2024 Ally Bank Reviews: Checking Accounts (2024)

Account Features - 5 / 5

Ally Bank's checking accounts are free to open and operated completely online. They feature higher interest rates than average brick-and-mortar checking accounts do. The interest accrued varies on the number of funds present in the account on a daily basis. Ally also offers Money Market accounts, which feature an Annual Percentage Yield of 0.90% to 1.00% that also depends on the account's daily balance. The bank's overdraft protection is highly useful for customers with other kinds of Ally bank accounts, namely savings and money market accounts. For making withdrawals, Ally customers can visit one of 43,000+ AllPoint ATMs throughout the U.S. The bank's Debit MasterCard® is used for this and comes with EMV chip technology. Additionally, transactions can be made through the Zelle digital payment network. Customers who are interested in paying their bills online can do so through Ally's banking services online or on mobile device.

Interest (APY)

0.10%, with less than $15,000 minimum daily balance; 0.60% with $15,000+ minimum daily balance

Overdraft Protection

Customers can link an Ally Online Savings or Money Market account to their Interest Checking account in order to protect themselves from overdraft fees. If they exceed their checking balance, Ally automatically transfers any available funds from linked accounts in increments of $100 to cover the transaction(s) for no extra charge. Keep in mind that these transfers do count towards the transaction limits for Ally's savings and money market accounts.

Fees and Restrictions - 5 / 5

Ally Bank sets hardly any restrictions and has very few fees associated with its accounts. There are no maintenance fees, no incoming wire or check delivery fees, and no minimum balance or number of transaction fees. Customers only need to make a single deposit within 30 days of the account being open to avoid it from closing down. Some fees they do have include stop payment, returned deposit Item, and rush delivery of debit cards or other items fees.

Support, Reputation, and Financials - 5 / 5

Ally Bank was previously known as GMAC Bank, established in 2000 by Ally Financial. Ally holds good-to-average financial strength ratings with S&P and Moody's–a BB+ and Ba3, respectively. It has a page on the BBB but has not been as a result of numerous complaints against the business that have yet to be evaluated. Consumers can contact customer support representatives around the clock, 24 hours a day, 7 days a week, via phone call, email, chat, and social media.

Contact Methods

• Phone
• Email
• Chat
• Social Media

Company Profile