Ally Bank
A branchless online bank, formerly the finance arm of General Motors. Competes on deposit rates and the absence of account fees rather than on branches.
Strengths
- No monthly maintenance fees or minimum balance requirements on its deposit accounts
- Deposit rates are typically well above the FDIC national average
Watch out for
- No branch network, so cash deposits are awkward
Judging their deposit rates
The FDIC national average for savings is 0.38% and 1.68% for a 12-month CD, as of July 20, 2026. Those averages are weighted across every insured institution, so a competitive online account usually pays several times them. Compare any rate Ally Bank quotes against that rather than against the word “high-yield”.
Source: FDIC national rates and rate caps.
Frequently asked questions
Is Ally Bank insured?
Deposits at Ally Bank are covered by FDIC insurance up to $250,000 per depositor, per insured bank, per ownership category. Verify current coverage with the institution before depositing above that amount.
What is Ally Bank best at?
No monthly maintenance fees or minimum balance requirements on its deposit accounts. Deposit rates are typically well above the FDIC national average.
What should I watch out for with Ally Bank?
No branch network, so cash deposits are awkward.
Other institutions
Researching and writing about Canadian personal finance since 2026.
Last reviewed August 2026 · How we research
“Ally Bank.” VaultNerd, https://www.vaultnerd.com/banks/ally, updated August 2026.
- Ally Bank published product and disclosure pages
- FDIC national rates and rate caps