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Ally Bank Reviews


bestfor-icon Competitive interest rates and minimal fees

Written by Steven Walters

About Ally Bank | Read More


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Mon-Sun 24/7
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  • 1-877-247-2559
  • Headquarters: Ally Bank 200 West Civic Center Dr Sandy, UT 84070
  • Ally Financial Inc: Ally Detroit Center 500 Woodward Ave Detroit, MI 48226
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Ally Bank Online Banking Review

Because Ally Bank is all online with no physical branches it has very little overhead when compared with brick and mortar banks. Rather than keeping these savings as profits it passes them along to its customers in the form of higher interest rates on savings accounts, and no fees for things like overdrafts, monthly maintenance, and low balances. In fact, Ally has no minimum balance requirements. Customers should be somewhat familiar with online technology when dealing with Ally as nearly all transactions are made online, via mobile apps, or at ATMs.

Ally Bank Online Banking Highlight

No minimum

Min Deposit

43,000+ Nationwide

ATM Network


Other Fees

Online Banking Savings

Min 2.25%

Min APY Savings

Online Banking Checking

Min 0.25%

Min APY Checking

Pros & Cons

  • con-icon No maintenance fees on some accounts
  • con-icon Earn more with excellent APYs
  • con-icon Some ATM fee reimbursement
  • con-icon No physical branches
  • con-icon Not available in all states

Account types

  • Checking
  • Savings
  • Certificates of Deposit (CD)
  • Money Market Deposit Account (MMDA)


Online Savings

The online savings account at Ally is high-yield and offers a generous 2.25% APY with no account balance minimum. Ally advertises its savings account yield is more than 10x that of other banks. It also comes with a host of other features.

Account Type Key Features Bonuses (if available)
Online Savings

● No Monthly Maintenance Fees

● 2.25% APY

● No minimum deposit or balance requirement

● Interest compounded daily

1% cash bonus — up to $500. Minimum cash bonus is $10 ($1,000 deposit), maximum is $500 ($50,000 deposit).

Money Market

Ally’s money market account offers rates that are an improvement over traditional banks, but in-line with the rates offered at other online banks. It is a nice addition to the available accounts if you’re banking with Ally and comes with additional features:

Account Type Key Features Bonuses (if available)
Money Market

● 24/7 Support

● Competitive 2.25% APY

● No maintenance fees

● Unlimited ATM withdrawals



Interest Checking

The interest checking account at Ally gives you easy access to your money via a network of over 43,000 fee-free ATMs, while also paying out a bit of yield, making it superior to many other bank checking accounts. Look at these other key features:

Account Type Key Features Bonuses (if available)
Interest Checking

● No overdraft fees

● Early Direct Deposit

● 43,000+ No-fee ATMs Nationwide

● FDIC Insured up to $250,000



High Yield CD

The high-yield CD product at Ally comes with a range of terms – from 3 months to 5 years. Like other Ally accounts there are no minimum balance requirements or monthly maintenance fees. There are other features to consider as well:

Account Type Key Features Bonuses (if available)
High Yield CD

● Interest compounded daily

● Convenient online management

● No minimum balance requirement

● No monthly maintenance fees

0.05% Loyalty Reward when you renew your CD to any CD with Ally.


Raise Your Rate CD

The Raise Your Rate CD product allows customers to raise the interest rate on the CD if Ally raises its rates. The CD comes in two and four year maturities and you can raise the rate once on the two year CD and twice on the four year CD. Plus, look at some of the other features:

Account Type Key Features Bonuses (if available)
Raise Your Rate CD

● If Ally raises CD rates you can raise your open CD rate too

● Withdraw with no fees for 10 days after CD matures

● FDIC insured

● No monthly maintenance fees

0.05% Loyalty Reward when you renew your CD to any CD with Ally.


No Penalty CD

No Penalty CDs come with an 11 month term and they allow holders to withdraw any principle or interest penalty free, once the CD has been funded for a minimum of six days. And there are other nice features to consider:

Account Type Key Features Bonuses (if available)
No Penalty CD

● No minimum deposit required

● No penalty for early withdrawal once six days have passed after funding

● No monthly maintenance fees

● FDIC insured

0.05% Loyalty Reward when you renew your CD to any CD with Ally.




Account 1 Year 2 Years 3 Years 4 Years 5 Years
Online Savings 2.25% 2.25% 2.25% 2.25% 2.25%
Interest Checking 0.17% 0.17% 0.17% 0.17% 0.17%
Money Market 2.25% 2.25% 2.25% 2.25% 2.25%
High Yield CD 3.25% 3.50% (18 mo) 3.50% 3.50% 3.50%
Raise Your Rate CD N/A 2.75% N/A 2.75% N/A
No Penalty CD 2.20% (11 mo) N/A N/A N/A N/A


Features Benefits & Rewards

  • No minimum balance requirements
  • No monthly maintenance fees
  • Fully FDIC Insured
  • High APYs
  • Online tools for managing your money

Opening an Account With Ally Bank

Suppose you’re interested in the high yield available with an Ally online savings account and want to open an account. They’ve made the process quite simple. Start by navigating to Ally.com and then clicking on the “Start Saving” button.

Next click on the “Get Bonus” button if you want to take advantage of the 1% cash bonus. On the next page you can click the “Open Account” button. Or scroll down on the first page to find the “Open Account” button there and click it. As you can see, it’s possible to open an account in under 5 minutes.

Choose the option that describes your current banking relationship with Ally and then click the “Continue” button. On the following page choose the account type you’d like to open. Then click the “Add this Account” button.

The next page allows you to review your selection and add additional accounts to open if you want. This can be a real time saver since you can open multiple accounts with just one application. Once you’re satisfied with your account selection click “Next”.

Next it will ask you to check a box to confirm you’re a U.S. citizen or legal permanent resident. If you are, check the box and click the “Next” button. That will take you to the longest page yet where you enter your personal information, including name, address, social security number, date of birth, occupation, email and phone.

After clicking next it will allow you to review the information already provided and to add a joint account holder if you like. Once everything is to your liking click “Next” again. On the following page you’ll give your consent or approval to the following:

  • Consent To Receive Information Electronically
  • Request For Taxpayer Identification Number And Certification
  • Ally Bank Account Information & Disclosures

Once you click “Submit Application” your account(s) will be opened, unless something in the application requires further review. This initial review process could take up to 15 seconds. If everything is good your accounts are opened. Now that the accounts are open you can go ahead and transfer money into them to start earnings the high Ally yields.

After depositing or choosing to add money later you get to create your online account where you can manage all of your Ally funds.

State Availability

- Available in all states

Ally Bank Certificate of Deposit Review

Ally Bank is an online bank that offers a variety of high-interest savings accounts and CDs. The bank’s High Yield Savings Account currently has a max APY of 4.40%, which is one of the highest rates available. There is no minimum deposit required to open an account. Ally Bank is a good option for people who are looking to save money and earn a high interest rate. The bank is also FDIC insured, so your money is safe.

Ally Bank Certificate of Deposit Highlight


12-Month APY


3-Year APY


5-Year APY

No minimum

Minimum Deposit


Minimum Balance


Monthly fee


Daily Compounded Interest


Early withdrawal penalty

Pros & Cons

  • con-icon 24/7 customer service
  • con-icon No monthly maintenance fees
  • con-icon No minimum balance requirements
  • con-icon Zero overdraft fees
  • con-icon No cash deposit
  • con-icon No branch access
  • con-icon Early withdrawal penalties

Account types

  • 3-Month APY 3.00%
  • 6-Month APY 4.40%
  • 9-Month APY 4.45%
  • 12-Month APY 4.50%
  • 18-Month APY 4.45%
  • 3-Year APY 4.00%
  • 5-Year APY 3.90%
  • Ally Bank No Penalty CD 4.55%

Ally Bank Certificate of Deposit Terms & Requirements

  • Account opening: You can open a CD account online or by phone. You will need to provide your name, address, Social Security number, and date of birth. You will also need to provide a valid form of identification, such as a driver’s license or passport.
  • Minimum deposit: The minimum deposit to open a CD account is \$0.
  • Term length: The term length for a CD account can range from 3 months to 60 months.
  • Interest rate: The interest rate for a CD account is fixed for the term of the account. The interest rate is determined by the current market rates and the term length of the CD.
  • Interest payment: Interest on a CD account is compounded daily. You can choose to have the interest paid back to you in one of three ways:
  • Credited to your CD account: The interest is added to your CD balance.
  • Paid by check: You will receive a check for the interest earned.
  • Paid to another Ally account: The interest is transferred to another Ally account you own.

Qualification Requirements

  • Residential status: You do not need to be a resident of the United States to open a CD account.
  • Citizenship: You do not need to be a U.S. citizen to open a CD account.
  • Eligibility: You must be at least 18 years old to open a CD account.
  • Joint accounts: You can open a CD account with one or more people.

Withdrawal Penalty

There is an early withdrawal penalty if you close your CD account before the term ends. The penalty amount is typically a percentage of the interest earned.

Term Length  Days of Interest 

24 months or less

60 days of interest
25 months – 36 months 90 days of interest
37 months – 48 months 120 days of interest

State Availability

- Available in all states

Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.



Is Ally a safe bank?

Ally is FDIC insured for deposits up to $250,000. Your money is safe with Ally Bank.

Does Ally require a minimum balance?

There are no minimum balance requirements for Ally Bank accounts.

Does Ally have any hidden fees?

Ally promises its customers that there are no hidden fees for banking with them.

Customer Support

Ally is well known for their solid customer support, so we tested it ourselves by contacting the support staff with a series of basic questions regarding Ally’s accounts and services. We weren’t disappointed as the support staff was completely professional and knowledgeable, answering all our questions in a complete and friendly manner. That said, we did wait for over an hour to be connected to a support person, which is not convenient at all.

In terms of online reputation, we found Ally Bank to be very poorly rated at the Better Business Bureau. As of Oct. 14, 2022 the bank has 1.08 out of 5.0 stars, with 65 customer reviews. These reviews claim the bank has held their money, not credited deposits/payments correctly, or has broken promises, among other things.

Over at Trustpilot things look similar, with a rating of 1.6 out of 5.0 stars on 120 reviews as of October 14, 2022. Reasons for the bad reviews are similar to those mentioned on the BBB website.

Privacy & Security

Ally takes security very seriously. Keeping customer data safe and secure is one of their top priorities. They only make data available to those in the organization who require access to do their jobs. In addition, Ally has implemented all the following security practices:

Anti-Virus and Anti-Malware Protection – Helps detect and prevent viruses and malicious software.

Firewalls – Helps block unauthorized access.

Transport Layer Security (TLS) Encryption – Ally uses the latest encryption technology to help protect your information from being intercepted; creating a secure connection with your browser when you log in, complete an application, or enroll in online services.

2-Step Authentication – Extra security measures like asking you a question that only you know the answer to or sending a security code to a device that you’ve registered. You may also know this as 2-factor or multi-factor authentication.

Online and Mobile Security Guarantee for Ally Bank – Ally Bank guarantees that you will not be liable for any unauthorized Online or Mobile Banking transaction as long as you report the unauthorized transaction by calling them at 1-877-247-2559 within 60 days from when your statement is made available.

Free Anti-Virus and Anti-Malware Software – Ally Bank customers can download and install Webroot® SecureAnywhere™ at no cost on up to 3 devices.

Credential Confidentiality- Ally never shares your usernames and passwords with anyone.

Automatic Logout – Ally automatically logs you out of your secure session after a period of inactivity to help protect you against others seeing or using your online accounts.

Account Monitoring – Ally monitors online account activity for potential fraud.

In Conclusion

If you’re looking for a way to save cash in a high yielding account that comes with no minimums and low fees, then Ally could be the perfect online bank for you. But remember that Ally is so much more. It’s a full service bank that offers most everything a customer could want in terms of savings, investing, and loan products. And it’s all well protected by the security measures put in place by Ally, plus $250,000 in FDIC insurance. Despite the negative reviews we found on the BBB website and Trustpilot, Ally has often been awarded as the best online bank, including recognition as the best money market accounts, best CD rates, and best online savings account.

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