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finder.com’s rating: 4.3 / 5.0
★★★★★
Ally Bank’s Interest Checking account offers a variable interest rate, zero monthly maintenance fees and a $0 minimum deposit. But a lack of physical branch locations make it impossible to deposit cash.
$0
Monthly fee
0.5%
APY
$0
Minimum deposit to open
| APY | 0.50% on balances of $15,000+ 0.10% on balances of $0 to $14,999 |
|---|---|
| Monthly fee | $0 |
| Minimum deposit to open | $0 |
| ATMs | Free at any Allpoint ATM in the US |
| ATM transaction fee | $0 |
| ATM fee rebates | Ally will reimburse up to $10 per statement cycle for fees charged at other ATMs nationwide |
| Foreign transaction fee | 1% |
| Overdraft fee | $25 |
Review by
Cassidy Horton is a writer for Finder, specializing in banking and investments. She has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. Cassidy enjoys educating people about financial services, exploring the Pacific Northwest and watching endless reruns of The Office.
If you’re looking for an interest-bearing checking account with no monthly fees and no minimum deposit, this account may be for you.
Ally is known for its 24/7 customer service, high interest rates and transparency. It’s a part of a large ATM network with over 55,000 ATMs and it reimburses $10 in non-network operator fees per month.
But it doesn’t have physical branches and you can’t deposit cash, which may be a deal breaker for some.
Ally Bank’s Interest Checking account includes mobile banking along with these additional perks:
Below are some potential pitfalls to look out for with Ally Bank:
Cassidy Horton
Writer
I’ve had an Ally Bank Interest Checking account since 2014 and have enjoyed my experience so far. There are no monthly fees, interest rates are competitive, checks are free and customer service is available 24/7. Not being able to deposit cash is the only major downside, but I’ve gotten around this by asking a trusted friend or family member to write me a check in exchange for cash.
If you prefer a bank with physical locations and a higher yield checking account, shop around for other options before you decide.
Ally Bank is part of the Allpoint ATM network system, which lets you use 55,000 ATMs in the US, Canada, UK, Puerto Rico, Australia and Mexico for free. If you use a non-Allpoint ATM, Ally reimburses you for up to $10 in fees per statement cycle.
Open an Ally Bank Interest Checking account in seven steps:
Ally Bank doesn’t have any branch locations, but its digital banking tools make it easy to deposit and withdraw funds from your account.
Ally Bank also offers savings account options which include:
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.