Ally Bank, a leading Utah-based online bank, is renowned for offering highly competitive interest rates across its range of financial products while maintaining minimal fees. Founded in 1919 by General Motors to provide automotive financing, the institution rebranded as Ally Bank in 2010. Today, it delivers a wide variety of personal banking solutions, retirement accounts, investment services, and lending options, backed by exceptional 24/7 customer support.
Table of Contents
ALLY BANK INTEREST RATES
CHECKING, SAVINGS, CD
| Product | APY |
| Spend Account (minimum daily balance below $15,000) | 0.10% |
| Spend Account (minimum daily balance at least $15,000) | 0.25% |
| Savings Account | 3.60% |
| Money Market Account | 3.60% |
| High-Yield CD (3-month) | 2.90% |
| High-Yield CD (6-month) | 4.00% |
| High-Yield CD (9-month) | 3.90% |
| High-Yield CD (12-month) | 3.90% |
| High-Yield CD (18-month) | 3.80% |
| High-Yield CD (3-year) | 3.50% |
| High-Yield CD (5-year) | 3.50% |
| Raise Your Rate CD (2-year) | 3.50% |
| Raise Your Rate CD (4-year) | 3.50% |
| No-Penalty CD | 3.55% |
Ally Bank product overview
Spending account
Ally Bank’s Spending Account is a fee-free checking account designed to help users manage their money effortlessly. It offers up to 30 customizable spending buckets, allowing account holders to organize cash flow and set aside funds for specific goals and expenses. Unlike most checking accounts, Ally’s Spending Account also pays interest on your balance. Additional features include remote check deposits and early access to direct deposits, letting users receive their paychecks up to two days before the scheduled payday.
Savings account
Ally Bank’s Savings Account charges no monthly maintenance fees and requires no minimum opening deposit, making it accessible for all savers. It comes equipped with powerful tools like recurring roundups, automatic transfers, and customizable savings buckets. These features help users organize their funds and easily track progress toward multiple financial goals.
Money market account
Ally Bank’s Money Market Account delivers a competitive, tiered interest rate that increases with your balance across three levels. Account holders benefit from convenient features like a free debit card and Ally eCheck Deposit, allowing for quick and easy remote check deposits.
High-yield CDs
Ally Bank offers Certificates of Deposit (CDs) with flexible terms ranging from three months to five years, all with no monthly maintenance fees or minimum opening deposit requirements. Currently, Ally rewards CD account holders with a 0.05% loyalty bonus when they renew their CD. Keep in mind that early withdrawals are subject to a penalty ranging from 60 to 150 days’ worth of interest, depending on the CD term length.
Raise your rate CD
Ally Bank’s Raise Your Rate CD is available in two—and four-year terms. It requires no minimum deposit to open and no monthly maintenance fees. Your initial deposit amount determines interest rates. If you withdraw funds before the CD reaches maturity, an early withdrawal penalty of 60 to 120 days’ worth of interest will apply.
No-penalty CD
Ally Bank’s No-Penalty CD offers an 11-month term with no early withdrawal penalties. A minimum balance is not required to open the account, providing flexibility for savers seeking security and accessibility.
Loans and Investment Products
- Credit Cards: Ally offers three credit card options, including a Platinum Mastercard® and two cash-back cards that reward up to 3% cash back on purchases at gas stations, grocery stores, drugstores, and select retailers. Cardholders benefit from 24/7 fraud monitoring and free online FICO® scores to help track and build their credit profiles.
- Home Loans: Homebuyers and homeowners can apply for mortgages directly through Ally’s website with no application, origination, processing, or underwriting fees. Ally provides a variety of loan options, including fixed-rate, adjustable-rate, and jumbo mortgages, to meet diverse financial needs.
- Auto Loans: Ally’s auto financing solutions cover new car purchases and vehicle leases, offering competitive terms for buyers and lessees.
- Personal Loans: Ally’s loans can be used for medical expenses, home repairs, and renovations. There are no application fees and no down payments required, and applicants can prequalify with no impact on their credit score. Plus, there are no penalties for early repayment.
- Retirement Accounts: Ally Bank supports retirement planning with traditional IRAs and Roth IRAs, both offering no annual or monthly maintenance fees. Customers can also choose IRA High-Yield CDs with terms ranging from three months to five years, all with no minimum deposit requirement. (Note: Certain closure or transfer fees may apply.)
- Investment Accounts: For investors, Ally offers self-directed trading accounts with no minimum opening balance, which is ideal for those wanting to manage their portfolios of stocks, ETFs, and options. Customers seeking a more automated investment experience can opt for Ally’s Robo Portfolios, which require a minimum of $100 investment and provide expert-designed ETF mixes managed by advanced robo-advisor technology.
Account fees
Ally Bank is committed to transparent banking with no hidden fees. Here’s a detailed look at the account fees customers might encounter:
| Basic checking account fee | $0 |
| Basic savings account fee | $0 |
| Overdraft fee | $0 |
| ATM fee | $0 |
| Outgoing domestic wire transfer fee | $20 |
| Expedited delivery fee | $15 |
| Account research fee | $25 per hour |
Pros and cons of Ally Bank
Before opening an account with Ally Bank, it’s important to weigh both the benefits and potential downsides.
Pros:
- No Monthly Maintenance Fees: Ally Bank does not charge monthly fees for any of its deposit accounts.
- No Overdraft Fees: Since June 2021, Ally has eliminated all overdraft fees.
- Extensive ATM Network: Customers have access to over 43,000 fee-free Allpoint® ATMs nationwide. If you use an out-of-network ATM, Ally reimburses up to $10 per statement cycle for third-party ATM fees.
- No Minimum Deposits or Balance Requirements: Most Ally deposit accounts have no minimum deposit or balance requirements. However, Robo Portfolios require a $100 minimum, and self-directed brokerage margin accounts require a $2,000 minimum. Higher opening deposits on CDs may qualify for better rates.
Cons:
- Longer External Transfer Times: Ally does not support same-day external transfers. While next-day transfers are available, depending on the timing, transfers may take up to three business days to complete.
- No Cash Deposits: Ally does not accept cash deposits. Customers can fund their accounts via remote check deposits, mailed checks, online transfers, direct deposits, or wire transfers.
Customer service and mobile banking experience
As an entirely online bank, Ally doesn’t operate physical branches. However, Ally ensures exceptional customer service with 24/7 support available via phone, live chat, and secure email.
Ally’s mobile app is highly rated, with a 4.7-star rating on the App Store and a 3.9-star rating on Google Play. The app offers a comprehensive suite of features, allowing users to manage their accounts, make deposits, transfer funds, pay bills, set up direct deposits, find nearby ATMs, and much more — all from the convenience of their phone.
Social and environmental impact
Ally Bank has been actively investing in social and environmental change since 2017. According to its latest Corporate Social Responsibility (CSR) Report, Ally dedicated $1.1 billion in 2022 to Community Reinvestment Act (CRA) loans and investments, along with over $120 million spent with minority-owned businesses.
In addition to financial commitments, Ally employees volunteered over 44,000 hours to support more than 1,700 charitable organizations. Notably, 2022 also marked Ally’s second consecutive year of achieving operational carbon neutrality for both Scope 1 and Scope 2 emissions.
How to contact Ally Bank
General Mail:
Ally Bank Customer Care
P.O. Box 951
Horsham, PA 19044
Deposits:
Ally Bank
P.O. Box 13625
Philadelphia, PA 19101
(Please send endorsed checks or deposits, but not cash.)
Phone Support:
- Customer Service: +1-214-331-5798
- Outside the U.S.: +1-815-355-3282
Report Fraud:
- Fraud Hotline: 1-833-226-1520 (Select option 2)
Online Support:
Existing customers can log in to their accounts to access live chat or send an email.
Frequently Asked Question
What is Ally Bank known for?
Ally Bank is renowned for offering competitive interest rates, no monthly fees, and 24/7 customer support. It provides a full suite of financial services, including savings, checking, CDs, loans, and investment accounts, all with a focus on digital banking.
Does Ally Bank charge monthly maintenance fees?
No, Ally Bank does not charge monthly maintenance fees for any of its deposit accounts, including savings and checking accounts.
How can I access my Ally Bank account?
Ally Bank operates entirely online, with access through its website and mobile app. It offers 24/7 customer support by phone, live chat, or secure email.
What are Ally Bank’s interest rates?
Ally Bank offers competitive interest rates across its deposit accounts, including savings accounts, money market accounts, and CDs. Rates vary based on the account type and balance.
Can I deposit cash into my Ally Bank account?
No, Ally Bank does not accept cash deposits. You can deposit funds via remote check deposit, wire transfer, direct deposit, or online transfer.
Does Ally Bank offer a mobile app?
Yes, Ally Bank’s mobile app has a 4.7-star rating on the App Store and a 3.9-star rating on Google Play. It allows users to manage accounts, make deposits, transfer funds, pay bills, and locate ATMs, all from their mobile devices.
What types of loans does Ally Bank offer?
Ally Bank offers several types of loans, including auto loans, personal loans, home loans (fixed-rate, adjustable-rate, and jumbo), and credit cards. They also provide competitive rates and no application or origination fees for mortgages.
Conclusion
Ally Bank continues to stand out in 2025 as one of the best no-fee online banks for both savings and checking accounts. With its commitment to transparency, competitive interest rates, and a comprehensive range of financial products, Ally offers exceptional value for customers seeking an online banking experience.
Whether you’re looking to save, invest, or manage day-to-day finances, Ally provides easy-to-use digital tools, 24/7 customer support, and innovative features like no monthly maintenance fees, no overdraft charges, and a vast ATM network. Ally also leads with its environmental and social responsibility initiatives, ensuring that it’s not only focused on financial growth but also on making a positive impact in the community and the world.