does ally bank offer debit cards

With branding reminiscent of its GoBank online checking account (which coincidentally no longer offers debit cards online, forcing accountholders to obtain. NEW YORK (AP) — Ally Financial said Wednesday that it is ending overdraft fees where a bank customer uses a debit card to buy a coffee. You can also request a check or an outgoing wire. The Online Savings Account does not include an ATM card, but you can open a Money Market Account or Interest.

Does ally bank offer debit cards -

Ally Bank Review – Complete Guide

Millennial Money has partnered with CardRatings and for our coverage of credit card products. Millennial Money, CardRatings and may receive a commission from card issuers. This site does not include all financial companies or financial offers.

Bottom Line

Ally is a favorite among millennials and a best-in-class online bank. They consistently offer above-average rates for their saving, CD, checking, and investment accounts.


  • Consistently above-average rates
  • No monthly maintenance fees or minimum balances
  • Seamless digital experience


  • Online only, so no way to deposit cash
  • Limited credit card offerings

Today’s Rates:
Ally Bank

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In recent years, Ally Bank has grown rapidly. Today, it’s quickly becoming the preferred online bank among millennials.

In large part, this is due to the bank’s generous interest rate, which is 20x the national average. Ally also offers several other enticing features, like flexible auto financing options and a low-cost investment platform.

We don’t expect Ally’s growth to slow down anytime soon.

Choosing which bank to trust with your money is a major decision. To make that decision easier for you, let’s take a deep dive into how Ally Bank works so you can decide if it’s right for you.

What Services Does Ally Bank Offer?

Ally Bank offers numerous types of accounts including:

  • Checking Accounts
  • Savings Accounts
  • Certificates of Deposit (CDs)
  • Auto Financing
  • Self-Directed Trading
  • IRAs
  • Home Loans
  • Corporate Finance Options
  • Money Market Account (MMA)

Ally Online Banking

ally bank reviewAlly Online Bank—the company’s core function—is primarily used for checking and savings accounts. It currently holds over $116 billion in deposits.

In 2017, Kiplinger declared Ally Bank to be the “Best Internet Bank” and “Best for Millennials.”.

Remember, Ally is an online bank and doesn’t have brick-and-mortar locations. So if you earn cash for a living, you’ll have to deposit it at another bank location somewhere else.

But, the upside to this model is that by not serving you in person, Ally realizes significant cost-savings – which they share with you in the form of higher rates.

For example, their high-yield savings account will almost always be significantly higher than what the major national banks are paying.

Ally Bank CDs

Ally bank promotes that, “Saving your money is great. Growing it is better.” While certificate of deposits certainly won’t compare to the returns of riskier investments, they are safe bets and offer better returns than leaving your cash parked in a typical savings account.

Ally Bank has generous options in regard to term length: you can open a CD for as short as 3 months or for as long as 5 years. Like all CDs, the longer terms will earn you the highest APYs.

And, like their banking products, you can be assured that Ally’s CD APYs will be among the industry’s highest.

Ally Auto

Ally’s Auto Finance division currently serves over 18,000 auto dealers and has over 4 million customers (i.e., borrowers) throughout the U.S.

The company initially started out as an auto financer and has nearly 100 years of experience in the auto financing game, which explains the sheer volume of their auto transactions.

According to Ally’s website, the company financed one car every 24 seconds in 2018!

Ally Invest

Ally Invest is the company’s investment platform. Investors have two options: self-directed trading and managed portfolios.

This division manages over $4.7 billion in assets and has over 250,000 customers.

See all the Current Ally Invest Promotions offered right now!

Ally Mortgage

Ally Home Team offers competitive mortgage rates to homeowners.

One benefit of working with the Ally Home Team is that all of your home-buying documents are easily accessible on any device.

Ally Corporate Finance

The Ally Corporate Finance division offers corporate loans to middle-market corporations in the U.S. that are not publicly traded.

Ally has processed corporate transactions that range from $15 million to $250 million—and they primarily serve the following industries:

  • Technology Finance
  • Automotive
  • Business Services
  • Healthcare Capital
  • Retail
  • Manufacturing

Ally Money Market Account

Ally offers a Money Market Account, advertising for you to “increase your earning power. keep your money within reach.” There is no minimum opening deposit, no monthly maintenance fees, and your money is FDIC insured.

Your MMA account will also come with a debit card and you will have access to unlimited ATM withdrawals.


Who is Ally Bank owned by?

Ally Bank is the consumer-focused banking division of Ally Financial. Believe it or not, Ally Financial initially started off as the General Motors Acceptance Corporation (GMAC) back in 1919.

At the time, the company was focused on providing auto financing to American consumers. Two decades later, GMAC formed the Motors Insurance Corporation and began offering car insurance.

In 1985, GMAC entered into the home financing arena by acquiring two mortgage companies and an $11 billion mortgage portfolio.

In 2000, the company formed its first direct bank: GMAC Bank.

After a series of complicated debt write-offs, mergers, and government interventions, GMAC rebranded itself as Ally Financial in 2010. It hasn’t looked back since.

Is Ally a safe bank?

Yes, Ally Bank is 100% safe. Some people might be skeptical due to Ally being online-only, but rest assured – your funds are safe.

In case you’re still skeptical, Ally — which is headquartered in Detroit — is the 19th-largest bank in the U.S., and they employ more than 8,000 people.

You can read more about their approach to security on Ally’s website.

Is Ally Bank FDIC insured?

Yes, Ally is FDIC insured. Your Ally Bank deposits of up to $250,000 are insured by the FDIC.

Note: FDIC insurance only covers bank deposits—not investment accounts. For more on how the FDIC operates, check this out.

Pros and Cons of Ally Bank


  • Solid Apps and Online Portal: Tech-savvy account holders will appreciate Ally’s intuitive and easy-to-use app and website. Their app makes it easy to transfer funds to and from your other accounts, send funds via Zelle, deposit checks, and more.
  • Very Secure: Being an online-only bank, account security is a major priority. Ally uses two-factor authentication (2FA) for account access, along with many other security protocols that run behind the scenes without the customer’s knowledge.
  • Security Guarantee: Further, Ally’s Online and Mobile Security Guarantee ensures you won’t be responsible for any fraudulent transactions. Just make sure to report the issue within 60 days of the transaction’s statement date.
  • Auto Financing Specialists: Ally’s roots trace back to the days of the American car revolution. In the early years, the company was financing cars and providing car insurance—long before they were an online bank. With that in mind, their auto financing services are second-to-none.


  • No Brick-and-Mortar Branches: If you’re the type of person that likes to walk into a branch and interact with live people, then Ally is not the ideal bank for you. However, Ally’s savings interest rate is so solid that you should still consider using them. You could, for example, keep your checking account with a major national bank and then seamlessly transfer funds from your checking account to your Ally Savings account online.
  • No Cash Deposits: If you earn old-fashioned cash for a living, it’s simply impossible to deposit it into an Ally account. You would have to convert the cash to a check and then deposit the check into your account. Otherwise, you can deposit it into another account and transfer it from there.
  • Limited Credit Card Offerings: Ally only has one cash back-focused credit card available. The card is issued by T.D. Bank. Clearly, consumer credit cards are not a major focus for Ally, so if you’re looking for a bank that offers a variety of rewards focused credit cards, you’ll have to look elsewhere. (Pro tip: I keep my savings account with Ally, and credit cards with Amex and Chase.)

So, Is Ally Bank Right For You?

If you like to access your accounts online and want to earn the best savings interest rate in the industry, Ally Bank is without a doubt worth considering.

I personally like to use their savings account for my emergency fund. I love how my funds grow roughly 1.9% every month, regardless of how the stock market performs, and with absolutely no effort or risk on my end.

In my opinion, Ally should be a part of every millennial’s banking portfolio. How big of a part depends on your unique circumstances, of course. But poke around, take a look, and see if you like it. I think you will.

Additional Disclosures: Millennial Money has partnered with CardRatings and for our coverage of credit card products. Millennial Money, CardRatings and may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.


Ally Bank Review

The banking landscape continues to change, and increasingly, consumers are ditching brick-and-mortar banks for more flexible options. Online banks often come with fewer fees, better customer service, and higher APYs. There is no better example of this than Ally Bank.


Ally Bank is one of the most popular mobile banking options. The online bank offers competitive interest rates and various helpful features and services. This review will give an overview of the bank, so you can decide if it’s the right choice for you.

What is Ally Bank, and how does it work?

Ally Financial was originally founded as GMAC Bank, then rebranded in 2009 as Ally, an online bank. Ally is popular with consumers thanks to its friendly customer service and a wide variety of hassle-free banking options.

Ally Bank offers the following banking products:

  • Interest checking accounts
  • Online savings accounts
  • Money market accounts
  • Certificates of deposit (CDs)
  • IRAs
  • Credit cards
  • Home and auto loans

There is no minimum balance requirement to open a checking account or savings account with Ally. And the bank charges limited fees.

Of course, there is no perfect banking option. But if you’re looking for a convenient, one-stop shop for all your online banking needs, Ally Bank is an excellent choice for you to consider.

Ally Bank’s Key Features and Services

Listed below is a more in-depth look at the main banking features Ally Bank offers, as well as some of the pros and cons of each.

Ally Interest Checking Account

The average national rate for an interest checking account is 0.10%. In comparison, Ally Bank offers an APY of 0.25% on accounts with balances of $15,000 or more.

If your checking account daily balance is less than $15,000, you’ll earn a 0.10% APY, which is still higher than most banks.

Unlike many brick-and-mortar banks, Ally doesn’t charge any monthly maintenance fees. They also don’t charge fees for bank statements, ACH, or wire transfers.

The bank does charge overdraft fees, but they are only $25. And you won’t be hit with more than one overdraft fee per day.

Ally Bank doesn’t have any branches you can visit, so you just snap a photo and deposit checks right from your phone. And if you need to withdraw cash, you can access any Allpoint ATM for free.

Ally Bank Savings Accounts

You’ll get an APY of 0.50% with an Ally Bank Online Savings account, which beats the national average of 0.09%. You’ll earn this rate regardless of how much money you have in your account and there are no minimum balance requirements.

The online savings account does not come with a debit card, but you can easily make transfers from other Ally accounts. You can also utilize mobile deposits or wire transfer the money, but you cannot deposit cash.

The bank doesn’t charge a monthly fee on its savings account, and the account fees it does charge are limited. You can check out the bank’s website to learn more about the kinds of fees you can expect as an Ally customer.

Ally Money Market Account

Ally’s money market account is like a savings and checking account all rolled into one. You earn an APY of 0.50%, but you’re able to spend the money right away. There is no minimum deposit requirement.

When you open a money market account, you’ll receive free checks and a debit card for easy spending. And you’ll receive free access to Allpoint ATMs.

However, due to federal regulations, payments and mobile transfers are limited to six per month. But you can make as many cash withdrawals as you want.


Here are the three different certificate of deposit accounts Ally Bank offers:

  • High Yield CD: This CD comes with a 0.55% APY and is available in various term lengths, ranging from three months up to five years. You will be charged a penalty if you withdraw the money before your term is up.
  • Raise Your Rate CD: This CD has a 0.55% APY and is available for two-year or four-year term lengths. And you have the option to increase your rate once over the two-year term and twice over the four-year term. Early withdrawal penalties will apply to Raise Your Rate CDs.
  • No Penalty CD: This CD is a good option for consumers who think they may need to withdraw their money early. The term length is 11 months, and the APY varies depending on the size of your deposit.

Does Ally Bank charge any fees?

Yes, but the fees are limited. And all of Ally’s most commonly used financial services don’t come with any fees. For instance, there are no monthly maintenance fees, incoming wire transfer fees, ACH transfers, online statements, or cashier’s checks.

Here is an overview of the fees the bank does charge, per Ally’s website:

  • Returned deposit: $7.50
  • Overdraft fee: $25, limited to once per day
  • Excessive transactions: $10 per transaction
  • Expedited delivery: $15
  • Outgoing wire transfer fees: $20
  • Account research fee: $25 per hour

Pros and Cons of Ally Bank


  • There are no minimum deposit requirements
  • Competitive APYs
  • There are no monthly fees
  • The fees are pretty low
  • 24/7 customer support
  • Easy-to-use online interface
  • Free ATM access


  • No local branches
  • The money market pays less than the savings account
  • Savings accounts don’t come with an ATM card
  • There are transaction limits on money market and savings accounts

Who is Ally Bank best for?

If you’re looking for convenient, mobile banking options, Ally is tough to beat. It’s a one-stop shop for most of your banking needs.

Ally Bank customers will earn a competitive interest rate on savings and CDs. And you never have to worry about maintaining a monthly minimum balance on any Ally Bank account.

A bank account from Ally is a great option for anyone who feels annoyed by monthly fees and is looking for a straightforward, hassle-free approach to banking.

That being said, Ally Bank isn’t going to be the right option for everyone. If you would like to have the option to visit a branch location that accepts cash deposits, then Ally will not be the right choice for you.

And the money market rates are lower than what you could get by opening a savings account. So if you’re looking for a money market account, you’ll be able to find better rates with Marcus by Goldman Sachs, Discover Bank, or Barclays.


Ally Bank could be a good choice for a checking account, online savings account, or CD depending on your banking needs. However, you won’t find the best money market rates, so you can probably find better options elsewhere.

But Ally Bank is top-notch in terms of flexibility and customer support. Ally Bank offers 24/7 customer service, so there is always someone available to help you get the information you need.


When you swipe your debit card to pay for a purchase, the card reader will usually ask if you'd like to get cash back. Then you'll be asked to enter the amount and your personal identification number (PIN) — the same one you use for the ATM.

The cash back amount is added to the total price of the transaction. For example, if you buy $18 worth of merchandise and ask for $20 cash back, you will pay a total of $38 ($18 + $20) with your debit card and receive $20 in cash along with your purchases.

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