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Ally Interest Checking Account Review
Something else Ally Bank offers is an interest-bearing checking account.
In case you don't know, interest checking accounts allow you to earn interest on your deposits.
That's similar to a savings account. The difference is that with a checking account, you can pay bills or make purchases with a debit card.
So why should you consider an interest checking account?
If you normally keep a cushion in checking, the interest you earn could add up to a decent amount of extra cash.
That's on top of any interest you might be earning on money you have in a savings account.
Ally Bank isn't the only bank to offer interest checking, however.
In this review, learn more about the account's features to help you decide if an Ally Interest Checking account is in your best interest.
Interest Checking With No Monthly Maintenance Fee
If you're considering an interest checking account, the main thing you may be concerned with is how much interest you'll earn and how much the account costs.
Ally offers two different interest rates on interest checking, based on your balance.
Checking customers who keep less than a $15, daily balance in their account earn one annual percentage yield.
If you maintain a minimum daily balance of $15, or higher, you get a much better APY.
Now, compared to traditional brick-and-mortar banks, Ally's rates are better.
That's to be expected since online banks are generally able to offer more in the way of interest, owing to their lower overhead costs.
When you look at other online banks, however, you'll see that Ally has some competition.
You'll want to keep reading to get the scoop on how other online banks compare.
Now, if you're earning interest on your checking account, you might assume that you'll pay a monthly fee.
Ally Bank, however, charges no monthly maintenance fee for Interest Checking Accounts.
That means you don't have to worry about fees chipping away at any interest you're earning.
Can You Also Earn Debit Card Rewards?
A checking account that pays you interest and offers rewards on debit card purchases means double the perks.
While you do get a debit card with your Ally Interest Checking account, there's no rewards program.
That doesn't mean you're completely counted out from earning rewards, however.
You can apply for an Ally CashBack Credit Card to earn cash back rewards on qualifying purchases.
This card offers tiered cash back rewards, plus a bonus when you deposit your cash rewards into an Ally bank account.
If Ally's rewards card doesn't suit your spending style, there are plenty of other cards to choose from. Check out the best rewards credit cards recommendations from MyBankTracker.
Accessing Your Ally Interest Checking Account at the ATM
Aside from using your debit card to make purchases, you can also use it to withdraw cash, make transfers or check your balance at the ATM.
As an Ally Bank customer, you can access over 43, Allpoint ATMs nationwide fee-free. That's handy if you travel on the regular.
You can also use your card at any other ATM but there's a catch. The bank that owns the machine may charge you a fee.
Ally will reimburse foreign ATM fees, but only up to a limit of $10 per statement cycle. You can plug in your location to Ally's ATM locator to find out where fee-free ATMs are nearby.
Manage Your Account Hassle-Free With Mobile and Online Banking
Ally is an online bank, so there are no branches to visit. Luckily, you can handle account management from your mobile device or laptop. For example, with mobile banking you can:
- Check your balance
- Transfer money between Ally accounts
- Schedule bill payments with no fee
- Deposit checks remotely with eCheck Deposit
- Send someone money with Popmoney
- Set up direct deposits
- Schedule a wire or ACH transfer to another bank
There are limits on how much money you can deposit through mobile banking. You can deposit up to $50, in a single day.
The total monthly limit for eCheck Deposit is $, every 30 days. Depending on which bank issues the check and the amount, your funds may be available the next business day, or up to five business days after your initial deposit.
Mobile and online banking make it easy to do just about anything you might need to do with your account.
If you need to talk to a person, however, live customer service is available by phone 24 hours a day, 7 days a week. If you prefer, you can also get help via live chat or email.
How Do the Fees Add Up?
As far as online interest checking accounts go, Ally is very fee-friendly. There's no monthly maintenance fee and no fee for things like incoming wire transfers, ACH transfers or overdraft protection transfers from an Ally savings account.
Standard checks come free with your account. If you need a certified or cashier's check, those are also free.
At some banks, you may pay $5 or $10 for these kinds of checks by comparison.
Ally does not charge for overdrafts or items returned because of insufficient fees.
Some less common fees to consider are charges for overnight or same-day bill pay, returned deposit fees, outgoing wire transfer fees and account research fees.
Ally Bank Interest Checking Account Fees
|Monthly Maintenance Fee||$0|
|ATM Transactions||$0 (ATM operator fees refunded up to $10 per statement cycle)|
|Overdraft Protection Transfer Fee||$0|
|Deposited Item Returned||$|
|Domestic Wire Transfer (incoming)||$0|
|International Wire Transfer (incoming)||$0|
Can You Deposit Cash to Your Account?
Unfortunately, Ally Bank doesn't accept cash deposits. If you want to make a deposit, your options are limited to eCheck Deposit, online transfers, direct deposit, wire transfers and spending checks in the mail.
If you need to add cash to your account, there are two ways around it. The first is to deposit it into another account at a different bank, then transfer it to your Interest Checking account.
The other option would be exchange cash for a money order, then mail that it to Ally. It may take a little longer for the deposit to post to your account, depending on where you're mailing it from.
Ally Bank Interest Checking vs. Other Online Banks
Ally Bank isn't the only online bank getting in on the interest checking action.
Before you lock in on an interest checking account, it's a good idea to shop around. Here are three other options for earning interest on checking deposits.
Capital One Checking
Capital One offers an interest checking account with tiered rates. The higher your balance, the more interest you can earn.
Compared to Ally, the rates are higher but there's a catch. You have to maintain a six-figure balance to get the very best rates.
That may not be realistic for the average checking account user.
Capital One s fee-free ATM network is a little smaller than Ally's. There's no monthly maintenance fee and the mobile and online banking features are more or less identical.
Like Ally, there's no minimum amount required to open an account.
Axos Bank Rewards Checking
Axos Bank Rewards Checking offers the best of both worlds, combining interest with rewards for debit card purchases.
Rates for this account are tiered, based on your account activity.
You can earn one APY for receiving monthly direct deposits into your account, one APY for using your debit card for purchases at least 10 times a month and another APY for using your card 15 times or more each month.
There's no monthly maintenance fee and foreign ATM fee reimbursements are unlimited.
There are no overdraft or insufficient funds fees, and no minimum balance requirements.
You can take advantage of exclusive cash back offers when you use your debit card.
Cash back earned is automatically deposited into your Rewards Checking account at the end of the month.
TIAA Bank Checking
The TIAA Bank Checking account lets you earn a competitive rate on your balance.
There's one promotional rate for the first year. After that, you'll earn a different APY on your account.
Foreign ATM fees are always reimbursed and there's no monthly maintenance fee.
One thing to keep in mind with this account is the minimum opening deposit.
Unlike the other banks in this review, which don't require anything to get started, you'll need $5, to set up an TIAA Bank Checking account.
Does Ally Bank Interest Checking Make Sense for You?
Compared to a traditional bank, Ally Bank is worth considering as an interest checking choice.
The rates aren't stellar compared to some online banks, but they're still competitive. One potential hitch is the fact that ATM fee reimbursements are limited to $10 a month.
That, and the lack of debit card rewards might make something like the Bank of Internet USA Rewards Checking account more attractive if you want to get the most value possible.
More:Best Checking Accounts of the Year
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Allied Bank Mehar, Branch Dadu Contact Details
Find complete Branch details of Allied Bank Mehar, Branch Dadu , with mynewextsetup.us, Pakistan’s Largest Branches Directory. You can contact the branch directly at - , or can visit the branch which is located at mynewextsetup.us, Main mynewextsetup.us Road, Near National Saving Centre, Mehar, District Dadu. Allied Bank branches are open from Monday to Friday from 9 AM to , while some selected branches are open on Saturday.
|Branch Name:||Mehar, Branch Dadu|
|Address:||mynewextsetup.us, Main mynewextsetup.us Road, Near National Saving Centre, Mehar, District Dadu|
|Offical Website URL:||mynewextsetup.us|
Know more about Allied Bank
It is one of the largest commercial bank in Pakistan with branches and ATM services. It is public type of bank. It has headquarters situated in Lahore and Karachi. It came into being in , under the act of nationalization it was taken over by Pakistani government in Then it was privatized in After it was amalgamated into Ibrahim leasing Limited. The services offered include private banking, business banking, Islamic banking, online banking, safe lockers deposit, utility payment bills etc.
More Branches of Allied Bank
Allied Bank Khyber Bazar Branch Peshawar
Address: Khyber Bazar Peshawar
Contact Number: Khyber Bazar Peshawar
Allied Bank Phase V Dha Branch Lahore
Address: 2 mynewextsetup.us V, D.H.A., Lahore
Allied Bank Anarkali Branch Lahore
Address: Bakshi Market , Anarkali, Lahore
Contact Number: - -
Allied Bank Jinnah Colony Branch Faisalabad
Address: P - 87, Jinnah Colony Faisalabad
Contact Number: - ,
Allied Bank I - 8 Markaz,Branch Islamabad
Address: Islamabad,Zaki Centre,I - 8 Mrkz
Contact Number: -
Allied Bank Karachi Admin Branch
Address: Sa 94 K.A.E.C.H.S Block - 8 Karachi, Mobile Number - , -
Contact Number: - ,
Allied Bank Fleet Club Branch Karachi
Address: Pakistan Navy Club Building Iqbal Shaheed Road Karachi
Contact Number: - ,
Allied Bank Matli District Branch Badin
Address: Survey No, Badin Road, Matli District Badin
Contact Number: -
Allied Bank Natha More Khunda Branch Nankana
Address: Khewat 64,Khatooni To ,More Khunda,Madina Tower, Lahore - Jaranwala Road,Nankana Sahib
Contact Number: - ,
Allied Bank Main Branch Mansehra
Address: Khasra # - ,Halqa Patwar Mansehra Urban, Abbottaba d Road, Mansehra
Contact Number: - ,
More Branches in Dadu
|Bank||Allied First Bank,sb|
|Branch||Allied First Bank,sb Branch (Main Office)|
|Address|| Orchard Rd,|
|Service Type||Full Service, brick and mortar office|
|Date of Establishment||01/03/|
Opening Hours and DirectionsFind Opening Hours on Google Maps
|Bank Holding Company||ALLIED FIRST BANCORP, INC.|
|HeadQuarters Address|| Orchard Rd,|
|Bank Type||41 - STATE STOCK SAVINGS BANK|
|FDIC CERT #|
|Total Bank Assets||$92,,|
|RSSD (Federal Reserve ID Number)|
|RSSD (Federal Reserve ID Number) for Holding Company|
Routing Number for Allied First Bank,sb in IllinoisA routing number is a 9 digit code for identifying a financial institute for the purpose of routing of checks (cheques), fund transfers, direct deposits, e-payments, online payments, etc. to the correct bank branch. Routing numbers are also known as banking routing numbers, routing transit numbers, RTNs, ABA numbers, and sometimes SWIFT codes (although these are quite different from routing numbers as SWIFT codes are solely used for international wire transfers while routing numbers are used for domestic transfers). Routing numbers differ for checking and savings accounts, prepaid cards, IRAs, lines of credit, and wire transfers. Usually all banks have different routing numbers for each state in the US. You can find the routing number for Allied First Bank,sb in Illinois here.
Total Assets:The sum of all assets owned by the institution including cash, loans, securities, bank premises and other assets. This total does not include off-balance-sheet accounts.
RSSD:The unique number assigned by the Federal Reserve Board (FRB) to the top regulatory bank holding company. This unique identifier for Allied First Bank,sb is
FDIC CERT #:The certificate number assigned to an institution for deposit insurance. The FDIC Certificate Number for Allied First Bank,sb Branch office of Allied First Bank,sb in Oswego, IL is This unique NUMBER is assigned by the FDIC and is used to identify institutions and for the issuance of insurance certificates by FDIC.
Best High-Yield Savings Accounts of December
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1, adults. Field work was undertaken between Aug. , The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).
High-yield savings accounts are a low-risk, low-effort way to reward yourself for saving.
With high-yield savings accounts right now, you can make about % APY (annual percentage yield, which is the expected rate of interest earned over a year). These extra earnings can be small, but over time make a difference.
For example, a traditional savings account that has an APY of % with $1, in it will earn 10 cents per month. That same $1, will earn $5 per month in a high-yield account with a % APY — a rate of return 50 times higher.
Interest rates have been relatively low since the beginning of the COVID pandemic, but rates for high-yield savings accounts are still significantly better than those for conventional savings accounts.
Yet only 21% of banked adults in the U.S. have a high-yield savings account, according to a NextAdvisor survey. Here’s everything you should know about high-yield savings accounts, along with the accounts we think are the best.
Best High-Yield Savings Accounts of December
Ally Bank – Best Customer Service
Founded in , Ally Bank is one of the most prominent online banks. The high-yield savings account, regularly at the top of the pack in terms of interest rates, is one of the bank’s star products, but the institution also offers no-fee investing on stocks, bonds, and ETFs, free interest-bearing checking accounts, money market accounts, CDs, loans, retirement accounts, and other investment vehicles.
Our survey found 48% of Americans with savings accounts said customer service experience is an important factor when choosing where to open such an account, so it’s important to assess how responsive and engaged a bank is when it comes to questions or issues you might have.
Responsive and accessible customer service
Ally offers 24/7 customer service through its phone hotline and live chat service, which allows you to chat with a representative near-instantly. Ally also offers an estimated wait time on its homepage for each medium. Since Ally isn’t the only bank offering this kind of 24/7 support, we tested the live chat response and helpfulness of the five other banks we considered that also offer it.
Ally’s live chat stands out among the banks that offer this option. Ally provided the best customer service experience of the five; the other banks either required you to log in (i.e., be an existing customer) or talk to an AI chatbot before speaking to a real person. The Ally customer service representative we spoke to was prompt and friendly (our wait time was one minute), and after the chat, we were directed to a customer experience survey and offered the opportunity to be sent the chat transcript via email.
Among all retail banks offering high-yield savings accounts, Ally ranked among the top in J.D. Power’s U.S. Direct Banking Satisfaction Survey. (We didn’t take into consideration investment banks like Charles Schwab Bank and E*TRADE Bank.) Although Ally ranked slightly behind Discover Bank and Capital One, we believe that the increased accessibility of Ally’s live chat customer service in our independent testing is worth taking into consideration. Prospective customers can easily ask questions before they open an account, as well as quickly get help if they run into any problems during the application process.
ATM network with reimbursement
Ally is covered by a network of 43, AllPoint ATMs across the United States. You can use your provided debit card to withdraw cash at in-network and out-of-network ATMs. The bank will reimburse you for up to $10 a month in ATM fees accumulated from those out-of-network ATMs.
No cash deposits
If you receive cash tips or wages, then it could be difficult to work with Ally. There is no way to deposit cash into an Ally savings account at this time, so you would need to find a workaround (such as depositing cash in another institution and then transferring) to take advantage of Ally’s rates and customer service.
Capital One – Best Hybrid
Capital One strikes an interesting balance between a traditional brick-and-mortar bank and a more agile startup. It has locations across the country and carries all the major banking products you’d need (such as checking, savings, and CDs), plus credit cards, while also offering competitive rates. Capital One is beneficial for the consumer who wants all the rewards of a high-yield savings account while maintaining the ability to speak to a bank representative face-to-face.
More than branches
If you prefer to bank in person, then Capital One is a good choice. The bank operates hundreds of branches across the U.S., including a number of coffee shop-style locations that offer a unique spin on stopping by the bank. If you would prefer to apply for a loan, request a replacement for a lost credit card, or open a new high-yield savings account in person, then Capital One provides a good middle ground between pure online banks and brick-and-mortars.
Multiple savings account options
Capital One also offers an IRA savings account (tax-advantaged and specifically designed for retirement) and a kids saving account, which offers a lower APY than the regular high-yield savings account but balances that with child-friendly features and parental controls.
Data breach controversy
In one of the largest hacks ever of a major bank, more than million Capital One customers suffered a data breach in that left their bank account numbers, Social Security numbers, and other private information vulnerable to fraud.
As a result, the U.S. Treasury ordered Capital One to pay a $80 million civil penalty, according to the Wall Street Journal. “The government has stated they believe the data has been recovered and that there is no evidence the data was used for fraud or shared by this individual,” the bank said in an official statement.
In addition to the fine, Capital One is complying with a U.S. Treasury consent order to up cybersecurity measures. Currently, all individuals whose private information was accessed have been contacted and offered free credit monitoring and identity protection services, according to the bank, and the hacker has been captured by the FBI.
“Honestly, this could have happened to any financial institution,” says Ted Rossman, industry analyst at mynewextsetup.us “In this case, the accused perpetrator was caught before she was able to sell or use any of the stolen information. While consumers should be mindful of potential future hacks of all types (banks, credit cards, retailers, etc.), the best fixes are to freeze your credit and check your statements regularly. As long as a bank offers FDIC insurance (or NCUA protection for credit unions), I’d feel very confident.”
AXOS Bank – Best for Cash Accessibility
Founded in as Bank of Internet USA, AXOS is one of the oldest online-only banks in the country. It offers interest-bearing checking accounts, high-yield savings accounts, CDs, mortgages, personal loans, auto loans, and managed portfolios, and allows customers access to 91, ATMs throughout the U.S. AXOS is one of only a handful of online banks that allow people to deposit cash — a boon for those who often deal in cash or receive wages in cash.
Comes with ATM Card
Not every online savings account allows for ATM usage. AXOS provides its customers with ATM cards upon request, allowing you to view balances and make deposits and withdrawals. Keep in mind, though, that the ATM card is not a debit card. You are not able to make purchases and, per federal law, cannot initiate more than six transactions from a savings account per month.
Cash deposits allowed at ATMs and Green Dot locations
With AXOS, you have access to 91, ATMs across the U.S. Of the ATMs that allow cash deposits, you can directly transfer those dollar bills into your account. Many of the most popular online banks, like Ally, do not allow you to deposit cash, so we see this as a huge plus for people who receive wages in cash. You can also deposit cash in person at a Green Dot location, which can be found at participating locations of Walmart, CVS, Kroger, Walgreens, Rite Aid, Dollar General, Family Dollar, and other big-box, convenience, and discount stores.
No ATM reimbursements
Some online banks, like Ally, offer full reimbursement of fees incurred from using out-of-network ATMs (up to a certain dollar limit per month). AXOS only offers ATM reimbursement to checking account users, not savings account users, so you will still have to pay $ per ATM withdrawal whether the machine is in or out of network.
Minimum opening deposit
While a minimum opening deposit isn’t a problem for many people, it can still be a barrier to entry for those who don’t have a lot of cash up front. To open an account with AXOS, you need an opening deposit of $, although there’s no requirement to maintain a minimum balance. If you were already planning to deposit that amount, then the minimum deposit won’t affect you. But if you prefer a savings account with no minimum deposit requirements, other banks might be a better fit.
What is a High-Yield Savings Account?
A high-yield savings account is a savings account that offers a competitive APY, or interest rate. A high interest rate can yield tens or hundreds of dollars in earned interest, depending on how much money you have saved.
Interest rates are always changing, and they have been relatively low since the U.S. entered a recession in early In other words, a great interest rate for a high-yield savings account is relative, and based on how it compares with other available options. At the moment, interest rates for high-yield savings accounts average around %, though exact rates vary across banks. In comparison, traditional brick-and-mortar banks tend to have savings accounts with rates around %.
Emergency funds are one of the most popular reasons people save; 57% of banked* U.S. adults with savings said in a NextAdvisor survey that they are currently saving for emergencies. Most experts we talk to recommend building a fund of about six months’ expenses, even as you pay down debt. Given that emergency savings should be kept on reserve in an account with easy access, putting that money into a low-risk vehicle like a high-yield savings account is a smart move.
While the accounts we featured here are standouts, there are many good options available. As long as it has a competitive APY, is FDIC-insured, and doesn’t charge any monthly fees, you’ll be better off than you would leaving your savings in a conventional account with a low APY.
*U.S. adults who have checking, saving, MMA, or CD bank accounts.
How We Chose the Best High-Yield Savings Accounts
In August , NextAdvisor conducted a representative survey of 1, U.S. adults to understand customer needs and intent surrounding bank account usage. We found that only 21% of banked adults in the U.S. have a high-yield savings account with an APY above %.
To get a comprehensive overview of the online bank landscape, we compiled a list of the 25 most commonly reviewed and searched-for high-yield savings accounts. We then evaluated them based on more than 20 different factors, including minimum opening deposit, minimum balance requirement, overdraft fees, customer service options and availability, and what other accounts each bank offers.
None of the banks we recommend charge any monthly service or maintenance fees. Because so many reputable banks offer good APYs on free accounts, we think people should take a hard pass on any banks that do charge a monthly maintenance fee to keep a savings account.
In addition, all of the contenders and final picks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects your money up to $, in the event a bank goes out of business.
While all the accounts we chose offer competitive interest rates compared to traditional savings accounts, we didn’t set any hard criteria for APY. This is because interest rates are constantly in flux and can change based on market conditions. Rather, we took a more holistic approach to our review, looking at non-rate features like the quality of customer service, ATM access, and other conveniences to make the banking experience better. For detailed, up-to-date interest rate information, check out our Best Savings Account Rates page.
Find a bank that charges $0 in monthly maintenance fees! You shouldn’t have to pay to use your bank account.
The Case For an Online Bank
Only 30% of U.S. adults have an account with an online bank, according to a NextAdvisor survey. Yet they offer considerable perks.
Compared to national bank chains with a network of physical locations, online-only banks have far less overhead. This helps explain why they offer more competitive interest rates, and typically charge fewer and lower fees. Many of them also forgo common fees (such as monthly maintenance fees) or offer other benefits (such as early direct deposit), in line with their role as banking industry disruptors.
Are High-Yield Savings Accounts Safe?
Yes. High-yield savings accounts are offered by FDIC-insured banks and NCUA-insured credit unions. This backing by the federal government means that if the bank were to shutter, you would be able to recover up to $, Avoid any banks or credit unions that aren’t federally insured.
What to Consider When Choosing a High-Yield Savings Account
There are many factors to consider when reviewing the marketplace of savings account:
- Annual Percentage Yield (APY): This is the interest rate at which you’ll earn money in one year, in exchange for keeping your funds in the savings account. The higher, the better.
- Fees: Many banks require monthly maintenance fees in order to keep the account open. We recommend going with a bank or credit union that doesn’t charge this fee.
- Minimum deposit required: Oftentimes, to open a savings account, you’ll need to provide an initial deposit to the bank, though many online banks allow you to open an account with $0. Keep the minimum deposit in mind if you’re low on cash.
- Minimum balance required: Many banks require a certain amount of money to be in the savings account at all times. If you don’t maintain the minimum balance, you could incur fees or lose your APY for the months you don’t meet the threshold.
- Withdrawal options: You’ll want a bank that has ATMs or partners with ATM companies, so you’re able to withdraw cash on the go. Just keep in mind that federal law limits savings accounts to six monthly withdrawals or transfers.
Best Uses for a High-Yield Savings Account
High-yield savings accounts are all-purpose, allowing you to save for both short-term and long-term goals. They offer competitive interest rates while also keeping your funds liquid in case of an emergency. Here are some ideas for how you can use your high-yield savings account:
High-Yield Savings Account FAQs
Why are interest rates so low?
In March , the Federal Reserve cut target interest rates to near-zero, causing nearly every lender and bank to lower their rates in turn. The low rates make for a competitive borrower’s market for those with a steady income, but the move also led to a decrease in returns on savings accounts and other types of bank accounts.
How do high-yield savings accounts work?
High-yield savings accounts allow you to earn a little bit of money in exchange for keeping your money secure with the bank. Savings accounts are intended for short- and long-term savings goals, whereas checking accounts are intended as your primary account for paying bills and making purchases.
The interest rates for savings accounts tend to be higher than checking accounts, and those rates are even higher for online banks and credit unions. But savings accounts do have some limitations. For example, you can’t make more than six monthly withdrawals or transfers due to federal law, and some online banks don’t allow you to deposit cash into an ATM.
Are high-yield savings accounts FDIC insured?
Yes. High-yield savings accounts from banks are insured by the FDIC, while accounts from credit unions are insured by the NCUA. Any bank or credit union you consider should be federally insured for your protection. All of our picks in this review are federally insured.
How do you open a high-yield savings account?
To open a high-yield savings account, you’ll need to provide information about yourself to the bank or credit unions. You may be asked to provide your full name, permanent address (and proof you live at that address), contact information, date of birth, Social Security number, a photo ID, and bank account information if you’re looking to transfer funds into the new account. You may be asked to put up an initial deposit by cash, check, or online transfer.
From there, you’ll pick between an individual and joint account, and submit the application, which can be approved near-instantly or within a few days. Most major banks — and all online banks — offer ways to open an account online or through their banking apps.
How do you find the best high-interest savings accounts?
There are hundreds — even thousands — of bank and credit unions that offer savings accounts. We recommend doing your research based on what’s best for you? Do you value a high interest rate? Do you need a bank that allows cash deposits? Do you prefer mobile banking to going to a branch in person? Then you’ll need to take APY, ATM locations, and mobile app experience into consideration before opening an account. At very least, it’s best to go with a bank that’s federally insured and doesn’t charge a monthly maintenance fee.
We have covered savings accounts at length. We like to think we’re experts. Read on for more of our savings account coverage:
A FEW THINGS YOU SHOULD KNOW
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company, NMLS ID . Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID . Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.
Ally Servicing LLC, NMLS ID is a subsidiary of Ally Financial Inc.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC. View Security Disclosures
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. NFA Member (ID #), who acts as an introducing broker to GAIN Capital Group, LLC ("GAIN Capital"), a registered FCM/RFED and NFA Member (ID #). Forex accounts are held and maintained at GAIN Capital. Forex accounts are NOT PROTECTED by the SIPC. View all Forex disclosures
Forex, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit
Products offered by Ally Invest Advisors, Ally Invest Securities, and Ally Invest Forex are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Ally and Do It Right are registered service marks of Ally Financial Inc.
From NerdWallet. © and TM, NerdWallet, Inc. All rights reserved.
From Kiplinger's Personal Finance. © The Kiplinger Washington Editors. All rights reserved. Used under license.
From MONEY. © Ad Practitioners, LLC. All rights reserved. Used under license.
Ally Bank Review
Who Is Ally Bank Best For?
Ally Bank should appeal to most consumers looking for a solid online bank account. It may be a particularly good fit for customers who want to:
- Earn a competitive return on savings
- Open a savings account with no minimum balance requirement
- Open a checking account that comes with a debit card and no monthly maintenance fees
- Earn more on their cash with CDs that require no minimum deposit
- Bank with an established, well-known online bank
What Does Ally Bank Offer?
Ally Bank offers a broad lineup of financial services. You can open a variety of bank accounts for everyday use and longer-term savings.
Learn more about each type of account Ally offers below.
Online Savings Account
Ally’s Online Savings Account pays a relatively high annual percentage yield (APY) on deposits. (APY is a reflection of the compounded interest rate based on the frequency of compounding.) It has these other features:
- As of Mar. 19, , earn %APY, regardless of your account balance.
- There's no minimum initial deposit or ongoing minimum balance required.
- Fund your account by transferring money from another account, mailing checks for deposit, wiring funds, or making a mobile check deposit.
- There are no monthly fees.
To withdraw from your savings, you can transfer funds to another Ally Bank account or a linked account from a different bank. You can also request a check or an outgoing wire. The Online Savings Account does not include an ATM card, but you can open a Money Market Account or Interest Checking Account if you’d like to have easier access to your cash.
Money Market Account
This account is a hybrid of checking and savings accounts: You earn interest, but you can spend your money instantly.
- As of Mar. 19, , earn % APY, regardless of balance.
- Get a debit card and free checks for spending your money.
- Pay no monthly maintenance fees.
- Enjoy the same ATM access as the Ally Checking Account (see below).
Certain withdrawals from the Money Market Account are limited to six per month, due to federal regulations. You can withdraw cash as often as you want at an ATM, but payments and transfers out of your account count toward the limit.
The Ally Money Market Account pays more than most megabanks, but it’s not a leader among online banks. To find more comparisons, check out our list of the top money market rates.
Even Ally’s savings account rate is higher than its money market rate, so it could make sense to keep cash in savings and move it to your checking account or the money market when you plan to spend.
Ally’s Interest Checking Account is free and pays a modest return on your cash.
- Earn % on balances of less than $15,
- Earn % on balances of $15, or more.
- Pay no monthly maintenance fees.
- Send instant and secure payments to friends and family with Zelle.
- Deposit checks to your account with the mobile app.
This is an excellent option for everyday spending. You earn interest on your account balance, you can easily pay bills online, and you get a debit card for cash withdrawals and everyday spending.
Ally’s ATM setup is decent, too. You can withdraw cash at any Allpoint ATM for free. (Allpoint ATMs are located at convenience stores, restaurants, and financial institutions.) And you can receive up to $10 per statement cycle in ATM fee rebate charges from other U.S. ATMs. Ally Bank does not charge you an ATM fee for using non-network ATMs, but the ATM operator may impose a fee. And Ally does charge you a 1% foreign transaction fee when you get cash outside of the U.S.
You can use the Ally website to find Allpoint ATMs near you.
But remember that there are no Ally branches, so you may need to plan for occasional transactions that require a money order. You can buy those at other locations such as the post office or a grocery store. And if you value face-to-face service, you’re better off looking elsewhere.
Certificates of Deposit
High Yield CDs
Ally has a variety of CDs, including what it calls High-Yield CDs. They are traditional CDs that require you to commit to leaving funds with the bank for a specific length of time. As a result, they may pay higher rates at issue than some of the more flexible options we discuss below. The rate stays the same, for better or worse, until maturity, and there is no minimum deposit required to get started. That’s somewhat unusual for CDs—many of which have a minimum of at least $—and makes these CDs a great option for anyone who just has a small amount to invest.
|Ally Bank High-Yield CD Rates as of September 24,|
Raise Your Rate CDs
Ally Raise Your Rate CDs have rates that can potentially go up, preventing a situation where you get stuck with a low CD rate for several years. If Ally raises rates on the product you own, you can log in and ask for your rate to increase. With a 2-year CD, you have one opportunity during the term to request an increase. With 4-year CDs, you have two opportunities.
The ability to switch to a higher rate is somewhat rare. Although there may be a few similar products out there, Ally Bank’s Raise Your Rate CD is among the best. As of June 29, , the APY for both 2-year and 4-year Raise Your Rate CDs is %, and there is no minimum deposit required.
No Penalty CDs
Ally No Penalty CDs are liquid CDs that address the primary drawback of using a CD: Most require you to commit to leaving your money in the account for a set amount of time. But life brings surprises, and you may need to cash out early. You might even want to cash out to take advantage of higher interest rates on newly available CDs.
Liquid CDs allow you to withdraw funds before a CD matures without penalty, but there’s a tradeoff. You typically earn lower rates at issue with these CDs because you have the flexibility to cash out early. For example, compare the standard 1-year CD rate to the No Penalty rates below, and you can see how much that flexibility costs.
No Penalty CDs at Ally Bank are month CDs, but you can withdraw % of your money after the first six days. As of March 19, , you can earn:
- % on deposits of any amount
Other Financial Products From Ally Bank
Liquid CDs are not widespread, but they’re more common than CDs that allow you to raise your rate. Ally Bank is competitive with other offerings, but it’s always good to shop around. The best choice might depend on how much you have to invest and what other products you want from a bank, if any.
Ally Bank offers a robust range of offerings besides bank accounts:
- Auto loans
- Home purchase loans
- Mortgage refinance loans
- Self-directed investment accounts
- Managed investment portfolios
Ally Bank’s Customer Service
Ally Bank earns high marks for customer service, taking second place in the J.D. Power Direct Banking Satisfaction Study. Customers particularly like Ally’s account opening experience, as well as the products and fee structure.
What’s more, Ally Bank offers phone support 24/7, and you can see your estimated wait time before calling (so you can decide if it’s the right time to call or not). If you prefer typing, you can chat with customer service representatives 24/7. Customers logged in online or using the Ally Bank app can send secure messages and chat about account-specific issues.
Open an Account With Ally Bank
To get started, visit mynewextsetup.us or call As with any financial institution, you need to provide personal information when opening a bank account.
Benefits In our review, we found thatAlly Bank is a solid option for anybody that wants free online banking. Interest rates aren’t always the highest. But Ally Bank is competitive, so you can earn a decent return without putting effort into chasing rates and switching accounts frequently. With 24/7 customer service and a well-designed site that explains almost everything, you know what to expect with Ally Bank (or you can get the answer easily).
Drawbacks The main weak point is the money market account, which pays less than Ally’s savings account and less than other banks’ money markets. If you need a high money market rate, it may make sense to look elsewhere. Alternatively, you can keep the bulk of your money in Ally’s savings account or a liquid CD—and transfer money to checking or the money market when you need it.
The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
Ally Bank. "Online Savings Account." Accessed Dec. 23,
Ally Bank. "Money Market Account." Accessed Aug. 17,
Ally Bank. "Interest Checking Account." Accessed Aug. 17,
Ally Bank. "Help Center." Accessed Feb. 13,
Ally Bank. "Raise Your Rate Certificate of Deposit (CD)." Accessed Aug. 17,
Ally Bank. "No Penalty Certificate of Deposit (CD)." Accessed Dec. 7,
J.D. Power. "In Direct Bank Gold Rush, Top Performers Find Different Paths to Success, J.D. Power Finds." Accessed Aug. 17,
Ally Bank. "Ally Bank Help Center: Opening an Account FAQs." Accessed Aug. 17,
Not everyone is ready and willing to put their money into the stock market, particularly during the current coronavirus crisis, as millions of Americans are filing for unemployment benefits and the economy appears to be in free fall. What little cash you may have might be better off in a savings account. Instead of potentially losing money, it only gains money through interest.
But not all savings accounts have the same features or offers. And when it comes to the best high-yield savings accounts, there are plenty of banks vying for your business. Here's a breakdown between two leaders: Ally and Marcus by Goldman Sachs.
What is a high-yield savings account?
A high-yield savings account is a savings account that earns more interest than a regular savings account. For example, right now, a Wells Fargo savings account is earning % interest. At Ally, you can earn at least % interest (at Marcus it's %). In other words, you're yielding a higher return compared with traditional banks, which means extra cash in your pocket.
High-yield savings accounts also tend to have fewer fees and a lower account minimum requirement to get started compared with regular savings accounts.
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Ally vs. Marcus: At a glance
Since high-yield savings accounts vary in offers and protection, here are some key features to look out for when comparing Ally and Marcus.
Withdrawals per month
Overdrafts: $25; returned deposit: $; excessive transactions: $10 each; outgoing domestic wires: $20
How to make deposits
Bank transfer, direct deposit, wire transfer, mail checks, eCheck deposit
Bank transfer, direct deposit, wire transfer, mail checks
*As of May
Keep in mind that annual percentage yields -- or APYs -- fluctuate. The APY that companies list today might not be the same in a few weeks, months or years from now. Variable interest rates tend to drop when the Federal Reserve cuts rates. In the past, both Ally and Marcus have dropped rates around the time the Fed has made interest rate cuts.
Neither Ally nor Marcus charge monthly maintenance fees, which some regular banks do. This fee usually pops up when you drop below a certain dollar amount or don't hit another type of threshold set by the bank.
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What does Ally offer?
Ally is a leader in online banking because it was one of the first online-only banks to exist. It not only offers a high-yield savings account, but you can also check out:
- Money market accounts
- Checking accounts
- Home and auto financing
- Self-declared investing and managed portfolios
With so many features, it's easy to add another one to your list through a high-yield savings account. So if you have a car loan through Ally, you might decide to open an IRA or another account there as well. That way, you can manage multiple accounts within one website.
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What does Marcus offer?
Marcus doesn't have any fees whatsoever but says that your third-party bank may charge fees for certain activities. For instance, if a transfer from your third-party bank causes you to drop below your minimum account requirement there, you may get hit with a fee.
However, Marcus will close your account if you don't have any funds in there after you open it. You have 60 days from when you open your account to add money to it, or you could face account closure.
Marcus by Goldman Sachs offers not only high-yield savings but also CDs and loans. The range of products isn't as wide as Ally, but having no fees might be the most enticing part.
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Ally vs. Marcus: Which one is right for you?
The savings account you choose comes down to what you're looking for out of a particular company. Ally and Marcus have a lot in common: no minimum balance to get started, a similar APY and the same ways to move money around.
But Ally has a slew of other products that can make you feel like opening a savings account there is worth the convenience. For example, you can make IRA contributions directly from your savings account.
Marcus, though, has fewer fees than Ally, even though Ally is upfront about what they charge you. This might be the determining factor in your decision.
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Correction, May 4: A previous version of this article referred to withdrawal limits, which both Ally and Marcus have lifted due to the coronavirus. We also misstated Marcus' current APY.