Ally is one of our top picks for the best banks. Business Insider's personal finance team found that it's a great option for banking and investing. Other financial institutions have more products and services, though.
Ally Bank Overview
Ally offers banking and investment products.
In January 2025, Cardworks, Inc. acquired the bank's credit card business. The transaction is expected to be completed in 2025.
It also no longer offers mortgages. If you submitted an application on January 31, 2025, or prior, you must close it by May 27, 2025.
It's part of the Allpoint and MoneyPass ATM networks, so you have free access to over 75,000 ATMs around the U.S. 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 it 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 usage controls.
If you have the bank's saving or checking accounts you can also have access to a 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 bank's mobile app has received 4.7 out of 5 stars in the Apple store based on 90,600 ratings. In the Google Play store it's rated 4.5 out of 5 stars based on 32,400 reviews.
Ally Bank Customer Service and Support
The bank offers customer support by phone, live chat, or email. If you have questions about banking or investing, representatives are available 24/7 by phone.
For questions about other services, the hours may vary. Generally, you can talk to a representative beyond traditional hours Monday through Friday and select hours on Saturday.
Ally Bank Pros and Cons
Ally Bank Pros
- 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 account minimums or commissions for trading for brokerage accounts
Ally Bank Cons
- Can't deposit cash
- No cryptocurrency options for brokerage account
- No longer offers some products, so it might not be the best choice for someone who wants to primarily have everything at the same bank
Banking Options with Ally Bank
Ally Savings Account
no monthly service fee
3.60%
$0
Pros
Cons
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- 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
no monthly service fee
0.10% to 0.25%
$0
N/A
Pros
Cons
- 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 stands out as one of the best checking accounts due to its budgeting tools. You can use spending buckets to help manage your spending for different categories, like groceries or rent.
This checking account is also a solid option for avoiding common bank fees. Most notably, this bank is one of the best banks for avoiding overdrafts due to its free overdraft protection options and no overdraft fees.
See Business Insider's Ally Spending Account Review.
Ally High Yield CD
2.90% to 3.90%
$0
Pros
Cons
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- 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
3.50%
$0
None
Pros
Cons
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- 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
3.55%
$0
None
Pros
Cons
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- 11-month CD term
- No early withdrawal penalty for taking out funds before your CD matures
- Interest compounded daily, paid monthly
- FDIC insured
It 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, the bank 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. It also offers an 11-month Ally No Penalty CD.
If you're worried you'll need access to funds before your CD matures, then this bank 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
no monthly service fee
3.60%
$0
Pros
Cons
- 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 Invest
$0 ($100 for Robo Portfolios; $100,000 for Ally Invest Personal Advice)
0% (up to 0.85% for Ally Invest Personal Advice; bonds, mutual funds, and certain stocks have fees)
Pros
Cons
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- 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 one of the best investing app for beginners, specifically the best for tax-optimized investing.
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.
Is Ally Bank Trustworthy?
Ally received an A rating from the Better Business Bureau. The highest possible grade is an A+ but it 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.
The bank doesn't have any recent public scandals.
Ally Bank Alternatives
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. Marcus' savings rate is 3.65% APY, and Marcus CD rates pay 3.75% to 4.25% APY. If you're looking for a checking or money market account, you'll want to go with Ally.
Ally Bank vs. Capital One 360
Although Capital One Bank is considered an online bank, it does have physical branches in six U.S. 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 a brokerage account at the same place where you have a bank account, Ally will likely be a better choice. Capital One no longer offers investment advisory services.
Is Ally Bank Right For You?
Ally is one of the best online banks if you want to save and invest in one place. Other nationwide banks may charge common bank fees or require higher initial opening requirements. 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.
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 one 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. We use a weighted average to get our star rating.
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. In general, we also look at customer service and ethics.
Ally Bank: Business Insider's Rating
| Feature | Business Insider Rating (out of 5) |
| Banking | 4.5 to 4.75 |
| Investment platform | 4.48 |
| Trustworthiness | 4.5 |
| Total | 4 |
Ally Bank FAQs
Is Ally Bank safe?
Yes, Ally is safe to use because its a legit, real online bank. It's an FDIC-insured financial institution, so up to $250,000 per depositor per ownership category is secure in a bank account.
Is Ally a good bank?
Yes, Ally is a good option to bank with, particularly if you're looking for a financial institution where you can save and invest. It offers a variety of high-yield savings options. It's also a low-fee investment platform.
Does Ally Bank have physical branches?
No. Ally is an online-only bank. It doesn't have physical branches.
Can I deposit cash with Ally Bank?
No. You cannot deposit cash with Ally Bank. You can set up direct deposits or make mobile check deposits through the mobile app.
