Who Is Ally Best For?
Ally Bank is best suited for individuals who are comfortable with online-only banking and are looking to avoid monthly fees and minimum deposit requirements while earning high rates on a variety of banking products.
Ally Account Basics
Ally offers checking, savings, money market and CD accounts. Here’s a closer look at each Ally Bank account.
Ally Checking Account
The Ally Bank Spending Account has no monthly maintenance fee or minimum deposit requirement, and it earns an above-average annual percentage yield (APY) across all balance tiers. Balances under $15,000 earn 0.10% APY, while balances of $15,000 and more earn up to 0.25% APY.
The checking account also offers smart tools designed to help you better manage your money, including cash flow analysis, budgeting envelopes and credit monitoring. Other benefits of the account include ATM reimbursements of up to $10 per statement cycle and an early payday feature.
Cash deposits are not accepted.
Ally Bank Spending Account rates and details accurate as of 07/03/2025.
Ally Savings Account
The Ally Bank Savings Account offers built-in features to help you boost your savings, including savings buckets for budgeting, recurring transfers, roundups and a savings feature.
The account has no monthly fee or minimum deposit requirement, earns a rate of 3.40% APY and makes our list of the best high-yield savings accounts. Ten withdrawals and transfers are allowed per statement cycle. While there is no fee for exceeding this limit, Ally will close your account if you exceed it often.
Ally Bank Savings Account rates and details accurate as of 10/02/2025.
Ally High-Yield Certificates of Deposit
Ally offers standard fixed-rate CDs in terms ranging from three months to five years, with rates 3.00% to 3.90%. Ally CDs have no minimum deposit requirement.
Ally Bank CDs automatically renew upon maturity and earn a 0.05% APY loyalty reward when renewed. Once your CD matures, you will have a 10-day grace period to withdraw funds without penalty.
If you withdraw funds before your CD matures, an early withdrawal penalty will apply.
| ALLY BANK CD TERM | EARLY WITHDRAWAL PENALTY |
|---|---|
| Less Than 3 Months | 30 Days of Interest |
| 3 Months to 2 Years | 60 Days of Interest |
| 25 Months to 3 Years | 90 Days of Interest |
| 37 Months to 4 Years | 120 Days of Interest |
| 49 Months or Longer | 150 Days of Interest |
Ally also offers Raise Your Rate CDs that earn 3.50% APY and are available in two-year and four-year terms. Raise Your Rate CDs let accountholders increase their APY once during the two-year term or twice during the four-year term, if rates rise.
An 11-month no-penalty CD is also available, earning 3.30% APY.
Here’s a closer look at Ally Bank CD rates per CD term. See how they compare to the best CD rates.
| ALLY BANK CD TERM | APY |
|---|---|
| 3 Months | 3.00% |
| 6 Months | 3.90% |
| 9 Months | 3.90% |
| 11 Months (No Penalty) | 3.30% |
| 1 Year | 3.85% |
| 18 Months | 3.65% |
| 2 Years (Raise Your Rate) | 3.50% |
| 3 Years | 3.50% |
| 4 Years (Raise Your Rate) | 3.50% |
| 5 Years | 3.50% |
Ally Money Market Account
Ally’s money market account earns 3.50% APY on all balance tiers—a competitive rate when compared to the best money market accounts—and has no monthly fee or minimum balance requirement. Interest compounds daily.
Ally Bank Money Market Account rates and details accurate as of 04/24/2025.
Other Ally Products and Services
Ally also offers the following products and services:
- Credit cards
- Investment options
- IRAs
- IRA CDs
- Auto loans
Ally Customer Service and Access
Ally offers mobile and online banking services. Ally’s mobile app, which has a 4.7-star rating on the App Store and a 4.3-star rating on the Google Play store, allows you to do the following:
- Review account activity
- Access smart tools, like savings buckets and boosters
- Make mobile check deposits
- Set up direct deposit
- Transfer money between accounts
- Lock cards
- Locate ATMs
- Pay bills
- Send money with Zelle
Since Ally is an online only bank, it has no physical branches. However, customers have access to over 75,000 fee-free ATMs through the Allpoint and MoneyPass networks. Plus, Ally reimburses up to $10 in out-of-network ATM fees each statement cycle.
Customer service is available 24/7 at 877-247-2559.
Ally Banking Fees
Ally has minimal fees, including no monthly maintenance fees or overdraft fees. However, the following fees apply.
- $15 stop-payment fee
- $20 outgoing domestic wire transfer fee
- $15 expedited delivery fee
- $14.95 overnight bill pay fee
- $9.95 same-day bill pay fee
- Up to 1% international transaction fee
- CD early withdrawal fees
Ally Distinguishing Features
- Wide range of banking products
- Online-only bank
- Competitive APYs
- Extensive ATM network (75,000)
- No monthly maintenance fees or minimum deposit requirements
- Budgeting and savings tools
- No cash deposits
- 24/7 banking customer service
How To Open an Account with Ally Bank
To open an account with Ally Bank, you will need to provide the following information:
- Full name
- Social Security number
- Date of birth
- Residential street address (and previous address, if you’ve lived at your current one less than five years)
- Occupation
- Phone number
- Mother’s maiden name
- Existing bank account information to fund your new account
How Ally Compares to Other Banks
Ally vs. Axos Bank
If maximizing interest rates while avoiding monthly fees is your main priority when choosing a bank, Ally isn’t your only choice. Axos Bank, one of our picks for best banks, offers savings accounts that earn higher rates than Ally and have no monthly fees.
Specifically, the Axos ONE combined checking and savings account earns 0.51% APY on checking balances and up to 4.51% APY on savings balances when certain requirements are met.
However, rates on Axos CDs are low, earning just 0.20% APY.
Axos ONE Checking rates and details accurate as of 10/01/2025. Axos Bank Certificates of Deposit rates and details accurate as of 08/07/2025.
Ally vs. Wells Fargo
Unlike Ally, which has no in-person locations, Wells Fargo operates over 4,000 branches nationwide. Although Wells Fargo offers a wide range of banking products and services, rates are much lower, and accounts typically carry monthly fees.
Wells Fargo Everyday Checking account, for example, does not earn interest and charges a $10 monthly fee (for fee periods that begin on or after November 29, 2025). Its Wells Fargo Way2Save® Savings account earns just 0.01% APY and charges a waivable $5 fee.
Methodology
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars—with one star as the poorest rating and five stars as the best—and regularly update our rankings.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
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Frequently Asked Questions (FAQs)
Is Ally Bank FDIC insured?
Yes, deposits at Ally are insured by the Federal Deposit Insurance Corp. for up to $250,000 per depositor, per account ownership category.
Does Ally have physical branches?
No, Ally is an online-only bank and has no physical branch locations. However, customers have access to a network of over 75,000 fee-free ATMs.
How do Ally’s savings rates compare to the national average?
Ally’s savings rates are much higher than the national average. Ally’s savings account earns 3.40% APY, compared to the national average of 0.40% APY. The national average rate for money market accounts is 0.59% APY, but Ally’s money market account earns 3.40% APY.
