Ally Bank Review January 2025: CD rates, checking, savings, and more

Ally Bank checking accounts 

Ally’s Spending Account is the bank’s free checking account with up to a 0.25% APY and no account minimums or service fees. However, checking accounts with less than $15,000 only earn 0.10% APY. The account offers a debit card with access to a network of over 43,000 free ATMs and reimbursements of up to $10 per statement cycle for fees charged at other ATMs nationwide.

Checking account bonuses include features such as early direct deposit and overdraft protection. Deposit checks and send or receive money directly from the Ally Bank mobile app. While its checking account is free, there are some fees associated with things such as outgoing domestic wire transfers.

Ally Bank savings accounts

Ally Bank offers a high-yield savings account with a 3.80% APY which is much higher than the national average of 0.43% APY. Ally’s savings account does not have a required minimum balance, monthly maintenance fee, or overdraft fees. While Ally is a reputable online bank with a good APY on its savings accounts, other current high-yield savings accounts may offer better rates.

Ally Bank’s savings rate compared to current top rates

While Ally is a strong option with great features, there may be some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

Ally Bank MMAs

MMAs give you the benefits of both a checking and savings account. Ally Bank offers an MMA with a 3.8% APY and a debit card that lets you access more than 43,000 free ATMs with up to $10 in reimbursements for out-of-network ATMs. You can even deposit checks remotely using the Ally app. Ally’s MMAs don’t have any maintenance fees, minimum requirements, or overdraft fees.

Certificates of deposit from Ally Bank 

Ally Bank offers CDs that can yield high interest in return for setting aside money for a fixed period. Ally offers three types of CDs with varying lengths between three months to five years and some of the best CD rates ranging from 2.90% to 4.10% APY. There is also a 0.05% loyalty bonus if you renew your CD with Ally.

There are no monthly fees but there are early withdrawal penalties on the High Yield CD and the Raise Your Rates CD. Penalties range from 60 to 120 days of interest for withdrawals that occur within 48 months and charge 150 days of interest after 49 months. Ally Bank does offer a No Penalty CD that lets you withdraw your money after the first six days for free but the APY is the same as its savings account.

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Other services Ally Bank offers 

Apart from Ally’s checking and savings account options, customers can also benefit from a number of other products, including: 

• Credit cards: Ally offers four different credit cards—the Ally Platinum Mastercard, Ally Everyday Cash Back, Ally Unlimited Cash Back, and the Ally Unlimited Cash Back for Nurses and Educators. With these cards, customers can earn cash back on purchases made at gas stations, grocery stores, drugstores, and more. 
• Investment accounts and services: Ally offers a host of investment accounts and tools including a self-directed trading account, robo portfolios, personalized guidance from experienced wealth advisors, Forex trading, IRAs, cryptocurrency accounts, and more. 
• Home loans: Ally also provides mortgage loans and refinancing for homebuyers with zero lender fees and a pre-approval in just a few minutes. 
• Auto loans: Ally offers auto financing for personal and business vehicles. 
• Personal loans: Customers can also look to Ally for personal loans to cover the cost of medical treatments, procedures, home repairs, renovations, and more. 

Ally Bank’s online banking platform

Ally Bank was rated one of the best online banks and credit unions by Fortune Recommends. While it doesn’t have any physical locations, it offers free access to a network of over 43,000 ATMs and up to $10 in reimbursements for out-of-network ATMs. Its online platform provides a full banking experience and lets you deposit mobile checks as well as send or receive money entirely online.

Ally Bank customer support 

Ally offers customer service support via live chat, email, or phone 24/7. Ally Bank even includes wait times for each communication option. However, if you need to speak with someone specifically for the bank’s lending services, phone support is available Monday through Friday from 8 a.m. to 10 p.m. Eastern time or on Saturday from 8 a.m. to 9 p.m. ET.

Is Ally Bank secure?

Ally is a secure online bank that is Federal Deposit Insurance Corp. (FDIC)-insured. This means that your Ally deposits are insured up to $250,000 per person, per ownership category. There was concern, however, that Ally Bank inadvertently revealed customers’ usernames and passwords to its business partners. However, a Manhattan federal judge ruled that no concrete injuries were suffered.

Ally Bank user reviews

While Ally is a safe and secure online bank with competitive APY, users of Ally haven’t been kind with online reviews. For example, third-party reviews on ConsumerAffairs rate Ally just 1.5 stars out of five with almost 1,500 reviews. The third-party review site TrustRadius has Ally rated just a hair higher at 1.6 out of five stars with fewer reviews at slightly below 200.

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