Quick Summary
Ally Bank is consistently rated the best online bank in America, offering a comprehensive suite of banking products with no monthly maintenance fees, no minimum balance requirements, and competitive APY rates. Founded in 2009, Ally has grown into a full-service digital bank with checking, savings, CDs, and investment accounts. Its 24/7 customer support and intuitive mobile app set the standard for online banking convenience.
Score Breakdown
What We Like
- ✓ No monthly fees or minimum balances
- ✓ Competitive savings APY (4.00%+)
- ✓ 24/7 customer support by phone, chat, email
- ✓ Buckets feature for savings organization
- ✓ Full range of banking and investment products
What Could Improve
- ✗ No physical branch locations
- ✗ Cash deposits require workarounds
- ✗ Checking APY lower than savings
Features
Ally offers a high-yield savings account, interest-earning checking, CDs (including No Penalty and Raise Your Rate options), and Ally Invest for brokerage and self-directed trading. The Savings Buckets feature lets you organize savings goals within one account. Zelle integration enables free peer-to-peer transfers. Round-up transfers automatically save spare change.
Pricing
No monthly maintenance fees, no minimum balances, no overdraft fees (up to $25 buffer). Savings APY around 4.00-4.25%. Checking earns 0.10-0.25% APY. CDs range from 3.75-5.00% APY depending on term. ATM reimbursement up to $10/month at non-Allpoint ATMs. Allpoint ATM network (43,000+ ATMs) is free.
Usability
Ally's mobile app and website are among the best in online banking. The clean interface makes managing multiple accounts intuitive. Mobile check deposit, bill pay, and external transfers work seamlessly. The app includes spending analysis, savings tools, and Ally Invest access all in one place.
Key Specifications
| Monthly Fee | $0 |
| Savings APY | 4.00%+ |
| Minimum Balance | None |
| ATM Network | 43,000+ Allpoint ATMs |
| FDIC Insured | Yes |
| Mobile Deposit | Yes |
| Zelle | Yes |
Final Verdict
Ally Bank is our top recommendation for online banking. Its combination of no fees, competitive rates, excellent customer service, and comprehensive product lineup makes it the best overall choice. Whether you're looking for a primary bank or a high-yield savings account, Ally delivers across the board. The only real drawback is the lack of physical branches for cash deposits.