Ally Bank
Parent Rankings Score
9.4/ 10 · Editorially reviewed
High-yield savings with zero fees for the whole family
No monthly fees
Why We Like It
Ally Bank is the best home base for family finances. The 4.20% savings rate on idle cash, zero-fee structure, and excellent mobile tools make it the default recommendation for families building their financial foundation. Pair it with Greenlight for kids' spending.
Editor's Verdict
Best Overall in family banking.
9.4/10
Pros & Cons
Pros
- 4.20% APY on savings — 10x the national average
- Zero monthly fees and no minimums on any account
- Excellent mobile app with buckets feature for savings goals
Cons
- Online only — no physical branch locations
- No native kids' banking features
Score Breakdown
Safety
9.5
Value
9.8
Ease
9.3
Quality
9.3
Overall Score
9.4
Banks were evaluated on monthly fees and minimums, interest rates on savings, kids' banking tools and parental controls, ATM network and convenience, and customer service.
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