Can You Deposit Cash into Your Ally Bank Account?

Ally Bank is perfect for customers who want access to loans, high-yield deposit products, and credit cards that are comfortable with completely electronic banking. If you need access to a bank branch or you’re a member of the service industry who’s primarily paid in cash, look elsewhere.

Ally Bank: Can You Deposit Cash to Your Account?

Ally is an entirely online bank without any physical branches. According to its website, that allows the bank to “offer greater value with consistently competitive rates and convenient around-the-clock support” for customers.

Not only does it offer checking accounts and various kinds of savings accounts, but the company also offers auto loans, investing opportunities, credit cards, and home loans.

This could come in handy if you’re looking to keep all your financial accounts in one place.

When it comes to savings accounts, Ally Bank offers a few different options in online savings accounts, money market accounts, and certificates of deposit. All of the accounts offer interest rates above the national average.

You won’t have to worry about maintenance fees with any account either, making these accounts almost perfect for saving money.

Ally Bank Pros and Cons



  • No physical locations
  • No cash deposits
  • Low rate on money market accounts

What Does Ally Bank Offer?

As a full-service online bank, Ally offers a variety of banking accounts and services.

  • Savings account
  • Checking account
  • Money market account
  • CDs

Online Savings

Ally’s online savings account is a high-yield savings account that offers 1.10% APY regardless of your account balance. Having an online savings account is a great way to save money to reach financial goals.

Other highlights of the savings account include:

  • No monthly maintenance fees
  • No minimum balance requirements
  • Postage-paid deposit envelopes
  • Automatic recurring transfers (to accelerate savings)

Online savings accounts from Ally are subject to federal transaction limits. Select withdrawals and transfers are limited to a combined total of six per statement period. Ally Bank charges a $10 charge per transaction over the limit.

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Interest Checking

Ally offers a way to earn interest with its interest checking account. There are no minimum opening deposit or ongoing balance requirements, but rates are based on your account balance.

  • Minimum daily balances under $15,000 – 0.10% APY
  • Minimum daily balances of $15,000 and higher – 0.50% APY

Ally’s online checking accounts come with a free debit card and checks, along with fee-free access to AllPoint ATMs across the U.S. Ally Bank also reimburses up to $10 per statement period for fees from other ATMs.

Interest checking accounts give Ally customers access to free online bill pay capabilities.

Money Market Account

The Ally Money Market account offers tiered interest rates that differ based on each customer’s minimum daily balance. Unlike the savings account, free checks and a debit card are provided with the money market account.

The money market account doesn’t offer the high APY that the savings account has. But it does have some better ways for you to access and use your money.

Features Details 
Minimum Deposit No minimum opening deposit
Access to Your Money Market Account Online, mobile & ATM
Security FDIC insurance up to the maximum amount allowed by law
Fees No monthly maintenance fees
Current Terms and Rates 0.50% APY


Ally Bank has three different CD offerings:2

  • High Yield CDs
  • Raise Your Rate CDs
  • No Penalty CDs

High-Yield CDs offer a range of terms, from three months to five years. Customers can earn up to 1.25% APY depending on chosen terms.

There is no minimum deposit requirement, and there are no monthly fees. Early withdrawals are subject to penalties, up to 150 days of interest.

Raise Your Rate CDs to give customers the ability to increase earnings if Ally’s rates increase. You can raise your rate once for two-year CDs and twice with four-year CDs. Currently, rates for these CDs sit at 1.05% APY.

There are no monthly maintenance fees charged, and there is no minimum opening deposit requirement. Raise Your Rate CDs are also subject to early withdrawal penalties, up to 120 days of interest.10

For more flexible CDs, Ally Bank offers No Penalty CDs, which earn up to 1.10% APY. Account-holders are free to withdraw both interest and principal funds any time, starting six days after funding an account, with no penalties.

All No Penalty CDs have 11-month terms, no minimum opening deposit requirement, and no monthly fees.

Other Financial Products Offered By Ally Bank

Ally Bank also offers a wide range of other products and services:

How to Bank With Ally Bank

To open an account with Ally Bank, you can apply online at You’ll need to choose the account option you want, enter some personal information, and then choose your funding option.

Ally will email you if and when your account is approved. Ally Bank also offers options to open an account over the phone 24/7 or by downloading an application form and mailing it in.

Can You Deposit Cash into Your Account?

Unfortunately, Ally Bank doesn’t accept cash deposits. If you want to make a deposit, your options are limited to eCheck Deposit, online transfers, direct deposit, wire transfers, and spending checks in the mail.

If you need to add cash to your account, there are two ways around it. The first is to deposit it into another account at a different bank, then transfer it to your Interest Checking account.

The other option would be to exchange cash for a money order, then mail that it to Ally. It may take a little longer for the deposit to post to your account, depending on where you’re mailing it from.

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