There’s a new generation of banking—and it hardly resembles the way your mom and dad used to do it. Bringing both pros and cons, fully digital banks are replacing the in-person experience for many. Ally Bank is one such popular financial institution.
Headquartered in Detroit, Ally Bank offers a range of financial products and services, from checking accounts to credit cards. A benefit of fully online banks such as Ally is that overhead is typically low. This means Ally can offer high-yield savings accounts and certificates of deposit with generous APYs.
Let’s examine Ally Bank to help you decide if it’s a good choice for your financial needs.
Rates are current as of Aug. 7, 2025 and are subject to change.
Ally Bank at a glance
Ally Bank
| Checking accounts | No minimum requirements or maintenance fees |
| Savings accounts | Up to 3.50% APY with no minimum requirements |
| Money market accounts | Up to 3.50% APY with no minimum requirements |
| Certificate of deposit rates | Up to 3.90% APY with no minimum required deposit |
- Year Founded: 1919
- Company Headquarters: Detroit, Michigan
- CEO: Michael Rhodes
at MoneyLion
Pros
- APYs higher than the national average
- Transparent pricing with no account balance minimums
- Above-average savings account withdrawal limit
Cons
- Higher APYs may be available from some other online banks
- No physical branches
- $20 fee for outgoing domestic wires
Who is Ally Bank good for?
Ally Bank provides for the majority of your banking needs, offering everything from investment and retirement products to credit cards and auto loans. Ally is a full-service bank that may be good for someone seeking a full-service bank to keep all (or most) of their accounts at the same financial institution.
It’s also helpful for those who are looking for simple no-fee account options with high return rates.
Who shouldn’t use Ally Bank?
Again, Ally is an online-only bank. It has no physical branches or the ability to make cash deposits. If your ideal banking method is in-person (or if you’d simply like the option, just in case), Ally may not be up your alley. That said, it does offer access to over 75,000 free ATMs and 24/7 customer service by phone. You can also chat customer service through Ally’s website.
Additionally, Ally doesn’t offer mortgages or personal loans. Its personal lending arm was acquired by Synchrony in 2024. If you need either of these, look elsewhere.
Ally Bank rates and products
Ally offers a multitude of deposit accounts, including checking accounts, savings accounts, MMAs, and CDs of varying lengths. Most return rates are solid, though its checking account APY is nothing to write home about. Check out the overview of Ally Bank’s rates and then dive deeper into each product below.
| Ally Bank product | APY |
|---|---|
| Checking accounts | 0.10-0.25% |
| Savings accounts | 3.50% APY |
| MMAs | 3.50% APY |
| CDs | 3.00%-3.90% APY |
| Checking accounts | |
|---|---|
| APY | 0.10-0.25% |
| Savings accounts | |
| APY | 3.50% APY |
| MMAs | |
| APY | 3.50% APY |
| CDs | |
| APY | 3.00%-3.90% APY |
Bank details checked Aug. 7, 2025
Checking accounts
Ally calls its free checking account a “Spending Account.” While there are no service fees or account minimums, the amount of interest you can earn will depend on the size of your balance. Checking accounts with less than $15,000 earn 0.10% APY, while accounts with $15,000 or more earn 0.25%.
The account offers a debit card with access to a network of over 75,000 free ATMs and reimbursements of up to $10 per statement cycle for fees charged at other ATMs nationwide.
Bank details checked Aug. 7, 2025
Savings accounts
Ally Bank offers a high-yield savings account with a respectable 3.50% APY. Ally’s savings account doesn’t enforce a required minimum balance, monthly maintenance fee, or overdraft fees. It’s great for those looking to escape the nickel-and-dime game that some banks play.
Bank details checked Aug. 7, 2025
Money market accounts
Ally’s Money market account (MMAs) gives you the benefits of both a checking and high-yield savings account. You’ll receive check-writing privileges and a debit card that allows you to access your money from over 75,000 fee-free ATMs—again, with up to $10 in monthly reimbursements for out-of-network ATMs—along with the added benefit of 3.50% APY.
Keeping with Ally’s fee-averse theme, you won’t be charged maintenance fees or overdraft fees.
Bank details checked Aug. 7, 2025
Certificates of deposit
Ally Bank offers a total of 10 CD terms, from three months to five years. You’ll earn between 3.00% and 3.90% APY, depending on the term you choose. To boot, Ally offers a 0.05% increase to CDs that are renewed with Ally. There is no minimum deposit required to open a CD.
Ally offers three kinds of CDs: standard (named “High Yield”), bump-up (named “Raise Your Rate”), and flexible (named “No Penalty”). All these options are available as an IRA CD, as well.
Ally’s Raise Your Rate CD allows you to increase your rate once over a two-year term or twice over a two-year term. And with all but the No Penalty option, you can expect early withdrawal fees that equal between 30 and 150 days’ interest, depending on your term length.
Bank details checked Aug. 7, 2025
Ally Bank standard CD rates
| Term length | APY |
|---|---|
| 3-month CD | 3.00% |
| 6-month CD | 3.90% |
| 9-month CD | 3.90% |
| 12-month CD | 3.85% |
| 18-month CD | 3.65% |
| 3-year CD | 3.50% |
| 5-year CD | 3.50% |
| 3-month CD | |
|---|---|
| APY | 3.00% |
| 6-month CD | |
| APY | 3.90% |
| 9-month CD | |
| APY | 3.90% |
| 12-month CD | |
| APY | 3.85% |
| 18-month CD | |
| APY | 3.65% |
| 3-year CD | |
| APY | 3.50% |
| 5-year CD | |
| APY | 3.50% |
Bank details checked Aug. 7, 2025
Ally Bank Raise Your Rate CD rates
| Term length | APY |
|---|---|
| 2-year CD | 3.50% |
| 4-year CD | 3.50% |
| 2-year CD | |
|---|---|
| APY | 3.50% |
| 4-year CD | |
| APY | 3.50% |
Bank details checked Aug. 7, 2025
Ally Bank No Penalty CD rates
| Term length | APY |
|---|---|
| 11-month CD | 3.40% |
| 11-month CD | |
|---|---|
| APY | 3.40% |
| APY |
Bank details checked Aug. 7, 2025
Other services Ally Bank offers
In addition to traditional deposit accounts, Ally Bank offers a range of other financial products, including credit cards, investment accounts, and auto loans. Here’s what to expect:
- Credit cards: Ally offers four Mastercard credit cards, three with cash back. You’ll earn up to 3% cash back for select purchases, depending on the card you open.
- Investments: Ally Bank helps you to invest in things like EFTs and margin accounts
- Retirement accounts: You can open a traditional or Roth IRA with Ally Bank.
- Auto loans: Ally Bank offers auto loans and auto refinancing options for both personal and business vehicles. It also offers auto refinancing options and lease buyouts.
The Ally Bank platform and customer support
As Ally Bank has no brick-and mortar locations, its digital platform provides a full banking experience and lets you deposit mobile checks as well as send or receive money entirely online.
It also maintains robust customer service via phone, email, and app. You can call Ally 24/7 at 877-247-2559. You can also initiate an online chat through Ally’s contact page. Ally Bank even includes wait times for each communication option.
Is Ally Bank secure?
Ally Bank follows common security measures to keep your information safe, including encryption technology, multi-factor authentication, and account monitoring.
Ally is FDIC insured up to $250,000 per person, per ownership category.
Ally Bank user reviews
It’s worth noting that the customers most motivated to review a company are the dissatisfied ones.
That said, user reviews have not been kind to Ally Bank. Reviewers on ConsumerAffairs leave an average 1 out of 5 star rating with more than 1,600 reviews. Reviewers have complained about difficulties in account setup, unexpected account closures, and even website errors causing late fees.
Reddit reviews are more friendly toward Ally, with some users saying they recommend the bank and have remained decade-long customers.
Compare Ally Bank alternatives
 Ally Bank |  Discover Bank |  Capital One |
|---|---|---|
| Checking account top APY | Checking account top APY | Checking account top APY |
| Up to 0.25% | Not interest bearing (but debit card that earns up to 1% back on purchases) | 0.10% |
| Savings account top APY | Savings account top APY | Savings account top APY |
| 3.50% | 3.50% | 3.50% |
| MMA top APY | MMA top APY | MMA top APY |
| 3.50% | Up to 3.45% | N/A |
| CD top APY | CD top APY | CD top APY |
| Up to 3.90% | Up to 4.00% | Up to 4.20% |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| $0 | $0 | $0 |
| Learn more | Learn more | Learn more |
| View offer at MoneyLion | View offer at Discover Bank | View offer at MoneyLion |
Bank details checked Aug. 7, 2025
Note that Capital One acquired Discover in 2025 but as of this writing, the two brands maintain a distinct suite of products.
Is Ally Bank right for you?
Ally Bank is a solid online bank with low fees that makes it easy to manage your money from anywhere. It offers competitive rates on its savings products, and it offers other products like credit cards, investment accounts, and auto loans.
For these reasons, Ally is helpful for those needing a full-service bank that offers high-yield savings accounts without any minimums or maintenance fees.
Check Out Our Daily Rates Reports
- Discover the highest high-yield savings rates, up to 5% for September 19, 2025.
- Discover the highest CD rates, up to 4.45% for September 19, 2025.
- Discover the current mortgage rates for September 19, 2025.
- Discover current refi mortgage rates report for September 19, 2025.
- Discover current ARM mortgage rates report for September 19, 2025.
- Discover the current price of gold for September 19, 2025.
- Discover the current price of silver for September 19, 2025.
Frequently asked questions
Is Ally Bank a legit bank?
Ally Bank is an online-only bank but it is a legitimate, FDIC-insured bank.
Where can I deposit cash into Ally Bank?
Ally does not accept cash deposits, but customers can still deposit checks via mobile app, online transfers, direct deposit, wire transfers, or mail.
How do I withdraw money from Ally Bank?
You can withdraw funds from your Ally bank account by using any of the 75,000 ATMs in the U.S. for free.
Is Ally Bank a good bank?
Despite what some disgruntled online reviews may say, Ally is regarded as one of the best and most reputable online banks available. It offers free checking and savings accounts without any minimum balance requirements. Its online portal is intuitive and easy to use.
What are the advantages of Ally Bank?
Ally Bank is known for having very few fees and no account balance minimums. It offers solid return rates on its savings products, and it’s got a robust yet easy-to-use online portal to manage your money.
What are the disadvantages of Ally Bank?
Ally Bank is an online-only bank without any physical branches or the ability to make cash deposits. If you want physical locations to easily deposit cash, then it’s probably best to go with a traditional brick-and-mortar bank instead.