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The bottom line: Ally is one of our top picks for the best online banks. It’s a great option for banking and investing. Other financial institutions have more offerings for mortgages and other types of loans, though.

Ally Bank: Overall Rating

Ally Bank: Pros and Cons

About Ally Bank

Ally offers a wide range of products. In addition to the offerings listed above, Ally also has credit cards and loans for medical treatments. It’s part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs around the US. If you use an out-of-network ATM and the ATM provider charges a fee, then Ally will reimburse up to $10 per month.

Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Ally Bank Online and Mobile Banking Experience

Ally is an online-only bank, so it doesn’t have any physical branches. If you’re considering Ally as a banking option, you must be comfortable managing your bank account primarily through online and mobile banking.

The Ally mobile app includes standard banking features like mobile check deposits, an ATM locator, and debit and credit card usage controls.

If you have an Ally Savings Account or Ally Spending Account you can also have access to the bank’s buckets feature. With the Ally Savings Account, you can save money for individual savings goals, like an upcoming vacation or occasion. Meanwhile, the Ally Spending Account allows you to separate your primary expenses with spending buckets. 

The Ally mobile app has received 4.7 out of 5 stars in the Apple store based on 72,900 ratings. In the Google Play store it’s rated 2.7 out of 5 stars based on 27,100 reviews.

Ally Bank Customer Service and Support

Ally offers customer support by phone, live chat, or email. If you have questions about banking, investing, or credit cards, representatives are available 24/7 by phone.

For questions about other services, the hours may vary. Generally, you can talk to a representative about auto loans, home loans, or personal loans beyond traditional hours Monday through Friday and select hours on Saturday.

Is Ally Bank Trustworthy? 

Ally received an A rating from the Better Business Bureau. The highest possible grade is an A+ but Ally has an A because it has a few unresolved complaints on the BBB website.

The BBB looks at how a company responds to customer complaints. It also checks whether a business is honest in its advertising and transparent about how it conducts business.

Ally doesn’t have any recent public scandals.

Ally Bank FAQs

Ally Bank Personal Banking Review

Ally Savings Account

Ally is a good option if you’re looking for a savings account that doesn’t require a minimum opening deposit. 

Ally Bank savings account interest rates are also better than traditional savings accounts at brick-and-mortar banks.

See Business Insider’s Ally Savings Account Review.

Ally Spending Account

The Ally Spending Account is a solid low-fee option. You have free access to over 43,000 ATMs nationwide, but if you use an out-of-network ATM, Ally doesn’t charge a fee. If the out-of-network ATM provider charges you, then Ally will reimburse up to $10 per month.

Another standout perk is that you can use spending buckets to help manage your spending for different categories, like groceries or rent.

See Business Insider’s Ally Spending Account Review.

Ally High Yield CD

Ally Raise Your Rate CD

Ally No Penalty CD

Ally pays solid rates on its CDs, and it’s one of the few banks that doesn’t require a minimum opening deposit. 

Along with the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate should Ally’s rates go up. You can increase your rate once during a 2-year term and twice during a 4-year term. Ally also offers an 11-month Ally No Penalty CD. 

If you’re worried you’ll need access to funds before your CD matures, then Ally could be a good option. The bank’s early withdrawal penalties are lower than what you’ll find with most banks, or you can open the Ally No Penalty CD.

See Business Insider’s Ally CD Review.

Ally Money Market Account

Savings and money market accounts have a lot of similarities, but one perk of a money market account is that it typically makes it easier to access your money than a savings account does. The Ally Money Market Account makes it especially easy by sending you both a debit card and paper checks.

See Business Insider’s Ally Money Market Account Review.

Ally Bank Mortgages Review

Ally only has conforming and jumbo mortgages. It might be worth considering if you have a good credit score. However, if your credit score is below 620 or you’re searching for a different type of home loan, you’ll want to consider other mortgage lenders. 

See Business Insider’s Ally Mortgage Review>>

Ally Bank Invest Review

Ally is featured in our guide for the best online brokerages for beginners as the best bank account and brokerage combo. Ally Invest stands out because it’s a low-fee investment platform. It has commission-free stock and ETF trades. It also has a robot portfolio with zero advisory fees and a $100 account minimum balance.

See Business Insider’s Ally Invest Review.

How Ally Bank Compares

We compared Ally to two other online banks with competitive savings and CD rates.

Ally Bank vs. Marcus

Ally and Marcus are both online-only financial institutions. If you are more comfortable banking at a place that has branches, you’ll want to consider other options.

Marcus only has a savings account and CDs, so if you’re looking for a checking or money market account, you’ll want to go with Ally.

Marcus has an investing platform, but it doesn’t offer mortgages.

Ally Bank vs. Capital One 360

Although Capital One Bank is considered an online bank, it does have physical branches in six US states and Washington, DC. So if you live near a branch and would like a combination of online and in-person banking, then you might like Capital One.

Both banks have CDs, savings accounts, and checking accounts. If you want a money market account or a type of CD other than a regular term CD, then you’ll want to go with Ally.

If you’d like to get home loans and a brokerage account at the same place where you have a bank account, Ally will likely be a better choice. In 2017, Capital One decided to discontinue its home loan products. Capital One also no longer offers investment advisory services.

Is Ally Bank Right For You? 

Ally is a great choice if you want to save and invest in one place. Ally’s banking and investment accounts have low minimum opening requirements and minimal fees. Its savings, money market, and CD accounts also notably pay better rates than brick-and-mortar banks.

You’ll want to consider other options if you aren’t comfortable with an online-only banking experience. Ally also doesn’t have as many mortgage and loan types as other financial institutions. 

Why You Should Trust Us: How We Reviewed Ally Bank

For our Ally Bank review, we rated bank products and services using our editorial standards. At Business Insider, we rate products on a scale from zero to five stars.  We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.

For example, we’ll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we’ll factor in the ATM network size and fees, as well as its overdraft protection options.

We’ll consider factors like investment selection for investment for a brokerage account, and loan types for mortgages. In general, we also look at customer service and ethics.