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Ally Bank Review
Ally Bank is one of the most established online-only banks in the U.S., offering checking, savings, CDs, money market, and auto loans — all with no monthly fees and no minimum balance requirements. Founded as an offshoot of GMAC, Ally has built a strong reputation over more than a decade as a full-service online bank.
What Makes Ally Stand Out
Ally offers one of the most complete product lineups of any online bank, including an interest-bearing checking account (a genuine rarity), the useful "Savings Buckets" feature for organizing savings goals within one account, and three CD types including a No Penalty CD option.
Ally's Core Products
| Product | Fee | Standout Feature |
|---|---|---|
| Interest Checking | $0 | Pays interest, rare for checking |
| Online Savings | $0 | Savings Buckets tool |
| CDs | $0 minimum | High Yield, Raise Your Rate, No Penalty options |
| Money Market | $0 | Check-writing included |
Who Ally Is Best For
Ally is a strong fit if you want one bank for everything — checking, savings, and CDs — without paying fees anywhere. Its customer service is consistently well-rated, and the mobile app is regarded as one of the more reliable in the online banking space.
What to Watch For
Like most online banks, Ally has no physical branches and limited cash deposit options. If you regularly handle cash, factor this in before making Ally your primary bank.
Frequently Asked Questions
Yes, Ally Bank is FDIC-insured, protecting deposits up to $250,000 per depositor — the same protection as any traditional bank.
No — Ally's checking, savings, and money market accounts all have no monthly maintenance fees and no minimum balance requirements.