Our Rating:
Ally Bank Review 2023
Ally is an online bank fit for consumers looking to access loans, high-yield deposit products, and credit cards. This bank is not for individuals who need access to a physical branch.
Ally Overall |
88%
Ally Bank online-only bank offering helping fulfil consumers banking needs no matter their location.
Pros
- Completely online bank with a full range of banking products, loans, and services.
- No monthly maintenance fees or minimum monthly balance requirements.
- Higher yields on both savings accounts and CDs when compared to larger traditional brick-and-mortar banks.
- Access to more than 43,000 ATMs nationwide.
Cons
- Completely digital bank, no physical branches.
- Bank members cannot deposit cash.
CD Rates |
84%
Ally Bank offers high-yield CDs across multiple terms, they offer bump-up CDs and an 11-month no-penalty CD.
Their CD interest compounds daily. The minimum deposit required to open a CD is $0.
Pros
- Offers 3 different types of CDs.
- Less harsh early withdrawal penalties when compared to other banks.
- No minimum deposit required to open a CD.
Cons
- Higher yields are offered by other banks.
- 4 year and 2 year CDs are only offered as bump-up CDs.
Checking Accounts |
94%
Ally Bank offers a checking account featuring a tired competitive interest rate structure. With a tiered competitive interest rate structure, the more money you have in your account, the more interest you make.
With Ally Bank, there are no monthly maintenance fees. Customers can access over 43,000 ATMs through the Allpoint network. Checks can be deposited with a mobile device or computer. Checking accounts come with free checks and a debit card.
Pros
- No account minimum to earn interest
- No minimum deposit required.
- NO minimum account balance to open an account
- Zero monthly fees
- Low overdraft fees
- Members cannot incur over one overdraft fee on the same day
Cons
- No physical branch bank locations
- Other online checking accounts offer higher interest
- Members cannot deposit cash
Savings Accounts |
98%
While Ally Banks's high-yield savings account doesn’t have the highest APY, it is still competitive and is consistently near the top when it comes to APY.
With no minimum deposit needed to open an account and no monthly service fees, we give Ally Banks savings account a 98% rating.
Pros
- Allys savings interest rate is much higher than the national average.
- Not a tier-based APY, so individuals with little in their account enjoy the same rate as those with higher balances.
- No minimum balance requirements.
- No maintenance fees.
Cons
- No physical bank branch locations.
- Other banks are offering higher interest rates
- No ATM card on this savings account.
Bank Features
Ally Bank is a 100% digital bank, meaning customers cannot visit a physical branch location.
If you need help, however, ally members can talk with a customer support team member over the phone 24/7. Ally Bank also offers an online live chat feature.
Voice assist is a prominent feature in Ally's mobile app. This enables customers to control their debit cards, check balances, and complete other banking tasks.
Ally Bank received a 4.8-star rating on the iTunes app store and a 3.6-star rating on the google play store with over40,000 reviews.
Bank History
The online bank Ally started as a division of the General Motors Acceptance Corporation (GMAC), originally an auto financing company. General Motors Acceptance Corporation was officially rebranded into Ally bank in 2009.
Ally Bank has grown from an auto financing company to a full-fledged digital bank. Ally now offers home loans, money market accounts, credit cards, various investment products, CDs, savings, and checking accounts. Ally Financial, headquartered in Detroit Michigan is a leading financial services provider serving millions of retail customers.