Ally Bank Review: Savings, Money Markets and CD

Ally Bank offers savings accounts to help you grow your money and many other accounts including an interest checking account. Learn how saving with Ally Bank works in this detailed review.
By Rebecca Lake
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When you're ready to save money, where you decide to keep it matters.

When comparing banks or credit unions, it's important to consider how regular savings accounts work versus those offered by online banks.

Ally Banking offers savings accounts, money market accounts, certificates of deposit and even an interest checking account to help you manage your money. Dive into this Ally Bank review to learn more about how these accounts measure up.

What is Ally Bank?

Ally Bank was founded in 2009 as a rebranding of GMAC Bank. In 2010, the company changed its name to "Ally Financial."

Today, Ally offers many of the same banking products and services as other banks or credit unions, including savings accounts, money market accounts, certificate of deposit accounts, checking accounts, investment accounts, mortgage loans, auto loans and personal loans.

Since Ally is an online bank, it has no physical branches, though the company does have offices in Detroit, Michigan and Sandy, Utah. Ally Bank offers fee-free ATM access at more than 43,000 Allpoint ATM locations nationwide.

Jump To:

Ally Bank Popular AccountsAccount Features & FeesPros & Cons

Popular Ally Bank Accounts

Ally offers a variety of deposit accounts that make managing checking and savings easier. Here's a brief overview of some of the most popular accounts Ally Bank offers.

AccountMin. to Earn APYMin. Opening DepositNotes
Online Savings$1$0No minimum balance requirement and no monthly maintenance fees
Money Market Account$1$0Earn competitive interest rates across all account tiers
Interest Checking Account$1$0Earn competitive interest rate with no monthly maintenance fees
High Yield CD$1$0Earn a loyalty reward at CD renewal
Raise Your Rate CD$1$0Raise your rate once for a 2-year term CD or twice with a 4-year term CD
No Penalty CD$1$0Pay no early withdrawal penalty if you withdraw money before your CD matures

How Ally Works

If you're interested in an Ally savings account, Ally money market account or any of the other products and services Ally bank offers, here's a closer look at what you can expect.

Maintenance fees

Monthly maintenance fees can detract from the interest you earn on savings. At traditional banks or credit unions, monthly maintenance fees are often a given when you open a regular savings account. These fees can be anywhere from $5 to $10 per month, though you may have opportunities to have them waived.

Online banks, on the other hand, can offer savings on monthly fees. At Ally, you pay no monthly maintenance fees for savings accounts, money market accounts, CD accounts or the interest checking account.

Account minimums

Before you open an account with any bank, it's important to check the minimum deposit requirement and minimum balance requirements first.

  • The minimum deposit requirement is the minimum amount of money you need to open an account.
  • The minimum balance requirement is the minimum amount you need to keep in your account to avoid a fee.

At Ally, there's no minimum deposit requirement or minimum balance requirement for any of their deposit accounts. That's a good thing if you're just getting started saving money or managing a checking account.

Can you open multiple accounts?

Yes, you can open more than one account with Ally Bank. For example, you could open an Ally savings account and interest checking account or set up multiple CD accounts to create a CD ladder.

Since there are no minimum deposit requirements or minimum balance requirements and no monthly maintenance fees, Ally Bank makes it easy to open and maintain more than one account.

Account access and customer support

Being able to access your money when you need to is important, regardless of where you bank.

At Ally, you can access your money through online and mobile banking. You can also manage your accounts at more than 43,000 Allpoint ATM locations nationwide.

If you need to get in touch with customer service, you can do so by calling 1-877-247-2559. Phone support is available 24/7.

If you can't make a call, you can also get help via live chat or by sending a secure message through your online banking access.

Mobile and online banking experience

Online and mobile banking make it easy to stay on top of your finances right where you are. At Ally Bank, you can take advantage of both online and mobile banking to:

  • View account balances
  • Search transaction history
  • View banking statements
  • Locate an Allpoint ATM location
  • Transfer funds between accounts
  • Set up bill payments

The mobile app also allows you to add money to your account using mobile check deposit, which is convenient since Ally doesn't have branches.

Ally Online Savings Account

This Ally Online Savings Account review wouldn't be complete without taking a closer look at how this account works.

An Ally savings account can be used to save for short-term or long-term financial goals while earning a great rate on your money.

The Ally Bank savings rate rated in the top five in the America's Best Rates Survey. You earn the same great rate across all balance tiers, with no monthly maintenance fees or minimum balance requirements.

Ally Online SavingsAmountNotes
Monthly maintenance fee$0
Incoming wire transfers$0
Excess withdrawal fee$10Applies after you exceed 6 allowed withdrawal transactions per month

Ally Online Savings Account Review

Ally Bank Money Market Account

The Ally money market account could be a good fit if you want to earn competitive interest rates on your money while enjoying check-writing abilities and having access to funds via a debit card. This account ranked in the top 10 in the America's Best Rates Survey for best money market account interest rates too.

Ally Money Market AccountAmountNotes
Monthly maintenance fee$0No minimum balance requirements or minimum deposit requirement
Incoming wire transfers$0
Excess withdrawal fee$10Applies after you exceed 6 allowed withdrawal transactions per month

Current money market account rates

Ally Bank CD Rates

Certificates of deposit are designed to help you save money for a set period of time. During that time, you earn interest on balance and, once your CD matures, you can withdraw your initial deposit along with the interest earned.

Ally offers High Yield CDs, Raise Your Rate CDs and No Penalty CDs. High Yield CDs offer a competitive rate, while Raise Your Rate CDs allow you to increase your interest during the CD term. No Penalty CDs have no early withdrawal penalty.

Ally Bank CD rates for one- and five-year CDs are some of the best around, both ranking in the top 10 of the America's Best Rates Survey.

Ally 1-Year CDAmount / APY
1-Year CD APY - 12 months0.60%
Early Withdrawal Penalty60 days of interest

Ally 5-Year CDAmount / APY
5-Year CD APY - 60 months0.85%
Early Withdrawal Penalty150 days of interest

Current CD rates

Ally Bank Checking Accounts

In addition to savings accounts, money market accounts and CDs, Ally also offers checking accounts. Ally's Interest Checking account features these benefits:

  • Earn competitive interest rates on deposits
  • Use more than 43,000 Allpoint ATMs fee-free
  • Pay no monthly maintenance fees
  • No minimum balance requirements
  • No minimum deposit requirement
  • Free official/cashier's checks
  • Add money via mobile check deposit
  • Check-writing and debit card access

Earning interest on both checking and savings might appeal to you if you're thinking of opening multiple accounts with Ally.

Current checking account offers

Ally Bank Personal Loans

Ally Bank offers personal loans to help you pay for certain expenses. Currently, you can get a personal loan to pay for home repairs and renovations or to cover medical treatments and procedures.

A personal loan could be a good financing alternative if you don't want to charge something to a credit card. There are no down payment requirements or application fees for Ally personal loans and you can get pre-qualified without impacting your credit score.

Current personal loan rates

Ally Bank Pros & Cons

When looking at different banks or credit unions, it helps to balance what's good about them with the potential downsides. Like other Ally Bank reviews, we've broken down the main pros and cons to keep in mind.

Ally Bank


Earn competitive interest rates on savings accounts, money market accounts and CDsOther online banks may offer even better interest rates on deposit accounts
Open multiple accounts with no minimum balance requirements or minimum deposit requirementSince it's an online bank, you don't have branch access
Pay no monthly maintenance fees
Get check-writing and a debit card with an Ally money market account
Pay no early withdrawal penalties with an Ally No Penalty CD
Pay no ATM fees when you use the Allpoint ATM network
Get up to $10 in foreign ATM fees refunded to you each month
24/7 customer service and mobile/online banking access

Locations - Branches & ATMs

Ally Bank offers access to your money through more than 43,000 Allpoint ATM locations across the country. You can access your accounts fee-free at these locations.

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