Ally Bank checking account

Ally offers just one checking account, and the yield varies depending on your balance. If you have at least $15,000 in the account, you’ll earn a higher annual percentage yield (APY). The rate you earn is determined on a daily basis based on your balance at the end of the day.

Note: The annual percentage yield (APY) shown is as of April 30, and may vary by region. 

Unlike many checking accounts, the Ally Interest Checking Account lets you earn a modest return for the funds you keep in it. There is no minimum deposit to open the account.

Ally is an online-only bank, so you will not have any access to an in-person support team. But there are ways to receive immediate banking help from Ally with 24/7 access to customer support over the phone. It also offers chat support on its website.

With this checking account, you’ll also have access to useful digital tools to manage your funds easily. You can send or receive money from friends and family via Zelle. You can even move funds through voice commands on devices enabled with Amazon’s Alexa. You can also use any Allpoint ATM in the U.S. for free (there are more than 43,000 ATMs in the network). Plus, Ally will reimburse up to $10 of ATM fees that other ATM operators charge with each statement cycle.

As you seek out the right checking account for your situation, make sure to take a close look at the fees. Many checking accounts are riddled with hidden fees that can drain your account. Ally Bank, however, is very open about the fees associated with its Interest Checking Account.

The bank’s Interest Checking Account doesn’t charge any monthly maintenance fees or several other standard fees many other banks charge. At Ally, you won’t need to consider paying for expedited ACH transfers fees, statement fees, incoming wire fees, or cashier’s check fees, for example.

However, there are other fees that this account charges. A few include:

• Expedited delivery: $15
• Outgoing domestic wires: $20
• Account research fee: $25

The Ally checking account doesn’t offer a specific promotion or cash bonus. However, the interest offered on your checking account funds could be considered a reward. Since many banks offer checking accounts without paying any interest, the APY offered by this account makes it a worthwhile option to consider.

The interest-bearing feature of this checking account makes it a useful option for anyone seeking an extra boost to their spending cash. However, there are much higher APYs out there if you prefer to use a high-yield savings account to stash your extra funds, including Ally’s savings account.

If you need to deposit cash on a regular basis, then this account is not a great option for you. You may need to consider larger banks that operate a large network of physical branches, such as Bank of America or Wells Fargo, to cover your in-person banking needs. With access to more physical branches, you will likely sacrifice higher APYs, however.