Ally Checking Account Review: Earn Interest and Grow Your Funds

Learn more about Ally's Interest Checking Account.

Online banking can be a good choice for those who don’t want to deal with the hassle of high fees and minimum balances. Because online banks don’t have the same overhead costs as traditional brick-and-mortar banks, some, like Ally, even offer high-yield checking accounts.

If you’re considering opening an online checking account, you might consider opening an account with Ally. The online-only FDIC-backed bank provides 24/7 customer service and offers a plethora of personal finance products including banking, investing, auto financing and home loans.

Check out this Ally checking account review to find out if Ally is the right bank for you.

Ally Interest Checking Account Review

Ally offers one checking account option. Its Interest Checking Account allows you to gain interest on your funds at a higher rate than many traditional banks, making it a good option for those who want to earn money on the funds they use to cover everyday expenses. But before you decide to open an Ally Interest Checking Account, it’s important to weigh the pros and cons.

Ally Interest Checking Account Pros

Perhaps the biggest plus of Ally’s checking account is its interest rates. Ally offers an 0.10% APY for those with a daily minimum balance that is less than $15,000, and an 0.60% APY for those with a daily minimum balance of $15,000 or more. Here’s how Ally’s interest rates stack up to other banks:

Ally Interest Checking vs. Other Banks’ Checking
BankAPY
Ally logo 2017Ally0.10% on balances under $15,000; 0.60% on balances of $15,00 or more
BofABank of America0.01% on balances under $50,000; 0.02% on balances of $50,000 or more
Capital OneCapital One 3600.20% on balances under $50,000; APYs increase with higher balances
ChaseChase0.01%
Wells Fargo logo 2017Wells Fargo0.00% on balances under $500; 0.01% on balances of $500 or more

 

Read: Capital One 360 Checking Account Review: No Minimums and Free Credit Monitoring

In addition to its competitive APY rates, Ally Interest Checking Accounts offers a number of other perks including:

  • No monthly maintenance fees
  • 24/7 live customer service
  • Free access to your funds at over 43,000 Allpoint ATMs, plus a reimbursement of up to $10 per statement cycle for fees charged at other ATMs (there are no Ally bank ATMs)
  • Ability to deposit checks remotely with Ally eCheck Deposit
  • Can be linked to Zelle to easily send and receive money from friends and family
  • EMV chip technology
  • Online and mobile banking options
  • Free debit MasterCard, standard checks, online Bill Pay and postage-paid deposit envelopes
  • No minimum balance requirement

Related: Ally CD Review: Diverse CDs With Competitive Rates

Ally Interest Checking Account Cons

There are a couple of drawbacks to keep in mind if you are considering opening a checking account with Ally:

  • No cash deposits
  • No physical branches
  • No international wire transfers

Because of these factors, Ally Interest Checking might not be the best choice for people who deal largely with cash, those who would like the ability to meet with a bank representative face-to-face or those who will need to wire funds out of the U.S.

Ally Interest Checking Account Fees

There is no charge for most day-to-day services and transactions with an Ally Interest Checking Account. Here is a full list of fees with this type of account:

Ally Interest Checking Fees
Service/TransactionFee
Monthly maintenance fees$0
Standard or expedited ACH transfers$0
Overdraft transfer service$0
Debit MasterCard$0
Incoming wires (domestic & international)$0
Postage-paid deposit envelopes$0
Official/cashier’s checks$0
Ally Bank standard checks$0
Cross-border/currency conversion transactionUp to 1% of the transaction
Returned deposit item$7.50
Overdraft item paid or overdraft item returned (maximum 1 fee per day)$25
Stop payment item$15
Rush delivery of debit cards or other items$15
Overnight Bill Pay (delivery by mail)$14.95
Same-day Bill Pay (electronic delivery when available)$9.95
Outgoing wires (domestic only)$20
Account research fee$25 per hour

Are Online Banks Safe to Use?

Those accustomed to traditional brick-and-mortar banks might be concerned about the security of online-only banks such as Ally. Ally is FDIC-insured, and also uses multiple levels of security to help protect your personal information. Specifically, Ally uses Secure Sockets Layer (SSL) encryption for all communications between your browser and their servers that contain your information. 

Should You Open an Ally Interest Checking Account?

An Ally Interest Checking Account could be a good option for anyone who prefers the ease and convenience of online banking to traditional banks, and who lives near one of more than 43,000 Allpoint ATMs. It’s an especially good choice for those who plan to maintain a daily balance of $15,000 or more. It’s also suited for those who are new to banking, and don’t want to have to worry about minimum balances or fees. On the other hand, Ally Interest Checking might not be the best choice for those who want the ability to visit physical branches, deposit cash or wire money abroad.

Click through to learn about Ally’s online savings account — it offers high yields and better service.

More on Checking Accounts

Rates are accurate as of June 14, 2018. This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Ally Bank.