Ally Bank pioneered modern online banking and remains one of the most recommended digital banks. With no physical branches, Ally passes savings to customers through high rates and zero fees on most services.
Ally Interest Checking
Ally's checking account earns interest—unusual for checking—with these features:
- No monthly fees ever
- No minimum balance
- Interest on all balances
- Free access to 43,000+ Allpoint ATMs
- $10/month ATM fee reimbursement at other ATMs
- No overdraft fees (coverage options available)
The combination of interest earnings and fee-free banking makes Ally checking genuinely competitive.
Ally Online Savings
Ally's flagship product offers consistently top-tier rates:
- Competitive APY among highest available
- No minimum deposit or balance
- No monthly fees
- Unlimited deposits and withdrawals
- Savings buckets for goal tracking
Rate consistency matters—Ally rarely drops rates dramatically, providing reliable returns for emergency funds and savings goals.
Ally CDs and No Penalty CDs
Ally offers traditional CDs plus unique options:
High Yield CDs
Terms from 3 months to 5 years with competitive rates. Ten-day best rate guarantee ensures you get the best rate if it increases after opening.
No Penalty CD
Withdraw your full balance any time after six days with no penalty. Rates are slightly lower than regular CDs but provide flexibility for uncertain timelines.
Raise Your Rate CD
2-year and 4-year terms that let you increase your rate once (2-year) or twice (4-year) if rates rise.
Ally Money Market
Combines savings rates with checking-like features:
- Competitive high-yield rate
- Debit card for ATM access
- Check writing capability
- No monthly fees or minimums
Digital Banking Experience
Ally's app and website excel at:
- Spending analysis and budgeting
- Savings buckets with goals
- Surprise savings automatic transfers
- Mobile check deposit
- External account linking
- 24/7 customer service (phone, chat, email)
Ally Invest Integration
Ally Invest offers self-directed investing alongside banking:
- Commission-free stock and ETF trades
- Managed portfolios available
- Cash sweep between accounts
- Combined financial dashboard
ATM Access
Without branches, ATM access matters:
- 43,000+ Allpoint ATMs fee-free
- $10 monthly reimbursement for other ATM fees
- Cash deposits via mail (slower) or mobile deposit
For heavy cash users, this may be limiting. Most customers find the Allpoint network sufficient.
Who Should Bank with Ally?
Ally fits customers comfortable with digital banking who want high rates, no fees, and excellent customer service. The lack of branches only matters if you frequently deposit cash.
For in-person banking needs, pair Ally savings with a local checking account for cash deposits.
Open an account at Ally.com
