Ally Bank

Written by Katie Ziraldo | Edited by Ali Cybulski | Published on 07/14/2025

Ally Bank, an online-only financial institution, offers a wide range of deposit accounts in addition to credit cards, investment services and retirement accounts. It sets no minimum deposit requirements and charges no monthly maintenance or overdraft fees on any deposit account. You can manage your accounts online, through the bank’s mobile app or at more than 75,000 fee-free Allpoint and MoneyPass ATMs.

Ally Bank’s deposit accounts are backed by the Federal Deposit Insurance Corp. (FDIC) for up to the standard coverage amount. Note that you can’t deposit cash into checking, savings or money market accounts. However, the bank allows mobile check deposits, direct deposits, deposits by mail, online transfers and wire transfers.

Here are more details on Ally Bank’s banking products.

• Checking accounts: Ally Bank’s online checking account is called a Spending Account. This interest-bearing account comes with no monthly fees and requires no minimum deposit. You’ll have access to a wide network of fee-free ATMs, and out-of-network ATM fees will be reimbursed up to $10 per statement cycle, typically about 30 days. The Spending Account also includes a feature that allows you to create “buckets,” or digital envelopes, for different expenses. For example, you can use one of its buckets to set aside money for essentials such as rent and fuel.
• Savings account: The Ally Bank Savings Account offers a competitive variable rate for all account balances. There are no monthly fees or minimum deposits, but withdrawals are limited to 10 per statement cycle. The savings account lets you create buckets for different savings goals, allowing you to set money aside for specific purposes and track your progress. You can also opt into automatic features called “boosters” that can speed up your savings. With the Surprise Savings booster, for example, Ally Bank analyzes the spending in your linked checking account, finds safe-to-transfer money and automatically moves it to your savings account.
• Money market accounts: Ally Bank’s money market account is similar to its savings account, with certain types of withdrawals and transfers limited to 10 per statement cycle. The money market account, however, comes with the ability to write checks and make debit card purchases. Both the savings and the money market accounts offer an annual percentage yield (APY) of 3.50% on all balances.
• Certificates of deposit (CDs): Ally Bank offers multiple CDs with short- and long-term options, including high-yield CDs, CDs with gradually increasing rates, and CDs with no early withdrawal penalties. Interest rates are fixed for the entire term but may change upon renewal. All CDs automatically renew at the end of the term unless you choose otherwise.

Customer service: As an online-only bank, Ally Bank doesn't have physical branches for in-person support. However, it offers 24/7 support by phone, chat and email. For live help, call 877-247-2559 or log in to your Ally Bank account to chat or to send a secure email.

As a digital financial services company, Ally Bank provides convenient online and mobile banking options and has high app ratings in the Apple and Google app stores.

That said, it’s worth noting that Ally Bank is not a Better Business Bureau-accredited business, and TrustPilot reviews cite unsatisfactory customer service and frequent website maintenance.

PROS

• Competitive rates on deposit accounts

• Large network of fee-free ATMs

• No monthly maintenance or overdraft fees

CONS

• Branch locations unavailable

• No cash deposits

• Low customer ratings on TrustPilot

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