Ally Bank follows a trend that many other banks have started—offering interest on checking accounts. With the Interest Checking Account by Ally Bank, you can earn an annual percentage yield of 0.10% on balances under $15,000. On balances over $15,000, you’ll earn more.
On top of earning interest on your checking account, Ally Bank won’t charge you certain fees that most banks would charge, such as:
- Monthly maintenance fees
- Standard or expedited ACH transfer fees
- Incoming wires (domestic and international) fees
- Postage-paid deposit envelopes
- Cashier’s check fee
If you need access to cash, don’t worry. Ally Bank has partnered with Allpoint to give you access to over 43,000+ no-fee ATMs nationwide. If you use an out-of-network ATM that charges fees, Ally Bank will reimburse you up to $10 per statement cycle.
Additionally, the Interest Checking Account does come with a debit card and check-writing privileges.
Ally Bank Savings Builder
Min. balance for APY
Ally Bank’s Online Savings Account is a high-yield savings account with an APY of 0.50% on all balances. The national average rate for a savings account is between 0.01% and 0.06%, making Ally’s 0.50% a steal.
There are no monthly maintenance fees or minimum balance requirements—you can open an account anytime. Ally Bank also has a reputation for providing excellent customer support. You can contact an agent by phone, chat, or email 24/7.
Money market accounts
The Money Market Account offered by Ally Bank will pay you 0.50% APY on all balances. Unlike Ally’s savings account, the money market account (MMA) comes with a debit card and checks.
If you want the flexibility of a checking account, with the high interest rates of a savings account, a money market account is worth looking into—and Ally’s won’t disappoint.
Certificate of deposits (CDs)
Ally Bank offers three different types of CDs:
- High Yield CD
- Raise Your Rate CD
- No Penalty CD
Each of these CDs offers very competitive interest rates on terms ranging from three months to five years. For example, a 1-year CD will earn you a 0.60% APY on your deposit, while a 5-year CD will earn you 0.85% APY.
And of course, the no-penalty CD is great if you think you may need your cash sooner than later. You can take advantage of the high interest rates while keeping your money relatively liquid.
It’s also worth noting that all of Ally Bank’s CDs can be opened with any amount of money. In other words, no minimum opening deposits. Most competitors will require between a $1,000 and $2,500 minimum deposit for CDs.
We have nothing to complain about with Ally Bank. The rates they offer on all of their financial products are competitive, their customer service is stellar, and the overall banking experience they provide is outstanding.
Ally Bank has a clean website that is very easy to use. Their mobile app on both the App Store and Google Play have garnered high ratings from users.
The biggest complaint is that Ally Bank does not have any physical banking locations. This makes it hard to do simple tasks like depositing cash. However, we did not factor the lack of locations into our star rating because Ally Bank is an internet-only bank by definition.
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