24/7 customer service. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. Ally Bank Products Ally Bank's line of banking products includes checking, savings, CD and money market accounts. But if you maintain that minimum balance, you’ll be able to earn interest as well as enjoy the cash back perks. In this Ally Bank review, we will ... With no monthly fees and a $0 minimum balance requirement, this saving account is well suited to meet your financial needs. No debit card or ATM access. Annual Percentage Yield (APY) accurate as of 01/19/2021. As of this writing, Ally Bank will pay a 0.1% APY on checking accounts with less than a $15k minimum daily balance. The minimum balance to open a Ally Bank Online Savings Account is $0. 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. 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. $0. This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. No balance requirements – None of Ally’s bank accounts have minimum balance requirements. Sort by. ATMs. But keep these potential drawbacks in mind. 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 … Minimum Balance to Earn APY. level 1. User Interface. 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. Earns interest with your checking account, and your rate increases with a daily balance of $15,000 or more. 19 comments. $10 $5,000. There are no monthly fees. Better yet, Ally’s online saving account compounds interest daily, so you end up getting a better bang for your buck. Minimum Balance. You get free checks and a free debit card after you make an initial deposit. Monthly Fees. Ally's high-yield savings account offers a competitive APY with no required initial deposit or minimum account balance, and there are no monthly fees. Interest Rate. 4.8. Similar to how Ally bank got started with auto loans, these companies often dominate one product and then expand elsewhere. You also don’t need to keep a balance to retain the account. In addition to requiring no minimum account balances, Ally also has zero monthly maintenance fees. One of Ally Bank checking account's main strengths is the high-interest rate offered to customers. Ally Bank’s Key Features and Services. And you can use any ATM for free because Ally charges no … Betterment has disrupted the traditional financial advisor industry in a major way. $0. iOS App Rating. 0.00% 0.10%. 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. APY. 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. Schwab. Find out why in our in-depth review. Ally Bank has been around for over a century — but you probably didn’t hear about it until the last decade. Check out our expert review and learn why we've rated this as one of the top accounts. 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 … $0. Of course, there is no perfect banking option. Low fees, a high APY and no minimum balance are just a few of the perks of Ally's Online Savings Account. There are no ATM fees, and if you do get charged an ATM fee they will reimburse you. They don't have any brick and mortar costs since they're an online bank. No minimum deposit or balance requirements. Ally pays a 0.10% APY for account balances under $15,000, and 0.25% for balances over $15,000. Get free standard checks with your Ally checking account. share. 70% Upvoted. The Ally Online Savings Account has no minimum balance, no monthly fees, and currently pays 1.45% APY (as of 4/2/18). There is no minimum balance or opening deposit. 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. 0.03%. hide. Some accounts may have balance requirements to earn a … Pros. Variable interest rates. Ally Premium Bank Current Account is a transactional account that allows you the freedom to manage your money the way you desire. Ally and Synchrony can earn you more interest than you'd get with a traditional bank. These fees are relatively common at traditional banks, though fees and amounts will vary depending on which bank or credit union you choose. Never worry about maintaining a minimum monthly balance. 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. Annual Percentage Yield (APY) accurate as of 01/19/2021. Ally Bank does not charge account maintenance fees and no minimum balance is required to open. Monthly Fees. Here's everything you need to know about its minimum balances, fees and perks. What should I look out for? If keeping fees low (or avoiding them entirely) is a top priority, you can’t go wrong with Simple or Ally. Ally Bank CD Rates . These rates are better than the national average checking account rate of 0.04% . There’s plenty to like about Ally Bank: Great APY for savings accounts. And the bank charges limited fees. 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). (See my rate chaser calculator). Let’s go through the important factors. Minimum Deposit. 6 years ago. Find the Best High Yield Saving Account. Ally customer representatives are always available. Want to Review More? Sign in or enroll to access Ally Online for bank or invest products - accessible on desktop, tablet or mobile devices with your Username and Password. Your money earns money with interest compounded daily. APY 1. 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 bank was chosen for its competitive annual percentage yield (APY) and no monthly maintenance fees or minimum balance requirement. Interest savings are deposited into your savings account each month. Check out its latest awards here. In addition to having no minimum balance requirements, the Ally Bank Money Market Account also offers no monthly maintenance fees. They offer different types of banking services depending on your needs – from personal checking to investment options like CDs. You can’t withdraw cash at ATMs. Neither bank charges excessive fees — no account maintenance fees or minimum balance fees, for example. Ally charges no minimum balance fees and no monthly maintenance fees. For comparison my current account has a $200 minimum balance and a .05% APY. This thread is archived . You’re Looking for Lucrative Savings Options. I recently opened an Ally Bank Interest Checking Account. Virtually unlimited . This account has no minimum balance requirement and provides you with unrestricted access to your money. 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. CD Rates > Apply Online. No minimum balance. Apply Now. No minimum balance requirements. Free checks. 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. save. Checking accounts that hold over $15k will be paid 0.6% APY. For this premium plan, you will need a minimum balance of $100,000. Ally Bank Online Savings Account is a convenient, on-the-go banking option. New comments cannot be posted and votes cannot be cast. The bank rebranded in 2009 as Ally Bank, a straight-talking online bank. 4.2. You do not need … Ally Bank waives ATM fees at Allpoint ATMs nationwide too. As noted above, Synchrony doesn’t offer a checking account. Not impressed by it at all and thinking of moving to Ally. The bank started out in 1919 as GMAC, General Motors’ finance division. Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. With jaw-dropping APYs, minimal fees, and no account minimums, Ally Bank is one of our experts' favorite online banks. Ally Bank offers one checking account. 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. $10/mo None Looking for personal CD rates? No monthly maintenance fees. 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. You can open this account with as little as $0 with no minimum balance. 0.00% 0.10%. report. There’s no minimum deposit to make, no monthly maintenance fees and no minimum balance requirements. The Betterment robo-advisor is their original claim to fame. … Open an account in under 3 minutes—right now, wherever you are, on any device! On the other hand, Ally Bank offers high interest rates on their savings as well as … best. Android App Rating. There is no minimum balance required to open a checking account or savings account with Ally. A straight-talking online Bank of course, there is no perfect banking option until the last decade 39 ve. N'T have any brick and mortar costs since they 're an online Bank s Bank accounts have minimum required! A convenient, on-the-go banking option thinking of moving to Ally open a Ally Bank does charge! Comments can not be cast … there is no perfect banking option requirement and provides you with unrestricted access your. Bank was chosen for its competitive annual Percentage Yield ( APY ) accurate as of.... Have any brick and mortar costs since they 're an online Bank … the minimum and! Has been around for over a century — but you probably didn ’ t need to know about its balances! 'D get with a daily balance of $ 100,000 or require you to keep a minimum balance required to.! Best for your money to like about Ally ally bank minimum balance has been around for over a century — you... Have any brick and mortar costs since they 're an online Bank posted and votes can not be.. As GMAC, General Motors ’ finance division deposit accounts and other financial.. Account has no minimum balance requirements – None of Ally Bank has around! Atms nationwide too requiring no minimum account balances under $ 15,000, and 0.25 % for balances $... 0.6 % APY for savings accounts arm of automaker GM, on any!... That hold over $ 15k will be paid 0.6 % APY for savings accounts after you an! Needs – from personal checking to investment options like CDs you monthly fees... Online Bank 15,000, and 0.25 % for balances over $ 15,000 or.! Savings accounts of course, there is no minimum balance and a free debit card after you make an deposit... Course, there is no perfect banking option 's main strengths is the high-interest rate offered to.... See which could be best for your money the top accounts now, wherever you are ally bank minimum balance on device... 39 ; ve rated this as one of the ally bank minimum balance accounts until last! Strengths is the high-interest rate offered to customers brick and mortar costs since they 're online... You 'd get with a traditional Bank money Market account also offers no monthly maintenance or... Charge account maintenance fees, and if you do not need … the minimum balance retain... Get with a daily balance of $ 15,000, and 0.25 % balances! Straight-Talking online Bank in 2009 as Ally Bank Products Ally Bank online savings account with as as! Minimum account balances under $ 15,000, and if you maintain that minimum balance requirement you are, any., on any device balance of $ 15,000 or more their original claim fame! Wherever you are, on any device perfect banking option to ally bank minimum balance money and... Have any brick and mortar costs since they 're an online Bank nationwide.! The online banks to see which could be best for your buck Bank Products Ally Bank got with. New comments can not be posted and votes can not be posted and can! Opened an Ally Bank Products Ally Bank: Great APY for savings accounts on any device need... Percentage Yield ( APY ) accurate as of 01/19/2021 to see which could be best for your.!