Ally Bank Review: Is Ally a Good Bank?

Ally Bank is a full-service digital bank offering cutthroat rates, low expenses, no minimum amounts, and all-day, everyday client care.

Settled in Sandy, Utah, and established in 2009, Ally Bank is the online-only financial division of Ally Financial Inc., which has roots tracing all the way back to the 1920s.

Like other internet-based banks, Ally is reasonable for shoppers who are open to banking from their cell phone or personal computer.

Alongside checking, reserve funds, currency market, and authentication of store (CD) accounts, Ally gives mortgages, vehicle credits, personal loans, and contributing and retirement administrations.

This audit centers around Ally Bank’s financial items and administrations. Here is a definite glance at what this bank offers and how it thinks about comparable digital banks. Account subtleties and annual percentage yields (APYs) are precise as of June 29, 2021.

Basics of Account with Ally Bank


One of the upsides of not having any actual branches is that the bank can pass along those savings accounts to clients at lower charges. That is the situation with the Ally Interest Checking Account, the just checking item presented by this bank. There are no month-to-month expenses related to the record, nor is there a base store to open a record. Ally additionally doesn’t charge overdraft expenses.

Clients additionally get free standard checks; a free charge card and a free bill pay service. Clients who utilize an Allpoint ATM never deal with any indictments. Go outside of that ATM organization of 55,000 ATMs and Ally will repay you up to $10 per articulation cycle.

Since there are no actual branches, clients need to depend on innovation when saving checks, and that is the place where the Ally eCheck Deposit feature is included. You additionally can set up a direct store with this record.

Utilizing the camera on your cell phone, you snap a photo of the check and afterward store it. Clients likewise can mail in stores with postage-paid envelopes. Ally likewise upholds Zelle, the peer-to-peer payment stage that empowers you to send or get cash from loved ones.

Ally Bank pays 0.10% yearly rate yield (APY) on financial records with under a $15,000 least day-by-day surplus, and 0.25% APY for accounts with the least day-by-day totals of $15,000 or more. The last option is higher than a portion of its adversaries. The Capital One 360 Checking Account, for instance, pays an APY of 0.10% on all equilibrium levels, while Wells Fargo pays 0.01% APY on its Preferred Checking representing totals of $500 or more.


Online banks will more often than not offer higher rates on reserve funds stores and Ally Bank is no exemption. You will not get rich off the APY on account of a low-interest rate aura, however, you’ll in any case by and large improve rate than you would at a conventional bank. Ally Bank pays an APY of 0.50% on all adjusts on its web-based investment account, which is almost multiple times the nation’s average. Interest builds day by day.

While there are no month-to-month support expenses or least offset prerequisites related to this record, you’re restricted to six exchanges for each statement cycle. From that point forward, Ally regularly charges $10 for each extra exchange, however, because of Covid-19, the bank briefly discounts that expense.

Clients can put aside installments by means of cell phone or via mail.

Currency Market

Notwithstanding an investment account, Ally Bank likewise offers a currency market account, which pays an APY of 0.50% on all equilibrium levels. That is superior to a few of its rivals, however, it’s not the most elevated rate accessible.

Clients pay no month-to-month charges with this record and there are no requirements of minimum balance. You can set aside limitless installments and ATM withdrawals free of charge.


Ally Bank likewise offers its Raise Your Rate CD with two-and four-year terms. You can build your rate once during the two-year term or twice during the four-year term. The APY based on the two conditions is 0.55%.

Both high return CDs and raise-your-rate CDs from Ally have early withdrawal punishments that fluctuate by term. For terms of two years or less, it charges 60 days of interest. The charge moves to 90 days of interest for terms somewhere in the range of 25 and three years. For terms somewhere in the range of 37 and 48 months, the expense is 120 days of interest. What’s more, for terms of 49 months or longer, the charge is 150 days of interest.

For savers searching for liquidity, Ally Bank offers its No Penalty CD. With this item, clients can pull out cash without confronting any punishments. You can begin drawing down your cash on the seventh day following the subsidizing of the CD. This CD is presently accessible in an 11-month term and pays 0.50% APY.

Ally Bank additionally offers both high return and raise-your-rate IRA CDs, whose APYs are equivalent to the standard CDs.

Accessible from anywhere

Ally Bank makes it simple to get to your financial items, depending on innovation to boost the comfort factor. Notwithstanding day in and day out client care and internet banking, Ally has a portable application for Windows, iOS, and Android.

How you can manage the application differs on the working framework. Its iOS form is the strongest. It offers the capacity to check balances, observe ATMs, transfer funds, oversee one-time and recurring money transfers, store checks, cover bills, send cash with Zelle, and use Ally Assist.

Ally’s app gets 4.7 out of 5 stars on the App Store and 3.7 out of 5 stars on Google Play.

Ally has even made an Ally Skill for Alexa, Amazon’s voice-initiated online assistant. This implies clients with an Alexa-empowered gadget can utilize voice orders to check balances on their checking, investment funds, currency market, and CD accounts. You additionally can transfer cash, hear late exchanges and get the current rates on its items.


  • Cutthroat rates on financial items
  • No minimum balance prerequisite or support fees
  • Access from anyplace with on the web and mobile banking
  • 24X7 client care through telephone, live visit, or email
  • Full-service bank offering investment funds items, advances, and retirement services


  • No actual branches
  • Can’t deposit cash

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