Ally Bank offers one checking account. … Annual Percentage Yield (APY) accurate as of 01/19/2021. I recently opened an Ally Bank Interest Checking Account. Better yet, Ally’s online saving account compounds interest daily, so you end up getting a better bang for your buck. This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. share. For comparison my current account has a $200 minimum balance and a .05% APY. Earns interest with your checking account, and your rate increases with a daily balance of $15,000 or more. The bank was chosen for its competitive annual percentage yield (APY) and no monthly maintenance fees or minimum balance requirement. Unlike the Ally Bank savings rate, which is applied to all tiers of deposits in an Ally savings account, Chase Bank has different interest rates for different Chase Plus savings account balances. $0. With jaw-dropping APYs, minimal fees, and no account minimums, Ally Bank is one of our experts' favorite online banks. Virtually unlimited . There’s plenty to like about Ally Bank: Great APY for savings accounts. And you can use any ATM for free because Ally charges no … Never worry about maintaining a minimum monthly balance. 4.2. One of Ally Bank checking account's main strengths is the high-interest rate offered to customers. These rates are better than the national average checking account rate of 0.04% . They don't have any brick and mortar costs since they're an online bank. For this premium plan, you will need a minimum balance of $100,000. best. But keep these potential drawbacks in mind. Some accounts may have balance requirements to earn a … 0.03%. No minimum balance requirements. Ally Bank’s MMA earns either 0.50% or 0.50% APY, depending on your balance, while Synchrony offers 0.50% APY on all money market balances. As noted above, Synchrony doesn’t offer a checking account. Interest Rate. Sort by. Not impressed by it at all and thinking of moving to Ally. Ally Bank account holders have access to over 43,000 fee-free Allpoint ATMs, but even then you may want to use an ATM from a different provider. The Ally Online Savings Account has no minimum balance, no monthly fees, and currently pays 1.45% APY (as of 4/2/18). $0. Get free standard checks with your Ally checking account. 0.00% 0.10%. In addition to having no minimum balance requirements, the Ally Bank Money Market Account also offers no monthly maintenance fees. 24/7 customer service. The Ally Online Savings Account offers an APY of 0.60% (as of Nov. 6, 2020), while the average APY for a traditional savings account is 0.05% (as of Nov. 6, 2020). There’s no minimum deposit to make, no monthly maintenance fees and no minimum balance requirements. Find out why in our in-depth review. Of course, there is no perfect banking option. Similar to how Ally bank got started with auto loans, these companies often dominate one product and then expand elsewhere. Ally customer representatives are always available. Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. Ally Bank Online Savings Account Account Minimums; Description; APY Minimum Balance: $1: Minimum Initial Deposit: $0: Minimum Combined Balance to Avoid Monthly Fee: $0: Minimum Required Balance: N/A: Minimum Account Transfer to Avoid Monthly Fee : N/A: Minimum Direct Deposit to Avoid Monthly Fee: $0: Minimum Balance … However, even the highest interest rate (offered to account holders with a balance of $1,000,000 or over is only 0.06 percent – still less than the amount Ally online savings offers. Apply Now. As of this writing, Ally Bank will pay a 0.1% APY on checking accounts with less than a $15k minimum daily balance. But you’re looking for a convenient, one-stop-shop for all your online banking needs, then Ally is an excellent choice for you to consider. This account has no minimum balance requirement and provides you with unrestricted access to your money. User Interface. But in 2009, the company rebranded as Ally Bank, an online-only banking institution that offers everything from checking and savings accounts to home and auto loans to investment accounts. Pros. MIDVALE, Utah, Jan. 9, 2017 /PRNewswire/ -- Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), has been named the Best Online Bank of 2017 in GOBankingRates' fifth annual rankings. The minimum balance to open a Ally Bank Online Savings Account is $0. Neither bank charges excessive fees — no account maintenance fees or minimum balance fees, for example. They offer different types of banking services depending on your needs – from personal checking to investment options like CDs. New comments cannot be posted and votes cannot be cast. report. Interest savings are deposited into your savings account each month. These fees are relatively common at traditional banks, though fees and amounts will vary depending on which bank or credit union you choose. Android App Rating. TD Bank is located on the East Coast with 1,300 locations offering low minimum balance requirements as well as extending banking hours with a 24/7 customer service by phone. There are no ATM fees, and if you do get charged an ATM fee they will reimburse you. Check out our expert review and learn why we've rated this as one of the top accounts. Variable interest rates. save. You do not need … Ally Premium Bank Current Account is a transactional account that allows you the freedom to manage your money the way you desire. Annual Percentage Yield (APY) accurate as of 01/19/2021. The bank rebranded in 2009 as Ally Bank, a straight-talking online bank. You can’t withdraw cash at ATMs. 4.8. (See my rate chaser calculator). What should I look out for? Their interest rates may not be the absolute highest, but they have consistently been within 0.10% of the temporarily top banks, making it not worthwhile to move my money. Ally Bank has been around for over a century — but you probably didn’t hear about it until the last decade. The Ally Interest Checking Account is one example of a great checking account from an online bank that comes with an above-average APY that's up to … No monthly maintenance fees. Minimum Balance to Earn APY. Open an account in under 3 minutes—right now, wherever you are, on any device! Let’s go through the important factors. Meanwhile, the lower 0.10% APY rate tier on Ally Bank’s Interest Checking account, which applies to balances less than $15,000, earns less than the national average. APY. You’re Looking for Lucrative Savings Options. Monthly Fees. Ally Bank Online Savings Account is a convenient, on-the-go banking option. If keeping fees low (or avoiding them entirely) is a top priority, you can’t go wrong with Simple or Ally. And the bank charges limited fees. Your money earns money with interest compounded daily. You get free checks and a free debit card after you make an initial deposit. Compare the online banks to see which could be best for your money. Here's a look at the bank's different account types, features and rates. CD Rates > Apply Online. Schwab. No minimum balance. $10 $5,000. Free checks. You can open this account with as little as $0 with no minimum balance. There are no monthly fees. ATMs. 6 years ago. Ally pays a 0.10% APY for account balances under $15,000, and 0.25% for balances over $15,000. Minimum Balance. Once your Ally Bank savings account is open, you can set up buckets to organize your savings and deposit certain amounts towards items like home … There is no minimum balance required to open a checking account or savings account with Ally. Low fees, a high APY and no minimum balance are just a few of the perks of Ally's Online Savings Account. Minimum Deposit. This thread is archived . Check out its latest awards here. hide. $0. Checking accounts that hold over $15k will be paid 0.6% APY. No balance requirements – None of Ally’s bank accounts have minimum balance requirements. level 1. No minimum deposit or balance requirements. iOS App Rating. Here's everything you need to know about its minimum balances, fees and perks. Want to Review More? In addition to requiring no minimum account balances, Ally also has zero monthly maintenance fees. On the other hand, Ally Bank offers high interest rates on their savings as well as … 19 comments. There is no minimum balance or opening deposit. Betterment has disrupted the traditional financial advisor industry in a major way. 0.00% 0.10%. Find the Best High Yield Saving Account. $10/mo None Looking for personal CD rates? The Betterment robo-advisor is their original claim to fame. Ally Bank Products Ally Bank's line of banking products includes checking, savings, CD and money market accounts. Ally Bank does not charge account maintenance fees and no minimum balance is required to open. Ally charges no minimum balance fees and no monthly maintenance fees. But if you maintain that minimum balance, you’ll be able to earn interest as well as enjoy the cash back perks. No debit card or ATM access. The bank started out in 1919 as GMAC, General Motors’ finance division. Ally Bank’s Key Features and Services. Ally Bank boasts a wide shelf of trophies, including best bank and best online bank awards from organizations such as MONEY Magazine and Kiplinger’s. Monthly Fees. APY 1. 70% Upvoted. Ally Bank CD Rates . Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. You also don’t need to keep a balance to retain the account. 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