Content of the material
- Ally Online Savings Account APY
- Manage Your Account Hassle-Free With Mobile and Online Banking
- Alternatives to consider
- How To Open an Ally Account
- How do I open an Ally Bank checking account?
- Is Ally Bank Safe?
- Ally Bank Interest Checking vs. Other Online Banks
- Capital One 360 Checking
- Axos Bank Rewards Checking
- TIAA Bank Checking
Ally Online Savings Account APY
The current APY is 0.50%. Users of the Ally Online Savings Account can start earning interest right away, with no minimum balances required in their account.
Ally Bank compounds interest on your savings daily, like the best high-yield savings accounts mostly do. The APY offer reflects the total amount of interest that the account would earn for the year.
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 $50,000 in a single day.
The total monthly limit for eCheck Deposit is $250,000 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.
Alternatives to consider
The TIAA Bank Yield Pledge Money Market Account is another option to consider. This money market account has no minimum balance requirement and no monthly fees. TIAA Bank guarantees its rates are among the top 5% of all competitive money market accounts. TIAA's money market account comes with a debit card.
Another money market account with access to checks and a debit card is the Discover Money Market Account. Discover Bank offers an impressive 60,000-plus fee-free ATM network. There are no minimum balance requirements or monthly fees associated with this account. The Discover Money Market Account offers competitive APYs on all balance tiers.
How To Open an Ally Account
Ally Bank has no physical branches, so you’ll have to open a new account online, over the phone or through the mail. Here’s how to open an account online:
- Find the type of account you want to open and click the corresponding “Open Account” button.
- Provide the requested personal information, which includes:
- Full legal name
- Social Security number or tax identification number
- Residential street address in the U.S.
- Date of birth
- Submit the application. The bank will notify you through email about the status of the account.
- Fund the new account. You can transfer money from a linked account, deposit a check in the mobile app, submit a wire transfer or mail a check to the bank.
- Enroll in online banking.
Alternatively, you can call 877-247-2559 to open an account over the phone. You also can download an application from the bank’s website, complete it and mail it to:
Ally BankP.O. Box 951Horsham, PA 19044
How do I open an Ally Bank checking account?
Opening a new Ally Bank checking account is simple. It only takes minutes. The online application allows you to provide personal details, including your address and your Social Security number. You can then fund your account. There is no minimum balance required to start banking with Ally, and online access is available almost immediately.
Is Ally Bank Safe?
Safety is one of the first things people consider before choosing a bank. No one enjoys losing their hard-earned cash.
Keeping your cash in a bank with a questionable reputation is a high risk. What happens if the bank folds up?
However, Ally Bank’s growth potential is visible for all to see. It has also proven itself repeatedly an online-only bank built on innovation.
Ally Bank is not just a full-service online bank. It has satisfied FDIC (Federal Deposit Insurance Corporation) requirements.
The bank is FDIC-insured, meaning funds deposited by customers are insured to the tune of $250,000 for each individual.
So, even if the bank is no longer in business, you can still get your deposits in full.
In addition to requiring no minimum account balances, Ally also has zero monthly maintenance fees.
There's also an extra perk: If you use an out-of-network ATM, Ally doesn't charge a fee. If the ATM provider does, Ally will reimburse those fees up to $10 per month.
After your federal limit of six monthly withdrawals or transfers online (limit waived during the coronavirus outbreak under Regulation D), Ally will charge $10 per each additional transaction.
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 360 Checking
Capital One 360 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 360s 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 $5,000 to set up an TIAA Bank Checking account.
Ally Bank is one of the top online-only banks in the United States of America. The financial institution’s innovation and customer-first approach have driven them to greater heights. Customer support is top-notch despite being branchless. You can also deposit money to your account via various means.
The only major drawback in the aspect of cash deposit is the unavailability of a branch. Ally Bank doesn’t have physical branches like other banks. All your dealings with the bank are online.