you're looking for a savings account that doesn't require a minimum opening deposit.
Ally Bank savings account interest rates are also better than traditional savings accounts at brick-and-mortar banks.
See Business Insider's Ally Savings Account Review.
Ally Spending Account
Ally Spending Account Start banking Ally Bank, Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)0.10% to 0.25%
Minimum Opening Deposit$0
BonusN/A
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Spending buckets to manage expenses
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No initial deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service charge
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Connect your account with Zelle
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Reimburses up to $10/month in out-of-network ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Online bill pay
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 customer service
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection
- con icon Two crossed lines that form an 'X'. No physical branch locations
- con icon Two crossed lines that form an 'X'. No way to deposit cash
- You can deposit checks right from your smartphone
- Manage expenses by creating spending buckets
- Ally reimburse's up to $10 per statement cycle for fees charged at other ATMs nationwide
- Transfer money with your voice through Ally Skill™ for Amazon Alexa
- Interest compounded daily, paid monthly
- FDIC insured
The Ally Spending 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 Business Insider's Ally Spending Account Review.
Ally High Yield CD
Ally High Yield CD Start saving Ally Bank, Member FDIC
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)3.00% to 4.85%
Minimum Opening Deposit$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No required opening deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low early withdrawal penalties
- con icon Two crossed lines that form an 'X'. No terms over 5 years
- con icon Two crossed lines that form an 'X'. No physical branch locations
Ally is one of the best online banks and an excellent choice for CDs. Its CD stands out from competitors because they have $0 opening deposit requirements, standard-to-low early withdrawal penalties, and great CD rates.
Ally High Yield CD Product Details- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
- Interest compounded daily, paid monthly
- FDIC insured
Ally Raise Your Rate CD
Ally Raise Your Rate CD Start saving Ally Bank, Member FDIC Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)3.75%
Minimum Opening Deposit$0
BonusNone
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Increase APY before term ends
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low early withdrawal penalties
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum deposit
- con icon Two crossed lines that form an 'X'. No physical locations
- con icon Two crossed lines that form an 'X'. May find higher APY elsewhere
Ally is one of the best online banks and an excellent choice for CDs. Its CD stands out from competitors because they have Ally High Yield CD - Minimum Deposit opening deposit requirements, standard-to-low early withdrawal penalties, and great CD rates.
Raise Your Rate CD Product Details- Choose from a 2-year or 4-year term
- If Ally rates go up during your term, you may increase your rate once for a 2-year term, and twice for a 4-year term
- Early withdrawal penalties: 60 days interest for a 2-year term, 120 days interest for a 4-year term
- Interest compounded daily, paid monthly
- FDIC insured
Ally No Penalty CD
Ally No Penalty CD Start saving Ally Bank, Member FDIC Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)4.00%
Minimum Opening Deposit$0
BonusNone
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APY
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No minimum deposit
- con icon Two crossed lines that form an 'X'. No physical locations
- con icon Two crossed lines that form an 'X'. Only term option is 11 months
Ally is one of the best online banks and an excellent choice for CDs. Its CD stands out from competitors because they have Ally High Yield CD - Minimum Deposit opening deposit requirements, standard-to-low early withdrawal penalties, and great CD rates.
Ally No Penalty CD Product Details- 11-month CD term
- No early withdrawal penalty for taking out funds before your CD matures
- Interest compounded daily, paid monthly
- FDIC insured
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 Ally 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 Ally No Penalty CD.
See Business Insider's Ally CD Review.
Ally Money Market Account
Ally Money Market Account Start banking Ally Bank, Member FDIC Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Feesno monthly service fee
Annual Percentage Yield (APY)4.20%
Minimum Opening Deposit$0
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No opening deposit or minimum account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fee
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to a debit card
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to paper checks
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Out-of-network ATM reimbursements of up to $10 per month
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. 24/7 customer service
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy-to-use mobile app
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Link to other Ally bank accounts
- con icon Two crossed lines that form an 'X'. Not the highest money market account APY
- con icon Two crossed lines that form an 'X'. No physical branch locations
- con icon Two crossed lines that form an 'X'. Limits transactions to 10 per statement cycle across both Ally Savings and Ally Money Market Accounts
- Access to checks and a debit card
- Interest compounded daily, paid monthly
- FDIC insured
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 Business Insider's Ally Money Market Account Review.
Ally Bank Mortgages Review
Ally Home Mortgage Compare rates On Bankrate's website
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Recommended Credit620
Minimum Down Payment3%
Types of Loans OfferedConforming, jumbo, One Day Mortgage
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Smooth online application process
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. $5,000 homebuyer grant available
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Zero origination, application, underwriting, or processing fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easily see personalized rates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Large jumbo loan amounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Lock in a rate and receive conditional approval within 24 hours
- con icon Two crossed lines that form an 'X'. Only offers conforming and jumbo mortgages
- con icon Two crossed lines that form an 'X'. Doesn't accept alternative credit data
- con icon Two crossed lines that form an 'X'. Homebuyer grant only available in Charlotte, Detroit, and Philadelphia metro areas
Ally has a very limited range of mortgage options to choose from, but it also offers features that rival some of the best mortgage lenders out there, including a rate customization tool and no lender fees. Plus, it ranks high in customer satisfaction and offers large jumbo loan amounts.
Ally Home Product Details- Online-only mortgage lender
- Available in all 50 states and Washington, DC
- Does not accept alternative credit data, such as utility bills, if you have a low/no credit score
- Minimum credit score and down payment displayed are for conforming mortgages
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 Business Insider's Ally Mortgage Review>>
Ally Bank Invest Review
Ally Invest Start investing On Ally's website
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAccount Minimum$0 ($100 for Robo Portfolios; $100,000 for Ally Invest Personal Advice)
Fees0% (up to 0.85% for Ally Invest Personal Advice; bonds, mutual funds, and certain stocks have fees)
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No account minimums or commissions for trading
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Automated portfolios free of advisory or management fees; Ally Invest Personal Advice available
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Options contracts only cost $0.50 per contract
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Bank accounts, mortgage refinancing, car loans, and personal loans available through Ally Bank
- con icon Two crossed lines that form an 'X'. Thousands of mutual funds but no no-transaction-fee mutual funds
- con icon Two crossed lines that form an 'X'. No cryptocurrencies
Ally Invest is best for active traders looking for $0 minimum deposits, commission-free investing, easy-to-use trading tools, and 24/7 market access. The brokerage is also great for passive investors in search of automated advice.
Ally Invest Product Details- App store rating: 4.7 iOS/ 3.9 Android
- Consider it if: You want easy-to-use apps paired with excellent investing, checking, and savings accounts.
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 Business Insider's Ally Invest Review.
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.
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.
Is Ally Bank Right For You?
Ally is a great choice if you want to save and invest in one place. Ally's banking and investment accounts have low minimum opening requirements and minimal fees. Its savings, money market, and CD accounts also notably pay better rates than brick-and-mortar banks.
You'll want to consider other options if you aren't comfortable with an online-only banking experience. Ally also doesn't have as many mortgage and loan types as other financial institutions.
Why You Should Trust Us: How We Reviewed Ally Bank
For our Ally Bank review, we rated bank products and services using our editorial standards. At Business 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.
Sophia Acevedo Banking Editor Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:- Bank accounts
- Savings and CD rate trends
- Budgeting
- Saving
- How banks operate
Evelyn He Compliance and Operations Associate Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Read more Read less Top Offers From Our Partners 
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