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Ally Bank Interest Checking review

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Though it offers interest and no monthly maintenance fees, there aren’t any branch locations.’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 per month


Up to 0.50%



Minimum deposit to open


APY0.50% on balances of $15,000+
0.10% on balances of $0 to $14,999
Fee$0 per month
Minimum deposit to open$0
ATMsFree at any Allpoint ATM in the US
ATM transaction fee$0
ATM fee rebatesAlly will reimburse up to $10 per statement cycle for fees charged at other ATMs nationwide
Out-of-network ATM fee$0
Foreign transaction fee1%
Overdraft fee$25

Expert review

Cassidy Horton

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.

Expert review

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.

What are the benefits of a checking account with Ally Bank?

Ally Bank’s Interest Checking account includes mobile banking along with these additional perks:

  • No monthly maintenance fee. There’s no monthly fee for Interest Checking account holders.
  • No minimum balance. Never worry about maintaining a minimum monthly balance.
  • Variable interest rates. Earns interest with your checking account, and your rate increases with a daily balance of $15,000 or more.
  • Free checks. Get free standard checks with your Ally checking account.
  • 24/7 customer service. Ally customer representatives are always available.

Ally Bank forgives negative balances

Ally is forgiving negative bank account balances so that their customers can receive their full stimulus check amount. They’re not expecting repayment of any kind.

What should I look out for?

Below are some potential pitfalls to look out for with Ally Bank:

  • No branch locations. Although Ally is available by phone 24/7, you don’t have the option of face-to-face banking.
  • No cash deposits. There’s no direct way to deposit cash into your account without purchasing a money order and mailing it to Ally.

Case study: Cassidy’s experience – October 2019

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Cassidy Horton

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’s ATM network and fees

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.

Compare with other checking accounts

Name Product Minimum deposit to open ATMs Out-of-network ATM fee
Chase Total Checking
Access to 16,000 ATMs and nearly 4,900 branches nationwide
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 4,900 branches. Available online nationwide except in Alaska, Hawaii and Puerto Rico.
HSBC Advance Checking
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.
BBVA Online Checking
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
A full-service account with convenient, surcharge-free access to two massive ATM networks, plus a $200 signup bonus when you meet deposit requirements
Aspiration Spend & Save Account
55,000 free in-network ATMs
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
SoFi Money
SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love.
NorthOne Business Banking
More than 300,000 ATMs across America.

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.

Compare up to 4 providers

How do I open an Interest Checking account?

Open an Ally Bank Interest Checking account in seven steps:

  1. Go to the Ally Bank website.
  2. Click Interest Checking under the Bank menu.
  3. Click Open Account.
  4. Select whether you’re a new or existing customer. Click Continue.
  5. Select your account type, enter your opening deposit amount and choose your account options. Click Add This Account.
  6. Enter your personal information, including your name, address, Social Security number and occupation.
  7. Submit your application, deposit funds and enroll in account features such as direct deposit and Zelle payments.


  • At least 18 years old
  • US resident
  • Social Security number or Individual Taxpayer Identification number
  • Government-issued ID

Required information

  • Legal name
  • US address
  • Social Security or Tax Identification number
  • Date of birth
  • Government-issued ID number
  • Occupation

How do I deposit or withdraw my money?

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 mobile app
  • Check deposit with Ally eCheck Deposit
  • Direct deposit
  • Zelle payment
  • Wire transfer
  • Transfer from another bank
  • Money order sent by US mail


  • ATM using your debit card
  • Zelle payment
  • Wire transfer
  • Transfer to another bank

What other banking options does Ally offer?

Ally Bank also offers savings account options which include:

Frequently asked questions

Checking account ratings

★★★★★ — 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.

Read the full methodology of how we rate checking accounts.

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