I've had an Ally Bank checking and savings account for a little over a year now. I can see why it's such a popular bank.
Ally Bank has most of the banking features I talk about on this blog and on the YouTube channel.
You'll earn interest on your checking account, interest on the savings account is decent, you can use Zelle to send and receive money and the savings account has sub accounts, letting you save for individual goals.
There are a couple things missing or not as good as other banks such as SoFi, the best bank in 2023.
Ally's checking account pays 0.10% interest on balances under $15,000 and 0.25% on balances over $15,000.
Ally's Online Savings account is currently paying 3.40%.
Cons:
- Can't deposit cash into your account
- Low interest on checking account, for example, SoFi pays 2.50% with direct deposit and 1.20% without direct deposit
- Decent savings account, but the best high yield savings accounts are currently paying over 4.00%.
- No sign up bonus for creating an account and/or setting up direct deposit, with SoFi, you can earn up to $275 by making a deposit and setting up direct deposit.
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