Ally Bank Review 2025: Checking, Savings and CDs
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Overall institution rating
5.0
Ally Bank is online-only, so the money it saves by operating without branches gets passed to customers in the form of relatively high interest rates and minimal fees. The bank doesn’t charge overdraft fees, monthly fees or ATM fees. It also has convenient customer service options and is ideal for people who feel comfortable banking mostly online. The bank has strong offerings across all types of accounts, unlike some of its competitors that lack checking accounts or certificates of deposit.
In 2025, NerdWallet selected Ally as the best overall bank and the best institution for CDs.
Best for: Those who want strong rates, minimal fees, easy access to customer support and don’t need to deposit cash or access in-person services.
- No overdraft fees.
- No monthly fees.
- Large, free, nationwide ATM network.
- No minimum opening deposits.
- No cash deposit.
- No branch access.
Full review
Full review
What the Nerds think
Checking
Ally Bank Spending Account
4.8
/54.8
/5Monthly fee
$0
APY
0.10%
With $0 min. balance for APY
Monthly fee
$0
APY
0.10%
With $0 min. balance for APY
Bonus
N/A
Show details
Offers interest and a big ATM network. Ally offers an interest-bearing checking account with no monthly fees and free access to over 75,000 ATMs nationwide. Ally will also reimburse you up to $10 per statement cycle for any fees you’re charged using an out-of-network ATM in the U.S.
Note that Ally doesn't accept cash deposits. Your options for adding money to your account include online or mobile check deposit, setting up direct deposit, setting up a wire transfer or sending a check by mail.
Savings
Ally Bank Savings Account
4.8
/54.8
/5APY
3.80%
With $0 min. balance for APY
Bonus
N/A
APY
3.80%
With $0 min. balance for APY
Bonus
N/A
Good rate and no monthly fee. Ally’s savings account offers a rate of 3.80%, much higher than the national average of 0.42%, and interest is compounded daily, which means you’ll make slightly more money on interest compared with accounts that compound monthly. It's a good rate, though you can find higher rates elsewhere (mostly at other online banks).
» Want to see more savings options? Check out NerdWallet’s best high-yield online savings accounts
Certificates of deposit
Ally Bank High Yield CD
5.0
/55.0
/51-year APY
3.90%
3-year APY
3.40%
1-year APY
3.90%
3-year APY
3.40%
5-year APY
3.40%
Minimum deposit
$0
Show details
Competitive rates and no minimum. Ally offers three types of CDs, including the High-Yield CD options listed above. There’s no minimum deposit requirement for any of these certificates of deposit. You can compare Ally CDs to our list of the best CD rates.
Variety of CD types and terms. Ally has CDs with terms from three months to five years. Its two- and four-year Raise Your Rate CDs let you bump up your APY once or twice, depending on the term length, to the rate currently on offer for new CDs — so rates on new CDs must go up for this perk to work. And there’s also an 11-month CD with no early withdrawal penalty. (Learn more about where CD rates are headed.) And there’s also an 11-month CD with no early withdrawal penalty.
3-month CD: 2.90% APY.
6-month CD: 4.05% APY.
9-month CD: 4.00% APY.
11-month CD: 3.75% APY.
1-year CD: 3.90% APY.
18-month CD: 3.80% APY.
2-year CD: 3.40% APY.
3-year CD: 3.40% APY.
4-year CD: 3.40% APY.
5-year CD: 3.40% APY.
» Learn more details about Ally Bank CD rates
Money market
Ally Bank Money Market Account
4.5
/54.5
/5APY
3.80%
With $0.01 min. balance for APY
Bonus
N/A
APY
3.80%
With $0.01 min. balance for APY
Bonus
N/A
Good rate. Ally’s Money Market Account earns a strong APY on any balance. It also offers customers a debit card and the ability to write checks. (An MMA is a type of savings account, but some MMAs offer debit cards and checks, which is not typical for regular savings accounts.) There is no minimum deposit requirement or monthly fee.
This account was not factored into Ally’s overall institution rating because we think the bank's regular savings account is a stronger offering for most people. However, if you you want a savings account with check-writing privileges, it’s worth a look. Read more about how MMAs work.
Customer experience
Multiple support channels. Ally is available online only, so you won’t get in-person service. But there are plenty of ways to get your questions answered — by phone, email, regular mail, and live chat — and Ally's thorough help center will likely answer many frequently asked questions.
Overdraft fees
Free opt-in coverage and no overdraft fees. The bank offers $100 in temporary overdraft coverage for no fee. Generally, customers will qualify for the service 30 days after depositing at least $100 total into their checking account. Overdraft coverage can increase to $250 if the customer receives a direct deposit of at least $250 for two consecutive months. To maintain this amount of coverage, customers need to have at least one direct deposit every 45 days. Transactions are approved or declined at the bank's discretion, and customers who do overdraft will have 14 days to bring their balance back to positive before purchases and withdrawals are frozen.
Free overdraft transfers. Customers can also enroll in a service that allows them to make free overdraft protection transfers from a linked Ally savings or money market account.
» Want to comparison shop? See our list of the best banks for overdrafts
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. How we rate banks, credit unions and other financial service providers.
Frequently asked questions
Your money is safe with Ally Bank because it is FDIC-insured. This means that your funds in Ally deposit accounts are insured up to $250,000 per person, per ownership category if the bank goes out of business.
Ally Bank is part of Ally Financial Inc. Ally originally launched in 1919 as GMAC, a division of GM, to allow auto dealers to finance their inventory and keep up with demand from consumers. The company rebranded as Ally Financial in 2010.
Ally is one of our top overall institutions. While there’s no bank that’s best for everyone, Ally offers excellent checking and savings accounts along with a stellar banking experience.
Ally does not accept cash deposits. You can deposit funds in other ways, including online or mobile check deposit, online transfers, direct deposit, wire transfers or even mail.