At a glance

Best bank overall

4.7

Bankrate Score

CDs

Checking

Savings

MMA

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

Ally Bank is a one-stop shop for online-only banking customers from coast to coast. It offers a competitive yield on its savings account, money market account and CDs. It is a part of a large fee-free ATM network, and its spending (checking) account reimburses up to $10 worth of out-of-network ATM fees each statement period.

Highlights

High APY
ATM Fee Refunds
Low Min Deposit

Overall

Ally Bank is a one-stop shop for online-only banking customers from coast to coast. It offers a competitive yield on its savings account, money market account and CDs. It is a part of a large fee-free ATM network, and its spending (checking) account reimburses up to $10 worth of out-of-network ATM fees each statement period.

Pros

Ally is a robust online bank with an array of deposit products, loans and services.
The bank offers deposit accounts with no monthly maintenance fees or minimum balance requirements.
Pays higher yields on CDs and savings accounts than traditional brick-and-mortar banks.
Ally Bank lets customers access more than 43,000 ATMs through the Allpoint network.
Customer service is available 24/7.

Cons

Cash deposits aren't accepted.
You can’t send an international wire transfer from Ally Bank.
Ally Bank usually doesn’t have the absolute highest yields on its deposit accounts.

We want to know what you think about Ally Bank

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Ally Bank banking products

4.4

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.20%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Good

4/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

Ally Bank savings overview

Ally offers a high-yield savings account that is consistently competitive. It doesn’t offer the absolute highest APY, but it is always around the top-tier rate. There’s no minimum deposit needed to open an account and no monthly service fees either. Since the account is online only and doesn't include an ATM card, you’ll have to do an online funds transfer, wire transfer, telephone transfer or request a check to access your funds.

Ally Bank allows 10 certain transfers and withdrawals from your Ally Bank savings account per your statement cycle. There isn’t a fee for exceeding this number of certain transfers and withdrawals, but your account could be closed for exceeding this limit too often.

A unique feature of Ally Bank savings is “buckets” that help you organize your money to save for your goals inside your savings account. The account also analyzes your finances and provides personalized recommendations to help you save.

Pros

Ally’s Savings Account pays the same competitive APY across all balance tiers.
The account doesn’t have monthly maintenance fees or minimum balance requirements.
The digital account offers a feature that helps you save toward your various goals.

Cons

Cash deposits aren't accepted.
Other online banks offer higher APYs.

Rate history for Ally Bank's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Ally Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Ally Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Ally Bank CD overview

CDs at Ally Bank come in three different flavors. The online bank offers high-yield CDs across multiple terms, two bump-up CDs and an 11-month no-penalty CD.

There is no minimum deposit required to open any of the CDs. Customers can qualify for the highest interest rate (depending on their balance amount and CD term) if rates rise within 10 days of opening and funding the accounts. Those who renew a CD currently receive an added benefit of getting an added 0.05 percent loyalty reward from Ally, though that could change by the end of the CD’s term.

The rates on Ally’s standard, high-yield CDs are very competitive. The rates on the bump-up and no-penalty CDs are somewhat lower, but still above the national average and generally competitive.

Pros

There is no minimum deposit required to open a CD.
Multiple types of CDs are available.
Early withdrawal penalties are less harsh than at other banks.
Rates on all CDs are well-above average.

Cons

Yields on Raise Your Rate CDs start lower than Ally’s comparable standard CD terms.

Rate history for Ally Bank's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Ally Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

Ally Bank

APY

APY last updated between 7/3 and 7/9.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.5

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

4.20%

4/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$0.00

5/5

The lowest balance an account must maintain in order to earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest amount an account must maintain in order to avoid a fee.

Check writing:

Yes

5/5

The ability to write a certain amount of checks within a statement cycle.

Debit/ATM access:

Good

4/5

The ability to withdraw funds from an account through the use of debit or ATM card.

Ally Bank money market overview

The Ally Money Market account offers a competitive interest rate. Unlike the savings account, free checks and a debit card are provided with the money market account.

There are no monthly maintenance fees, overdraft fees, expedited ACH transfer fees or out-of-network ATM fees on the account. In addition, Ally reimburses up to $10 a month for fees charged by other ATMs.

There’s also no minimum balance requirement to open the account or earn interest — money market accounts often tend to have high minimums.

Pros

The Ally Money Market offers a competitive APY.
The account includes a debit card and checks.
Account holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs.
There’s no minimum deposit required to open the account.

Cons

Other online banks are offering a higher yield on a money market account.

5.0

Bankrate Score

Compare top checking rates

Ally Bank checking overview

Ally’s Spending Account — the bank’s sole checking account — is an interest-bearing account with tiered rates, meaning yields vary depending on the minimum daily balance in the account. There are no monthly maintenance fees tied to the checking account.

Ally Bank is a part of the Allpoint Network, which provides Ally Bank checking account customers access to more than 43,000 in-network ATMs. Ally also reimburses up to $10 at the end of each statement cycle for fees charged at out-of-network ATMs.

Checks can be deposited online with a smartphone using the Ally app, up to $50,000 in a day. Each checking account comes with free checks and a debit card.

Ally doesn’t charge overdraft fees and offers two forms of overdraft protection. One is called CoverDraft, which provides up to $250 in temporary relief for overdrawn transactions. The other is overdraft transfers, which automatically transfers money from a linked Ally savings account to cover any overdrafts.

The Ally Bank Spending Account lets you get your direct deposit paycheck up to two days earlier than normal direct deposit.

Pros

Customers can earn interest on any daily balance.
There is no minimum deposit required with the Spending Account.
There are zero monthly fees as well as no cost for standard checks and debit cards.
Ally doesn’t charge overdraft fees.

Cons

Ally Bank doesn’t have physical branches and doesn’t accept cash deposits.

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Bank fees

Fee		Charged?
Overdraft fee		None
Non-sufficient funds fee		None
Monthly maintenance fees		None
Out-of-network ATM fee		No out-of-network ATM fees, and Ally refunds up to $10 in ATM surcharges charged by other ATM owners
Excessive transaction fee		None (But your account could be closed for excessive transactions.)

Find out: Tips to avoid common bank fees

Customer experience

Customer support

24/7 support is available. Ally Bank has no branches, but retail bank customers can speak with a representative through live chat or over the phone 24 hours a day, seven days a week. The website even lists the current wait time to get connected with a representative before you make a call.

High overall customer satisfaction. Ally Bank ranked third in overall satisfaction among online-only banks for both its checking and savings products, according to J.D. Power’s 2023 Direct Banking Satisfaction Study. Ally was named the overall best bank as part of the 2023 Bankrate Awards.

Digital experience

Highly rated mobile app. The Ally Bank mobile app has a high rating on iOS and a lower rating on Google Play. Both apps have been reviewed by more than 27,000 users. One feature helps users to get into the habit of saving by analyzing customers’ checking accounts and automatically moving money into their savings when its algorithms determine it’s safe to do so.

Robust help center. Ally’s website maintains an extensive help center, which can assist current and prospective customers in getting answers to their questions without having to connect with a representative.

The FAQ menu system is easy to navigate and prominently displays important forms you may need during the application process. There’s also an FAQ section at the bottom of each product page. Moreover, the search function does a great job of finding relevant information based on the keywords you enter, including information on fees and helpful articles breaking down banking basics.

Short helpful how-to videos. Ally features how-to videos on its website and mobile app, which break down Ally’s banking tools. For example, these videos will show up next to Ally’s buckets, recurring transfers and round-up tools, which are all features to help grow your savings.

Bankrate staff insights

“I like that you can organize your savings into different categories,” said a Bankrate staff member who personally uses this account. “You can have up to 30 buckets and name them whatever you want. I’ve never had a savings account that has a bucket-type feature, and it really comes in handy. But the app and website can be very busy with information; it could be laid out in a simpler, more intuitive way.”

Features

Screen view

Desktop Mobile

The above images were last updated on May 21, 2024.

About Ally Bank

Ally Bank is an online bank that grew out of the banking division of General Motors Acceptance Corp. (GMAC), which was originally an auto financing company. In 2009, GMAC Bank became Ally Bank.

Today, the bank offers consumers nationwide a wide range of products, including credit cards, home loans, money market accounts, investment products, certificates of deposit, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a leading financial services provider with headquarters in Detroit. It serves millions of retail customers and thousands of automotive dealers.

Ally Bank contributes to communities in Charlotte, North Carolina and Detroit by offering local grants and sponsorships. The bank expanded its involvement with professional sports in 2022, renewing its partnership with the Charlotte Hornets and adding a new partnership with the Detroit Pistons.

Learn more: Ally CD rates

How Ally compares to other banks

Compare different account types offered by Ally Bank. Annual percentage yields (APYs) shown were updated between July 3, 2024 and July 9, 2024.

Selected bank Ally Bank savings account Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Capital One savings account Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
4.20%	4.25%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,050	$1,063

Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.	Capital One’s 360 Performance Savings Account earns a competitive yield. It doesn’t require a minimum opening deposit and you won’t pay a monthly service fee with this account. Capital One is one of the few online banks that you can visit at a branch location to withdraw cash.

Ally Bank offers a competitive yield on its Online Savings Account. Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.	The bank pays a competitive yield on its 360 Performance Savings Account. The Capital One 360 Performance Savings Account doesn’t have a monthly service fee. You don’t need a minimum opening deposit. You can deposit checks through mobile deposit with this account.	N/A
Ally Bank doesn’t offer ATM access directly from its savings account. Some other online banks offer a higher yield than Ally Bank.	Some banks offer a higher yield on their savings accounts.	N/A

APY offering: 4.20% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY offering: 4.25% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank Ally Bank CD Member FDIC Bankrate score Rating: 4.6 stars out of 5 4.6 Bankrate CD rating = 4.6/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Capital One CD Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate CD rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
4.85%	5.00%
Minimum deposit
$0.00	$0.00
Term
9 mos	1 yr

Ally Bank has a reputation for offering competitive yields. Ally Bank offers seven terms of regular CDs, a no-penalty CD and two rate bump CDs. A minimum opening deposit is not required to open a CD account at Ally. Savers can earn a 0.05 percent loyalty reward for renewing their CDs.	Capital One offers a competitive yield on its CDs. It has pretty much every CD you’d need to build a CD ladder. It offers nine terms of CDs ranging from a six-month CD to a five-year CD. This is a CD for nearly anybody since it doesn’t require a minimum to open the CD like some of its competitors.

Ally Bank offers a competitive yield on its CDs. Ally Bank doesn’t require a minimum opening deposit. The bank offers nearly every type of CD you’d need. Ally Bank offers IRA CDs.	Capital One offers competitive yields on its CDs. Capital One has pretty much all of the standard CD terms you’d need. There’s no minimum deposit required to open a CD. Account holders can opt to receive interest disbursements monthly or annually.	N/A
Some banks have higher yields than Ally Bank. Some banks offer more CD terms than Ally Bank.	The shortest term available is six months. Capital One doesn’t offer a no-penalty CD.	N/A

APY offering: 4.85% - 9 mos 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 5.00% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: No 0/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Selected bank Ally Bank money market account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Money Market rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Discover Bank money market account Member FDIC Bankrate score Rating: 4.5 stars out of 5 4.5 Bankrate Money Market rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Money Market rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between July 3, 2024 and July 9, 2024.
4.20%	4.00%
Minimum balance for APY
$0.00	$0.00
Estimated earnings Interest earned calculation based on a $25,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$1,050	$1,000

Ally Bank consistently offers a competitive yield on its Online Savings Account. The online bank doesn’t have the absolute highest yield, but it offers a competitive one and doesn’t have a minimum balance requirement or a monthly service fee. The bank offers mobile deposit, but you’ll need to transfer money to the Ally checking account or money market account if you want to access money in your savings from an ATM.	Discover Bank’s Online Savings Account offers a top-notch yield. There isn’t a minimum opening deposit or minimum balance requirement, and customers won’t pay a monthly fee for the account.

Ally Bank offers a competitive yield on its Online Savings Account. Ally Bank has savings tools, such as Surprise Savings where Ally Bank looks at your linked checking account for savings opportunities.	Discover’s savings account offers a high yield on all balances. There is no monthly maintenance fee. There is no minimum deposit required to open an account.	N/A
Ally Bank doesn’t offer ATM access directly from its savings account. Some other online banks offer a higher yield than Ally Bank.	The Online Savings Account doesn’t offer ATM access.	N/A

APY offering: 4.20% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 4.00% 4/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance to earn interest: $0.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Check writing: Yes 5/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. The ability to write a certain amount of checks within a statement cycle. The ability to withdraw funds from an account through the use of debit or ATM card Bankrate does not currently track additional product details for this bank.

Ally Bank vs. Capital One

Ally Bank and Capital One are both leaders in digital banking offering high APYs and minimal fees. While Capital One does have limited branch access and Ally is fully digital, both banks are part of large ATM networks. Ally Bank additionally offers out-of-network ATM fee refunds, up to $10 each month.

One notable difference between the two banks is that Capital One no longer offers a money market account. Ally Bank’s money market account has a competitive APY and no minimum balance requirement. Ally also offers bump-up and no-penalty CD options, which Capital One does not.

Learn more: The best banks of 2024

Ally Bank FAQs

Ally Bank is best for customers who are comfortable with digital-only banking, who are looking for competitive yields on savings, an interest-bearing checking account and few fees on accounts.
Ally Bank is a member of the FDIC, which insures up to $250,000 per account type, per depositor.
Ally Bank is federally chartered with the FDIC and is a well-established online bank with roots dating back to 2004.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Ally Bank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	4.20%	0.57%
05/07/2024	4.20%	0.59%
04/23/2024	4.20%	0.58%
04/02/2024	4.25%	0.58%
03/19/2024	4.25%	0.57%
03/05/2024	4.35%	0.57%
01/02/2024	4.35%	0.58%
12/26/2023	4.35%	0.57%
12/05/2023	4.25%	0.57%
11/07/2023	4.25%	0.60%
10/03/2023	4.25%	0.58%
09/05/2023	4.25%	0.57%
08/01/2023	4.25%	0.54%
07/11/2023	4.00%	0.53%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Ally Bank APY APY last updated between 7/3 and 7/9. APY last updated between 7/3 and 7/9	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
07/02/2024	3.90%	1.41%
06/04/2024	3.90%	1.43%
04/02/2024	3.90%	1.42%
03/12/2024	3.90%	1.43%
02/06/2024	3.90%	1.42%
01/23/2024	4.00%	1.43%
12/05/2023	4.10%	1.43%
11/07/2023	4.10%	1.45%
10/03/2023	4.10%	1.46%
09/05/2023	4.10%	1.43%
08/01/2023	4.10%	1.38%
07/10/2023	4.10%	1.35%

Ally Bank Review 2024

The Bankrate promise

At a glance

Overview

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Overall

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Ally Bank banking products

Ally Bank savings overview

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Rate history for Ally Bank's Savings account

Ally Bank CD overview

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Rate history for Ally Bank's CD accounts

Ally Bank money market overview

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Ally Bank checking overview

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Bank fees

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Customer support

Digital experience

Bankrate staff insights

About Ally Bank

How Ally compares to other banks

Ally Bank vs. Capital One

Ally Bank FAQs

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Is Ally Bank safe?

Is Ally a legitimate bank?

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