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Ally Bank Review

Ally Bank review

5.0 rating

Foundation Year

Office Address
6985 Union Park Center, Midvale, UT

Phone number



  • No maintenance fees for accounts
  • Very secure
  • Solid apps and online portal
  • An above-average 0.80% APY on savings
  • Relatively high rates on savings accounts and CDs
  • Live customer service 24/7
  • Access to over 43,000 ATMs in the U.S.
  • No minimum opening balance requirements or monthly fees


  • No branches available
  • No way to deposit cash
  • Transaction limits for savings
  • Limited credit card offerings
  • No cash deposits
  • No way to deposit cash directly into your account


Ally Bank is an online U.S. bank that initially used to be the banking division of General Motors Acceptance Corporation (GMAC), an auto financing company. In 2009, GMAC Bank was converted into Ally Bank.

Today, the bank offers its clients a wide range of products, including credit cards, money market accounts, certificates of deposit, home loans, investment products, checking accounts and savings accounts. The bank’s holding company, Ally Financial, is a large financial services provider headquartered in Detroit, Michigan. It provides services to millions of consumers and automotive dealers.

Because the bank doesn’t have to put money into physical branches, it is able to offer higher rates and lower fees than many institutions with physical locations.

Who owns Ally Bank?

This bank is the consumer-focused banking division of Ally Financial, which initially started as the General Motors Ac-ceptance Corporation (GMAC) in 1919.
Previously, the company specialized on providing auto financing to U.S. consumers. Later, GMAC transformed into the Motors Insurance Corporation offering car insurance.

In 1985, GMAC acquired two mortgage companies and an $11 billion mortgage portfolio.

In 2000, its first direct bank was formed: GMAC Bank.

After a result, GMAC got a new name in 2010 – Ally Financial.

Is Ally Bank online only?

Yes. This bank is an online-only bank offering services and products that can be accessed via the Internet. You do not even have to go anywhere to create an account or get a home loan. You can do this from the comfort of your home 24/7.

What does Ally Bank offer?

The company offers various services including:

Checking Accounts
  • You can earn interest on any daily balance;
  • No minimum deposit required;
  • No monthly fees for standard checks and debit cards;
  • Their overdraft fee is low, and you cannot incur more than one overdraft fee in a single day;
  • No brick-and-mortar branches;
  • Other online checking accounts pay much higher yields;
  • Cash deposits are not accepted.
Savings Accounts
  • They offer savings account APYs that are in the ballpark of the top-yielding institutions;
  • No monthly maintenance fees;
  • No minimum balance requirements;
  • Their savings account doesn’t offer an ATM card;
  • The account pays the same competitive APY across all balance tiers;
  • Other savings accounts are available with higher APYs.
Certificates of Deposit (CDs)
  • No minimum deposit required;
  • There are multiple types of CDs;
  • Other online banks pay higher yields;
  • Early withdrawal penalties are lower than at other banks;
  • 2-year and 4-year CDs are only available as bump-up CDs.
Money Market Account (MMA)
  • The account includes a debit card and checks;
  • APY is more than four times the average money market account rate;
  • Interest is compounded daily.
  • Account-holders are reimbursed up to $10 per statement cycle for fees at non-Allpoint ATMs.

The bank also offers other products:

Ally Bank High-Yield CD Rates

Term APY
3-Month 0.20%
6-Month 0.40%
9-Month 0.50%
12-Month 0.75%
18-Month 0.75%
3-Year 0.75%
5-Year 1.00%

How can I find Ally Bank?

You cannot visit a bank’s physical branch since it’s operating online. However, you can speak with a customer service representative over the phone 24/7. If you prefer typing, you can chat with a manager 24/7. You can also use their app to send secure messages and chat about all banking issues.

You can also access the bank by mail:

Ally Bank Customer Care
P.O. Box 951
Horsham, PA 19044

Is Ally Bank FDIC insured?

Yes, this bank is FDIC insured. The deposits of up to $250,000 are insured by the FDIC.

Keep in mind that FDIC insurance does not cover investment accounts – not bank deposits.

Does Ally Bank have a mobile app?

Yes. You can download the bank’s mobile app and have access to a voice-enabled assistant. If you have a debit card, it is a convenient way to control it. You can check your balances and perform other tasks using Amazon’s Alexa.

Ally Bank’s mobile app is rated high. It has 4.8 out of 5 stars through the iTunes app store and 3.6 out of 5 stars according to Android users.

How do I open an Ally Bank account?

Opening an account online is very fast and simple. Go to the website and find the type of account you want to open, then select Open Account. Then fill in the requested personal information and select the preferred terms and funding options. Once your application is approved, you’ll receive an email.

To open an account over the phone, call the bank at 1-877-247-2559 (24/7)

To open an account by mail, download an application from the website and mail it to the address given on the application.

How to deposit cash to Ally Bank?

Unfortunately, the bank doesn’t accept cash deposits. If you’d like to make a deposit, you can opt for eCheck Deposit, direct deposit, online transfers, wire transfers and mail checks.

If you need to add money to your account, you have two options: 1) deposit cash into account at another bank, then transfer it to your Interest Checking account; 2) exchange cash for a money order, then mail that it to Ally Bank. It may take some time for the deposit to reach your account.

Is Ally a safe bank?

Yes, the company is absolutely safe. Some consumers might be doubtful due to the bank being online-only, but you must be sure – your funds are safe.
If you’re still skeptical, we remind you that Ally is the 19th-largest bank in the United States and has more than 8,000 employees.


Ally Bank is a trusted and safe bank. If you prefer online banking and want to get access to loans, high-yield deposit products and credit cards, this is a good solution for you. The bank offers good checking and savings account options. And they can boast of reliable and friendly live customer service, available 24/7.

But if you need access to a physical bank branch, look elsewhere.


5.0 rating

Online support is always polite and knowledgeable. I got fast answers to all my questions. They have provided great advice and complete information. The process was not difficult. My experience with the bank was excellent because I was a little skeptical dealing with a bank operating purely online but the rates turned out much better than those in other banks and the service was great.

Melvin Miller
2.0 rating

I wish they had better customer service. I’ve called them several times to refuse a product I was very unhappy with. No one from the managers seemed to know anything about this service at all.

Michele Jones
5.0 rating

Excellent service… I just wish I had more cash to invest with this bank. But give me some time ?

Olga Brownell
5.0 rating

Super simple to open accounts; love their great interest rates; the rules and regulations are easy to maintain and understand; convenient mobile app; simply one of the best banks I’ve used!

Margie Kelsey
5.0 rating

I opened the Ally Bank account to get a better rate. Their website is very easy to use, customer support representatives are always professional and friendly. Great experience!

Eva Zamorano

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