Ally Bank is the most comprehensive online bank in the US — offering savings, checking, CDs, money market, and investing with no monthly fees, no overdraft fees, and 4.00%+ APY on savings. Founded in 2009 (originally GMAC Bank), Ally now holds over $200 billion in assets and serves more than 3 million customers. The trade-off for all these advantages is no physical branches. This guide covers every Ally product, rate, fee, limit, and contact option.
Ally Bank at a Glance
| Feature | Details |
|---|---|
| Savings APY | 4.00%–4.50% |
| Checking APY | 0.10%–0.25% |
| Money Market APY | 4.20%–4.40% |
| CD rates | 3.75%–4.50% (varies by term) |
| Monthly fees | $0 (all accounts) |
| Minimum balance | $0 (all accounts) |
| ATM network | 43,000+ fee-free Allpoint ATMs |
| ATM rebates | Up to $10/month (out-of-network) |
| Routing number | 124003116 (all states) |
| Customer service | 24/7 — 1-877-247-2559 |
| Physical branches | None |
| FDIC insured | Yes ($250,000 per depositor) |
Ally Bank Account Options
| Account | APY | Monthly Fee | Best For |
|---|---|---|---|
| High-Yield Savings | 4.00%–4.50% | $0 | Primary savings, emergency fund |
| Interest Checking | 0.10%–0.25% | $0 | Everyday spending with no fees |
| Money Market | 4.20%–4.40% | $0 | Higher-rate savings with check writing |
| High Yield CD | 3.75%–4.50% | $0 | Locking in a fixed rate |
| No Penalty CD | ~4.25% (11-month) | $0 | Flexibility with CD rates |
| Raise Your Rate CD | Competitive | $0 | Protection if rates rise |
Ally’s product lineup covers every major banking need under one login. The standout is the savings account’s Buckets feature — virtual sub-accounts that let you label and track separate savings goals (emergency fund, vacation, car fund) within a single account without opening multiple accounts.
Ally Bank Fees
Ally Bank is one of the fee-friendliest banks in America. The complete Ally Bank fees guide breaks down every charge, but here’s the summary:
| Fee Type | Amount | Notes |
|---|---|---|
| Monthly maintenance | $0 | Never charged |
| Overdraft fee | $0 | Eliminated entirely |
| Minimum balance fee | $0 | No minimum required |
| ATM (Ally’s fee) | $0 | No fee at any ATM |
| ATM fee reimbursement | Up to $10/month | Ally reimburses other banks’ charges |
| Foreign transaction (debit) | 0% | No fee on international purchases |
| Wire transfer (outgoing domestic) | $20 | Lower than traditional banks ($30) |
| Wire transfer (incoming) | $0 | Free |
| Stop payment | $15 | Only when needed |
| Returned deposited item | $7.50 | Only when applicable |
Ally’s CoverDraft feature covers checking overdrafts up to $100–$250 for qualifying customers with no fee. If you don’t qualify, the transaction simply declines — no penalty charge.
For a full comparison of Ally fees versus Chase, Bank of America, and Wells Fargo, see the Ally Bank fees page.
Ally Bank Limits
ATM Withdrawal Limit
The Ally Bank ATM withdrawal limit is $1,000 per day. Ally has no proprietary ATM network — all access is through the 43,000+ Allpoint ATM network (CVS, Walgreens, Target, Costco) and up to $10/month in out-of-network fee reimbursement.
Transfer Limits
| Transfer Method | Daily Limit | Monthly Limit | Speed |
|---|---|---|---|
| Zelle | $5,000 | $10,000 | Minutes |
| ACH external (established account) | Up to $150,000 | Up to $600,000 | 1–3 business days |
| ACH external (new account) | $1,000–$5,000 | $5,000–$10,000 | 1–3 business days |
| Domestic wire (outgoing) | No stated cap | Varies | Same day (before cutoff) |
| Internal Ally transfer | Unlimited | Unlimited | Instant |
| ATM withdrawal | $1,000 | N/A | Immediate |
Ally’s Zelle daily limit of $5,000 is among the highest available — compared to Chase ($2,000), Bank of America ($2,500), and Wells Fargo ($3,500). ACH limits up to $150,000/day for established accounts make Ally the go-to for high-volume money movement between banks. Full details in the Ally transfer limit guide.
Mobile Deposit Limit
Ally’s mobile deposit daily limit is $50,000 for the checking account. Funds from mobile deposits may be held 1–5 business days depending on account history and deposit amount.
Ally Bank Routing Number
Ally Bank’s routing number is 124003116 for all accounts nationwide. Because Ally is online-only with no physical branches, it uses one routing number regardless of state — unlike Chase (24+ routing numbers) or Bank of America (12+ by state).
| Transaction Type | Number |
|---|---|
| ACH transfer / direct deposit | 124003116 |
| Domestic wire transfer | 124003116 |
| International wire (SWIFT/BIC) | ABORUMM |
Use routing number 124003116 for payroll direct deposit, IRS tax refunds, linking to Venmo/PayPal/Cash App, and ACH bill payments. The full Ally Bank routing number guide covers how to find it in the app, on a check, and what information to provide for wire transfers.
Ally Bank CD Rates
| Term | APY | Early Withdrawal Penalty |
|---|---|---|
| 3 months | 3.75% | 60 days interest |
| 6 months | 4.00% | 60 days interest |
| 9 months | 4.15% | 60 days interest |
| 12 months | 4.25% | 150 days interest |
| 18 months | 4.00% | 150 days interest |
| 3 years | 3.75% | 150 days interest |
| 5 years | 3.75% | 150 days interest |
| No Penalty CD (11-month) | ~4.25% | None |
| Raise Your Rate CD (2-year) | Competitive | 60 days interest |
Ally’s No Penalty CD allows full withdrawal anytime after 6 days with no penalty — CD-rate yield with near-savings flexibility. The Raise Your Rate CD lets you request one rate increase (2-year) or two increases (4-year) if market rates rise during your term. No other major online bank offers both. See best CD rates to compare Ally against current top rates.
Ally Bank Customer Service
| Contact Method | Details | Hours |
|---|---|---|
| Phone | 1-877-247-2559 | 24/7 |
| Chat | ally.com or Ally app | 24/7 |
| Via secure message in app/online | Response within 1 business day | |
| Social media | @ally on Twitter/X | Business hours |
Ally’s 24/7 phone and chat support is a meaningful advantage over many competitors. J.D. Power consistently rates Ally above average for customer satisfaction in online banking.
Ally Bank Review
Ally Bank is best for people who want to replace their traditional bank entirely online — competitive savings rates, fee-free checking, flexible CDs, and an excellent mobile app (4.7/5 on iOS) all under one account login. The full Ally Bank review covers every account, rate history, pros and cons, and who Ally is (and isn’t) the right choice for.
Ally wins: Savings APY, CD flexibility (No Penalty + Raise Your Rate CDs), savings tools (Buckets, Surprise Savings), 24/7 support, no fees of any kind.
Consider alternatives if: You need physical branches, need to deposit cash regularly, or want the absolute highest savings APY (rate-chaser banks sometimes offer 0.25%+ more).
How Ally Compares
Choosing an online bank means comparing Ally against the other major competitors. Each comparison has a dedicated page with detailed breakdowns:
- Ally Bank vs Marcus by Goldman Sachs — Full-service bank vs savings-only platform; Ally wins overall but Marcus matches on savings rate
- Ally vs Discover Savings — Ally wins on savings tools; Discover wins on debit cashback (1%) and customer service
- Ally Bank vs Capital One 360 — Ally wins on savings APY and CDs; Capital One wins for cash deposit capability and ATM network size
- Axos Bank vs Ally Bank — Ally wins for most consumers; Axos wins for high-yield checking (up to 3.30%) and business banking
- SoFi vs Ally Bank — SoFi wins with direct deposit APY (4.50%) and member perks; Ally wins on CDs, ATM reimbursement, and track record
- CIT Bank vs Ally Bank — CIT wins for $5,000+ savers on pure rate; Ally wins for everything else
Is Ally Bank Right for You?
| Situation | Recommendation |
|---|---|
| Want to eliminate all bank fees | Yes — Ally charges nothing |
| Comfortable with online-only banking | Yes — Ally is best-in-class |
| Want to organize multiple savings goals | Yes — Buckets feature is industry-leading |
| Need physical branches | No — consider Capital One 360 |
| Deposit cash frequently | No — Ally has no cash deposit option |
| Want the absolute highest savings rate | Compare — rate-chaser banks occasionally beat Ally by 0.25%+ |
| Need international wire transfers (outgoing) | No — Ally doesn’t support outgoing international wires |
All Ally Bank Guides
- Ally Bank Review 2026: Full Account Breakdown
- Ally Bank Fees 2026: No Monthly Fees, No Overdraft Fees
- Ally Bank ATM Withdrawal Limit 2026 — $1,000/day, 43,000+ free ATMs, $10/month reimbursement
- Ally Bank Mobile Deposit Limit 2026 — $50,000/day, highest among major online banks
- Ally Bank Minimum Balance 2026 — $0 on all accounts, no monthly fee ever
- Ally Bank Customer Service 2026 — 1-877-247-2559, 24/7 phone and chat
- Ally Bank Routing Number (2026): 124003116 — ACH, Wire & Direct Deposit
- Ally Bank Transfer Limit 2026: ACH, Wire, and Zelle Limits
- Ally Bank vs Marcus by Goldman Sachs: Complete Comparison
- Ally vs Discover Savings: Which High-Yield Account Is Better?
- Ally Bank vs Capital One 360: Full Online Banking Comparison
- Axos Bank vs Ally Bank: Online Banking Comparison
- SoFi vs Ally Bank: Full-Service Online Banking Compared
- CIT Bank vs Ally Bank: High-Yield Savings and CD Comparison
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