Managing Editor, Global Data and Automation for Forbes Advisor. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, I.
Managing Editor, Global Data and Automation for Forbes Advisor. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, I.
Written ByManaging Editor, Global Data and Automation for Forbes Advisor. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, I.
Managing Editor, Global Data and Automation for Forbes Advisor. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, I.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
Doug Whiteman Personal Finance EditorDoug Whiteman is an award-winning journalist with three decades of experience covering personal finance, starting when he was the Washington, D.C.-based consumer news editor and reporter for Associated Press Radio in the 1990s and early 2000s. He's p.
| Personal Finance Editor
Updated: May 9, 2024, 3:03pm
Have a question we may not have answered?Ask our editors here
Have a question for Mitch Strohm or our other editors?
Ask here for a chance to be featured in a story.
This form is protected by reCAPTCHA Enterprise and the Google Privacy Policyand Terms of Serviceapply.
Send a note to Mitch Strohm, Doug Whiteman and our other editors. We read every email.
By submitting this form, you agree to allow us to collect, store, and potentially publish your provided information, including name and question, in the article or any related content. You confirm that the submitted content is original, accurate, and non-infringing on any third-party rights. We may contact you via the email address provided for follow-up questions or to notify you if your question is selected for publication. See our Terms of Useand our Privacy Policy.
Thank you for submitting your question.Keep reading Forbes Advisor for the chance to see the answer to your question in one of our upcoming stories. Our editors also may be in touch with follow-up questions.
Continue readingEditorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Ally Bank is a full-service online bank offering competitive rates, low fees and no account balance requirements. Headquartered in Sandy, Utah, and founded in 2009, Ally Bank is the digital-only banking division of Ally Financial, Inc., which has roots dating back to the 1920s. In addition to checking and savings accounts, Ally offers credit cards, investment accounts, mortgages, auto financing and personal loans. Ally Bank customer service is top-rated.
This Ally Bank review is focused on personal banking services and products. All interest rate and fee information is accurate as of April 23, 2024.
Why you can trust Forbes Advisor
Our editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the banking methodology for the ratings below.
One of the advantages of not having any physical branches is that the bank can pass along those savings to customers in the form of lower fees. That’s the case with the Ally Bank Spending Account, the only checking product offered by this bank.
Customers pay $0 in monthly fees, and there’s no minimum deposit to open the account. Ally also doesn’t charge overdraft fees.
Customers get complimentary standard checks, a debit card and bill-pay service. Account holders who use an Allpoint ATM never face any charges. Go outside of that ATM network of 43,000+ ATMs and Ally will reimburse you up to $10 per statement cycle.
Because there are no physical branches, customers must rely on technology to fund their accounts. You can set up direct deposit of your paychecks, and Ally’s eCheck Deposit feature lets you deposit paper checks using your cellphone camera. Ally also supports Zelle, the peer-to-peer payment platform that enables you to send or receive money from friends and family.
If you’re more old-fashioned, you can mail in deposits using postage-paid envelopes.
Ally Bank pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more. The latter is higher than some of its rivals, though not as high as the best checking accounts.
The Capital One 360 Checking Account, for example, pays an APY of 0.10% APY on all balance tiers, while the Wells Fargo Premier Checking pays an APY of 0.01% APY.
The best online savings accounts tend to offer higher rates on savings deposits and Ally Bank is no exception. You won’t get rich off the APY, but you’ll generally get a better rate than you would at a traditional bank.
Ally Bank pays an APY of 4.20% on its savings account, which is more than 10 times the national average. Interest compounds daily. Note: The APY may remain the same for all balance tiers or change based on your account’s daily balance.
The account has a $0 monthly maintenance fee and no minimum balance requirement. And due to federal regulation changes, Ally doesn’t currently limit the number of transactions you can make from the account. In the past, you were limited to six transactions per statement cycle. After that, Ally typically charged $10 for every additional transaction, but, due to Covid-19, the bank is temporarily refunding that fee. Customers can make deposits via smartphone or by mail.
In addition to a savings account, Ally Bank also offers a money market account, which pays an APY of 4.20% on all balance tiers. That makes it one of the best money market accounts, though the rate is not the highest available.
Customers pay no monthly fees with this account and there are no minimum balance requirements. You can make unlimited deposits and ATM withdrawals for free.
When it comes to certificates of deposits (CDs), Ally Bank offers varying terms and types to meet savers’ needs. Its traditional High-Yield CDs range from three months to five years. There’s no minimum deposit requirement to open a CD.
Here’s a look at Ally Bank’s CD rates:
