Ally Bank Review [2025]: High-Yield Savings Account and No Monthly Fees

Who is Ally Bank right for?

Every so often, I like to check that I'm earning the best rate on my emergency fund. I tend to stick with online-only banks since they generally offer better rates and fit my needs. During my research, Ally Bank stood out as a strong option for me and individuals building a savings habit or who are new to online banking.

I recommend Ally Bank if:

• You want to consolidate your money at one online bank
• You want an above-average annual percentage yield (APY) on your savings
• You don't need to deposit cash
• You want savings tools and boosters to help you save more
• You don't want to pay monthly maintenance or overdraft fees

What we like about Ally Bank

In addition to the relatively high APY offered on the Ally accounts, there are several things to like about Ally Bank, including:

ATM access: Ally offers access to 75,000 ATMs through the Allpoint network and does not charge an ATM fee. Ally will even reimburse you up to $10 a month for any fees you incur at out-of-network ATMs.

Highly rated apps: Ally has an easy-to-use website and mobile apps available on both the Google Play Store and the Apple App Store. On Google Play, Ally earned 4.4 out of 5 stars and has more than 33,000 reviews. On the Apple App Store, it has a 4.7 star rating and over 93,000 reviews.

Savings tools: Both the Spending and savings accounts offer buckets to help you get a clear picture of your account balances. The savings account also has boosters like recurring transfers, round-ups, and Surprise Savings to help you increase your savings balance automatically.

Overdraft protection: Ally's overdraft service, called CoverDraft, covers you up to $100. You qualify for coverage 30 days after you deposit $100 or more in your Ally Spending account. If you have a monthly direct deposit of $250 or more for at least two months, your coverage may increase to $250.

What Ally Bank could improve

I think Ally Bank is a good option for individuals who are comfortable managing their finances online, but there are some drawbacks. For instance:

No physical branches: Ally Bank doesn't have physical branches, which can make it difficult to get help if you prefer to visit a location or speak with someone in person.

No cash: Similarly, you can't deposit cash with Ally. You can remotely deposit checks through the Ally app, and you can withdraw cash from one of Ally's partner ATMs.

No international wire transfers: Ally does not process international wire transfers. While it does do domestic wires, you'll pay a $20 fee per outgoing transaction.

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FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.00% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.20% APY Boost) for 6 Months on new accounts with direct deposit. Terms Apply.² <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p> FDIC Insured.³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

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Earn Over 3x the National Average

1.25% variable Annual Percentage Yield (APY).⁴ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> No minimum or maximum balance requirements. No monthly fees.⁵ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> Secured and FDIC Insured⁶ <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.&nbsp;<br></p>

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4.5

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Online Checking Account

Discover® Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.⁷ <p>See website for details.</p> No minimum deposit or balance. FDIC Insured.

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Ally Bank account basics

Ally Bank offers a range of account options typically found at traditional banks, including checking, savings, and various certificates of deposit (CD) accounts.

Spending Account

• Monthly account fee: $0
• FDIC insurance: Yes
• APY: 0.10% (as of 05/02/25) on balances under $15,000 and 0.25% on balances over $15,000

The Spending account is Ally's version of a checking account. It does not charge monthly maintenance or overdraft fees, and there is no minimum balance requirement, so it's an easy bank account to open. The account offers early direct deposit and access to over 75,000 ATMs nationwide. It comes with a debit card, but you can also order paper checks. 

What I like most about the Ally Spending account is that it earns an APY on checking balances, a feature that many checking accounts, even those at the best banks, don't offer. You earn 0.10% (as of 05/02/25) APY on balances of $15,000 or less. If your account balance is over $15,000, you'll earn 0.25%. However, you'll earn a much higher APY using the Ally savings account.

Savings Account

• Monthly account fee: $0
• FDIC insurance: Yes
• APY: 3.50%

Ally's savings account offers 3.50% APY on all balances, which is much higher than the national average of 0.38% (as of 6/16/25). It also has no minimum opening deposit requirements. The APY compounds daily, which means you'll earn slightly more than if it compounded monthly. However, you are limited to only 10 withdrawals per statement cycle.

I especially like that an Ally savings account also offers access to savings tools called "buckets" and "boosters." Buckets allow you to spread your savings balance into smaller, specific goals. The boosters are small ways to save more, such as the Surprise Savings tool, which analyzes your spending and transfers extra funds from your Spending account to your savings account.

Read more in our Ally Online Savings Account review

Money Markets

• Monthly account fee: $0
• FDIC insurance: Yes
• APY: 3.50% (as of 06/23/25)

A money market account is a type of savings account, but some banks may offer higher annual percentage yields than on their savings accounts. Unlike regular savings accounts, money market accounts generally come with checks or a debit card, though there may be limits on the number of transactions you can make.

Ally's money market account earns 3.50% (as of 06/23/25) APY on any balance and has no minimum balance, just like the savings account. However, the money market account includes a debit card and checks but does not have savings buckets or other tools. It also limits some types of withdrawals and transfers to only 10 per account cycle.

Since both accounts offer the same APY, the savings account is likely the best option for most people.

Certificates of Deposit

• Monthly account fee: $0
• FDIC insurance: Yes
• APY: Varies by account type and term

Ally Bank offers three different CD account options: the High-Yield CD, Raise Your Rates CD, and No-Penalty CD. The High-Yield CD offers the highest APY, depending on the term you select. A 3-month term will earn only 2.90% APY, but a 6- or 9-month term earns 3.90% (as of 06/23/25).

Like the other Ally accounts, there is no minimum balance requirement to open or earn APY on any of Ally's CD options. If you need to withdraw your money before the term is complete, you'll pay an early withdrawal penalty ranging from one to five months' interest, depending on the CD term. If you choose the No-Penalty CD, there is no early withdrawal penalty after the first six days of account funding, but the term is 11 months, and you'll only earn 3.40% (as of 07/07/25) APY.

What else does Ally offer?

In addition to its standard banking products, Ally Bank offers a range of other account types.

Investing portfolios: Ally offers three different ways to invest, including a robo portfolio, self-directed investing accounts, or working with an investment advisor for an additional fee.

Individual Retirement Account (IRAs): Ally Bank will help you save for retirement by establishing a new Traditional or Roth IRA. You can also roll over a retirement account from a previous employer into your Ally IRA.

Credit Cards: Ally offers several credit cards with various perks. For example, the Everyday Cash Back Card earns 3% cash back at gas stations, grocery stores, and drugstores but only 1% on all other purchases.

Auto: Ally also offers auto loan refinancing and specific insurance coverage, including GAP and extended vehicle coverage, for an additional fee.

Alternatives to Ally

SoFi®

The SoFi Checking and Savings account is a good option if Ally Bank doesn't appeal to you. The checking portion of the account offers an APY of 0.50% (as of 01/24/25) with direct deposit. The high-yield savings account's APY is up to 3.80%with a qualified direct deposit.⁹ <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> If you don't have a qualified direct deposit, you only earn 1.00% (as of 01/24/25). SoFi also offers no-fee overdraft coverage, provided you have a direct deposit of at least $1,000 per month.¹⁰ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> ¹¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>

SoFi is a Member FDIC.³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

Visit SoFi's Checking and Savings account | Read our SoFi review

Chime®

Chime is a fintech company that partners with FDIC-insured banks to protect customer deposits. It's relatively similar to Ally Bank and does not charge monthly maintenance or minimum balance fees.

However, when it comes to Chime vs. Ally, Ally is the winner. Chime only offers 1.25% APY on savings balances.⁴ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p> If you set up a qualified direct deposit of at least $200 per month, your APY increases to 3.75%¹² <p>The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of 5/22/25. No minimum balance required. Must have $0.01 in savings to earn interest. The Chime+ APY is available only while you maintain eligibility requirements for Chime+, otherwise the APY for non-Chime+ members will apply. See <a href="https://www.chime.com/chimeplus-terms/">Chime+ Terms and Conditions</a> for more details.</p> . So, while you may earn slightly more with Chime, it's not a substantial amount, and if your direct deposit ever stops, you'll lose a significant portion of your APY.

Visit Chime's Savings account | Read our Chime review

Read more: 7 Best Online Banks Like Chime

Discover

Discover is best known as a credit card company, but it also offers a high-yield savings account with an APY of 3.50%, slightly higher than Ally's, and has no monthly fees or minimum opening deposit requirements.⁷ <p>See website for details.</p> The Discover® Cashback Debit program provides 1.00% cash back on up to $3,000 in monthly debit purchases.¹³ <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> It also has no fees, early direct deposit, and access to more than 60,000 fee-free ATMs.

Visit Discover's Cashback Debit account | Read our Discover review

FAQs

Bottom line

Finding the best online bank can be a bit of work, but Ally Bank is definitely worth considering. I appreciate that it offers an APY on its Spending account and has fairly competitive rates on its savings, money market, and CD accounts. I also appreciate that, unlike some competitors, you don't have to do anything special to earn the best APY with Ally, which makes it ideal for those just starting to save.

Regardless of which online bank you choose, be sure to carefully review the account disclosures and read reviews to help you make the best choice for your specific needs and financial goals.

Reach Your Savings Goals Faster

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.00% APY on Savings (3.80% APY¹ <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.20% APY Boost) for 6 Months on new accounts with direct deposit. Terms Apply.² <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees¹¹ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early¹⁴ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million³ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open an account with SoFi® here