Ally Bank checking account
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Ally Bank is a popular online bank that offers one checking account. With Ally’s checking account, you’ll enjoy the ability to earn a small return on your funds without paying any monthly account or overdraft fees.
Ally Bank checking account interest rates
Unlike many top checking accounts, the Ally Spending Account lets you earn a modest return for the funds you keep in it — and the yield varies depending on your balance. If you have at least $15,000 in the account, you’ll earn a higher annual percentage yield (APY). The rate you earn is determined daily based on your balance at the end of the day. Below, you'll find the base rate for the Ally Spending Account that anyone can earn with less than $15,000.
| APY | Min. to open |
|---|---|
| 0.10% APY | No minimum |
Note: The annual percentage yield (APY) was last updated between May 12 and May 18 and may vary by region.
More info about Ally's checking account
Ally is an online-only bank, so you will not have any access to an in-person support team. But there are ways to receive immediate banking help from Ally with 24/7 access to customer support over the phone. It also offers chat support on its website.
With this checking account, you’ll also have access to useful digital tools to manage your funds easily. You can send or receive money from friends and family via Zelle. You can also use any Allpoint or MoneyPass ATM in the U.S. for free (there are more than 75,000 ATMs in the network). Plus, Ally will reimburse up to $10 of ATM fees that other ATM operators charge with each statement cycle.
Ally checking account fees
Always check your checking account's fees. Some checking accounts have fees that may not be clearly disclosed and can drain your account. Ally Bank, however, is very open about the fees associated with its Spending Account.
At Ally, you won’t pay monthly service fees, overdraft fees or expedited ACH transfers fees, for example.
However, there are other fees that this account charges. A few include:
- Expedited delivery for debit cards: $15
- Outgoing domestic wires: $20
- Stop payment: $15
- International transactions: Up to 1%
Alternatives to Ally’s checking account
The interest-bearing feature of this checking account makes it a useful option for anyone seeking an extra boost to their spending cash. However, there are higher APYs out there on checking accounts with some of the best high-yield checking accounts.
And if you travel a lot, you may want to look into a Charles Schwab Investor Checking account instead, as that account doesn't charge foreign transaction fees and reimburses ATM fees around the world.