Ally Bank Interest Checking review
Though it offers interest and no monthly maintenance fees, there aren’t any branch locations.
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 per month
Up to 0.15%
Minimum deposit to open
|APY||0.15% on balances of $15,000+ |
0.10% on balances of $0 to $14,999
|Fee||$0 per month|
|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|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||1%|
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her 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.
How do I open an Ally Bank Interest Checking account?
Open an Ally Bank Interest Checking account in seven steps:
- Go to the provider’s site and follow the steps to apply.
- From the Ally Bank website, click Interest Checking under the Bank menu.
- Click Open Account.
- Select whether you’re a new or existing customer. Click Continue.
- Select your account type, enter your opening deposit amount and choose your account options. Click Add This Account.
- Enter your personal information, including your name, address, Social Security number and occupation.
- 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
- Legal name
- US address
- Social Security or Tax Identification number
- Date of birth
- Government-issued ID number
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
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
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:
- Online Savings account. This account features a $0 minimum balance and a competitive interest rate.
- Money Market account. You get checks and a debit card, but account withdrawals are limited to six per month.
- CDs. Ally offers three different CD options to choose from.
Frequently asked questions
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★★★★★ — Poor
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