Ally Bank Account Review: Checkings & Savings Accounts

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Ally Bank is my personal bank account that I’ve been using for several years now. It stands out from any other bank I’ve ever had and offers so much more than in-person banks.

Since Ally Bank doesn’t have any overhead from brick and mortar storefronts, they’re able to pass those savings to customers. This is how Ally Bank offers minimal fees and high interest rates in their savings accounts. 

Another reason I love Ally Bank is their recent elimination of overdraft fees. I know we should all be responsible and never have overdraft fees to begin with, but sometimes we make mistakes. So it’s nice not to get punished for it. 

In this post we learn:

  • What is Ally Bank?
  • Pros of Ally Bank
  • Cons of Ally Bank
  • Is Ally Bank safe?
  • Everything Ally Bank offers

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What is Ally Bank?

Ally Bank is an online bank that started back in 2009. They offer banking, investing, home loans and auto financing among many other fun benefits that make saving and managing money easier.

For example, Ally Bank has a “buckets” section in online savings accounts which is essentially a sinking fund section to help you always prepare for anything. I will talk more about this later since it’s one of my favorite features of banking with Ally Bank.

Pros of Ally Bank

Ally bank is always thinking about the customer and what they can do to better the experience. 

  • No monthly maintenance fees or minimum balances needed on checking, savings, or CDs
  • Access to 43,000+ ATMs with ATM fees refunded to your account
  • High interest rates for savings accounts 
  • Access your bank account from anywhere as long as you have a mobile phone
  • 24/7 customer support via live chat, email or phone 


Buckets is a fun way to save up for certain things and stay organized. You can create up to 10 buckets and allot money from your savings to certain goals. Take a look at my buckets below. We’re currently saving for landscaping, new floors and painting throughout our house, and landscaping.

I use the Buckets section as my sinking fund planner. A sinking fund is a certain amount of money you set aside for a planned expense that usually comes up regularly. Your sinking fund is used to help manage your money. A sinking fund gives you peace of mind. There are things you’ll pay for once or twice a year that you may forget about or don’t have planned in the budget.

Ally Buckets is a great way to plan for that.

Related: 10 Sinking Funds To Have And Why You Need Them


Accelerate your savings and put your strategy on autopilot with Boosters. You can set up recurring boosters or use Surprise Savings and Ally will analyze your checking accounts for safe-to-save money and transfer it to your savings for you.


Zelle is a peer-to-peer payment platform where you can send checks and payment to people on Zelle. For example, we use Zelle to pay our dog trainer and it makes payment so easy for everyone with no fees involved. 

Customer support 24/7

With online banks, you get support 24/7, unlike brick and mortar banks that are closed more than half of the day. Ally Bank offers 24/7 support via phone, live chat, snail mail, or email.

Ally Assist

With Ally Mobile app’s built-in banking expert, Ally Assist helps you find answers to questions you have about us and your accounts.

Cons of Ally Bank

There’s no way to deposit cash, which isn’t a con for me but it might be for you. So if you’re someone who uses cash often and likes to deposit cash, you probably don’t want an Ally Bank account.

This is what Ally Bank says below about depositing cash: 

Can I deposit cash?

No. We don’t accept cash deposits. However, there are several ways you can make a deposit into your account.

  • Remote check deposit with Ally eCheck Deposit℠
  • Online transfers and direct deposit
  • Wire transfers and mail

Ally Bank fees

Ally Bank is very transparent with their fees which is something I love about banking with them. In the past, my banks have had murky writing about bank fees and I’d always get charged more than I thought I’d get charged.

Ally has no fees for the following:

  • Monthly maintenance fees
  • Overdraft item fees
  • Standard or expedited ACH transfers
  • Copies of online statements
  • Incoming wires (domestic and international)
  • Postage-paid deposit envelopes
  • Official/cashier’s checks

Ally has fees for:

  • Returned deposit fee: $7.50
  • Excessive transaction fees: $10
  • Expedited delivery: $15
  • Outgoing domestic wires: $20
  • Account research fee: $25 per hour

How can I get in contact with Ally bank?

You can get support from Ally bank via email, chat support, snail mail, or phone.

Is Ally Bank safe?

Ally Bank is FDIC-insured which means your money in Ally is insured up to $250,000 per person if the bank goes out of business.

What else does Ally Bank offer?

New Ally Bank customers get free standard checks, a free debit card, and a free bill service. You can even deposit checks through their Ally eCheck Deposit feature. I’ve used it many times and it’s so awesome to be able to deposit checks right from my phone.

My personal experience with Ally Bank

Ally Bank is a keeper for me for the long run as long as they keep up their benefits for using them. And with recently eliminating overdraft fees once and for all, I really think they’re going to keep getting better and better.

Read other reviews of Ally Bank here.

How to open an Ally Bank account

To open an Ally bank account, you need to answer a few basic questions as you would with any other bank account. Ally Bank will even help you determine which account is best for you.

Learn more about Ally Bank here.

Final Thoughts

Online banking is far superior to brick and mortar banks or any local bank you’re used to. Most people stick with the same bank they’ve had since they opened their first bank account, but that’s not ideal. You need to find a bank that offers you the most as a customer if you’re going to be banking with them.

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