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