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