Who should use Ally
Ally is the online bank most people should default to. There are no monthly fees on checking or savings, the APY on the Ally Online Savings Account is consistently among the top in the industry, and the mobile app is mature and bug-free. If you're comfortable banking entirely through an app and a browser, Ally will serve you well.
The only reasons to look elsewhere are: you need to make cash deposits often (Ally has no branches or deposit-friendly ATMs), you want a sign-up bonus (SoFi and Chase occasionally offer $300+), or you want everything in one place including brokerage and investing (in which case Schwab or Fidelity's cash products are worth considering).
APY and rates
Ally's Online Savings Account currently earns a variable APY that tracks the federal funds rate closely and usually sits within 10-20 basis points of the top of the market. Interchange rates on CDs are also competitive. Ally doesn't do gimmicks like "intro APY" or minimum balance requirements to earn the advertised rate.
Fees
Zero monthly fees on checking and savings. Zero overdraft fees — Ally just declines the transaction. Zero minimum balance. Free use of any Allpoint ATM (55,000+ in the US), and up to $10/month reimbursed for out-of-network ATM fees.
Wire transfers incoming are free; outgoing domestic wires cost $20, outgoing international wires cost around $25-$50 depending on destination.
Digital experience
The mobile app has been polished for years and handles the full range of what most people need: mobile check deposit, bill pay, Zelle, real-time transfers, and budgeting tools. Customer support is reachable 24/7 by phone, chat, or email and has a consistently good reputation.
What Ally doesn't do
No physical branches. No business banking (Ally is personal-only for deposit accounts). Cash deposits require either an ATM that accepts deposits or a workaround like a money order.
Bottom line
For 80% of Americans looking for an online bank, Ally is the answer. Open the online savings account and the interest checking account together — both have no fees and no minimums.
