Ally review: Earn high interest rates and contact live customer support 24/7

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  • Ally (Member FDIC) pays competitive interest rates on savings and CDs, but you can find better money market account rates at other online banks.
  • The Ally High Yield Savings Account lets you create separate savings buckets, like "Emergency Savings" or "House Fund."
  • Banking with Ally is affordable, with overdraft protection, out-of-network ATM reimbursements, no monthly fees, and low early withdrawal penalties for CDs.
  • Ally offers live customer support 24/7, both over the phone and via online chat.
  • See Business Insider's picks for the best high-yield savings accounts »

Is Ally a good match?

You might like Ally if you… You might not like Ally if you…
  • Are comfortable banking digitally
  • Want to earn competitive rates on savings and CDs
  • Are looking for a bank that doesn't charge monthly fees
  • Don't have much money to open an account
  • Want a savings account that makes it easy to save for separate goals
  • Aren't comfortable banking digitally
  • Need to deposit cash
  • Are looking for the highest interest rate on a money market account

The bottom line: Ally's strongest products are its high-yield savings account and CDs, but you can find higher money market account rates elsewhere.

Ally High Yield Savings Account review

Ally High Yield Savings Account

Ally Ally High Yield Savings Account

Ally makes it easy to save for specific goals. Assign each account a nickname, like "Emergency Fund" or "Travel Account" to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.

Ally Interest Checking Account review

Ally Interest Checking Account

Ally Ally Interest Checking Account

The Ally Interest Checking Account is a solid low-fee checking account. You have free access to over 43,000 ATMs nationwide, but if you use an out-of-network ATM, Ally doesn't charge a fee. If the out-of-network ATM provider charges you, then Ally will reimburse up to $10 per month.

If you have a savings or money market account through Ally, then you can set up overdraft protection to transfer funds from another account into your checking account should you risk overdrawing.

Ally High Yield CD review

Ally High Yield Certificate of Deposit

Ally Ally High Yield Certificate of Deposit

Along with the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate should Ally's rates go up. You can increase your rate once during a 2-year term and twice during a 4-year term. Ally also offers an 11-month No Penalty CD. 

If you're worried you'll need access to funds before your CD matures, then Ally could be a good option. The bank's early withdrawal penalties are lower than what you'll find with most banks, or you can open the No Penalty CD.

Ally Money Market Account review

Ally Money Market Account

Ally Ally Money Market Account

Savings and money market accounts have a lot of similarities, but one perk of a money market account is that it typically makes it easier to access your money than a savings account does. The Ally Money Market Account makes it especially easy by sending you both a debit card and paper checks.

The Ally Money Market Account pays a higher APY than most brick-and-mortar banks, but you can find higher rates at other online banks.

Ally features

Ally offers a wide range of products. Along with its bank accounts, you can also open investment accounts, take out a mortgage, or refinance your home.

Ally is an online-only bank, but it has physical ATMs. It's part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs around the US. If you use an out-of-network ATM and the ATM provider charges a fee, then Ally will reimburse up to $10 per month.

The Ally mobile app has received 4.7 out of 5 stars in the Apple store, and 4 out of 5 stars in the Google Play store.

Live customer service is available 24/7, both by phone and online chat.

Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.

How Ally compares to similar banks

We compared Ally with two other online banks with competitive rates: Marcus by Goldman Sachs and Capital One.

Goldman Sachs
Capital One 360

Savings APY

0.60% APY

Savings APY

0.60% APY

Savings APY

0.50% APY

Minimum deposits


Minimum deposits

$500 for CDs

Minimum deposits


Open an account Open an account Open an account

Ally review vs. Marcus review

Marcus only has a savings account and CDs, so if you're looking for a checking or money market account, you'll want to go with Ally.

Both banks offer term and no-penalty CDs, but Marcus doesn't have anything like the Ally Raise Your Rate CD that lets you increase your rate during the term. You may prefer Marcus for a no-penalty CD, though. Ally only has an 11-month CD, but Marcus has terms for seven, 11, and 13 months.

Ally review vs. Capital One review

Both banks have CDs, savings accounts, and checking accounts. If you want a money market account or a type of CD other than a regular term CD, then you'll want to go with Ally.

Although Capital One is considered an online bank, it does have over 470 physical branches in eight US states and Washington DC. So if you live near a branch and would like a combination of online and in-person banking, then you might like Capital One.

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