Ally Bank Review
Ally Bank is an online-only bank offering a broad range of consumer banking products with no monthly fees and competitive APY on savings products. It operates primarily digitally with ATM access through the Allpoint network. This review uses placeholder data — verify current rates and terms directly with Ally.
Best For
- Consumers comfortable with fully online banking
- Those seeking competitive savings APY with no fees
- Customers who want a full product lineup in one online bank
Pros
- No monthly maintenance fees
- Competitive savings and money market APY
- Strong CD rate options
- No minimum balance on most accounts
- Access to Allpoint ATM network
- Well-regarded customer support
- Highly-rated mobile app
Cons
- No physical branch locations
- Cash deposits not directly supported
- Zelle availability — verify current status with Ally
- Account opening is fully online
Account Types & Features
Ally Interest Checking
Monthly Fee: None
Min Balance: None
APY: Competitive — verify current rate
Interest-bearing checking with ATM access
Ally High Yield Savings
Monthly Fee: None
APY: Competitive — verify current rate with Ally
One of the most popular high-yield savings accounts
Ally Money Market Account
Monthly Fee: None
APY: Competitive — verify current rate
Includes check-writing and debit card
Ally CDs
Multiple CD terms available; rates vary
Fees & Rates
| Fee Type | Amount |
|---|---|
| Monthly Fee | None |
| Minimum Balance | None on core accounts |
| Overdraft Fee | Varies — verify current overdraft policy with Ally |
| ATM Fee | Free at Allpoint ATMs; Ally may reimburse some out-of-network ATM fees |
| Wire Transfer Fee | Varies — verify with Ally |
ATM Access
Ally provides fee-free access to Allpoint ATMs and may reimburse some out-of-network ATM fees up to a monthly limit. [Verify current reimbursement policy with Ally.]
Transfers
Supports ACH transfers, domestic wire transfers, and international wires. Limits vary. [Verify current transfer limits with Ally.]
Mobile Banking
Ally mobile app is consistently top-rated and supports mobile check deposit, bill pay, and account management. [Verify current mobile deposit limits.]