How To Avoid Ally Bank’s Monthly Maintenance Fees
The fees you pay on your bank account might not seem like a lot but it’s still money better left in your account. That’s why it makes sense to consider fees if you’re thinking about switching to a new bank.
Many banks charge a monthly maintenance fee, but most give you ways to avoid it, such as keeping a certain amount of money in your account. Ally Bank is unique in that it is an online-only bank whose customers don’t have to jump through hoops to get fees waived — all of Ally’s checking and savings accounts are free of monthly fees.
Although Ally Bank doesn’t charge monthly maintenance fees, it does charge other fees. This guide will walk you through them and show you how to avoid them.
What Are Ally Bank Checking Account Fees?
Ally has just one checking account — Interest Checking. This is an interest-bearing account with no minimum deposit or balance required. There’s no maintenance fee for this account, and you won’t pay for copies of your online statements, incoming wire transfers or cashier’s checks, either. But Interest Checking does have a few fees you should be aware of.
| Type | Ally Fees |
|---|---|
| Monthly Maintenance Fee | $0 |
| Overdraft | $0 |
| Expedited Delivery | $15 |
| Outgoing Domestic Wires | $20 |
| Interest Rate | Up to |
What Are Ally Bank Savings Account Fees?
Ally offers two savings accounts to choose from — the Online Savings and Money Market accounts. Neither has a monthly maintenance fee, and both pay higher annual percentage yields than traditional savings accounts.
| Fee Type | Online Savings | Money Market |
|---|---|---|
| Monthly Maintenance Fee | $0 | $0 |
| Excessive Transactions | $10 each | $10 each |
| Overdraft Fee | $0 | $0 |
| Expedited delivery | $15 | $15 |
| APY |
How To Avoid Ally Bank Monthly Maintenance Fees
Because Ally doesn’t charge monthly maintenance fees, there’s no need to worry about how to avoid them. You’ll only pay fees on optional services, excessive transactions, overdrafts and returned deposits.
How To Avoid Ally Bank Overdraft Fees
As of June 2, 2021, Ally Bank no longer charges any overdraft fees. Transactions will be approved or denied at the bank’s discretion and it is the customer’s responsibility to bring their balance back up to positive within six days before the account is limited. If you are charged an overdraft fee, the bank will reimburse you. If the customer has an Ally Online Savings or Money Market account, they are allowed to make a free overdraft protection transfer.
How To Avoid Ally Bank ATM Fees
Ally doesn’t charge customers a fee for using out-of-network ATMs. In fact, Ally reimburses up to $10 in fees charged by out-of-network ATM owners or network providers each statement period.
Getting the Most Out of Your Ally Bank Account
Ally gives you a number of options to help you get the most out of your accounts. Here are a few highlights:
- Savings Boosters: Savings boosters are automated transfers from your Ally checking account to your linked savings account. You can either schedule your own boosters in advance to control when and how much gets transferred, or you can let Ally analyze your checking account activity and move unneeded funds automatically.
- Buckets: Imagine your savings account containing envelopes where you can stash funds you want to earmark for specific purposes. That’s essentially how Ally “buckets” work. You can create up to 10 buckets within your savings account. They won’t affect other funds in your account or change the way your interest is calculated.
- Money Market Account: Customers who only use a checking account for a couple of payments each month might consider trading in that account for an Ally Money Market account. Whereas Ally’s Money Market account pays APY no matter your balance, its checking account pays just up to . The caveat is that you’re restricted to six withdrawals per month from a money market account whether you withdraw the funds via ATM, debit card or check.
- One-Stop Banking: Ally has a well-rounded suite of banking products that can serve most of your financial needs. In addition to checking, savings and money market accounts, Ally offers CDs and individual retirement accounts as well as home and auto loans and investment services.
Weighing Your Banking Options
Many online banks, including Ally, have eliminated monthly maintenance fees, and some have even done away with penalties for overdrafts and excess transactions. Although Ally hasn’t gone that far, the products it offers — like home and auto loans and investment accounts — make for a more convenient banking experience than many of its competitors offer.
Customers who only need a basic bank account might do well with an online bank that lacks bells and whistles but also has few or no fees. For those who also need loan and investment accounts and prefer to have them all with the same bank, Ally is a good option that combines minimal fees with higher interest than you’ll earn with many traditional banks.
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- Ally Bank Holiday Hours
- Ally Bank Interest Rates
- Ally Bank Routing Number
- Ally High-Yield Savings Account Review
- Ally vs. Capital One 360
- Ally vs. SoFi
Data is accurate as of Feb. 28, 2023, and is subject to change.
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