Review
Updated
Fact Checked
Ashley Maready
The Ally Spending Account strives to put money in your pocket by eliminating pesky fees and offering a competitive APY on your savings. Those with $15,000 or more will get the most out of this account, but even those with less will find a lot to love here. Read our full Ally Spending Account review below to decide if it's right for you.
Ratings Methodology
Rates as
of Apr 30, 2024
Ally Spending Account
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
![]()
![]()
![]()
![]()
![]()
= Best
![]()
![]()
![]()
![]()
= Excellent
![]()
![]()
![]()
= Good
![]()
![]()
= Fair
![]()
= Poor
= Best
= Excellent
= Good
= Fair = Poor
APY
up to 0.25%
Min. To Earn APY
$1
- Strong online and mobile tools
- No monthly maintenance or overdraft fees
- Monthly ATM fee reimbursements
- Competitive APY
- Early direct deposit
- Higher APY available at other financial institutions
- No physical locations
- No cash deposits
The Ally Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
Checking account comparison
We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.50%
Rate info
You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
|
|
Rating image, 4.25 out of 5 stars.
4.25/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0.40% (up to 3.30%)
Rate info
To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
|
Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!
|
Full Ally Spending Account review
Competitive APY: The Ally Spending Account offers a competitive APY, especially for customers who have a minimum daily balance of $15,000 or more. However, those with less can still earn an above-average rate. While some other interest-bearing checking accounts offer higher APYs, Ally's rates are still well above average, even besting those of many traditional savings accounts.
Monthly ATM fee reimbursements: Ally partners with Allpoint® to give its Ally Spending Account customers free access to 43,000 ATMs nationwide, but if you can't find one near you, that's OK. Ally will also reimburse you up to $10 per month for fees you incur at out-of-network ATMs.
No minimum balance required: Ally doesn't require a minimum opening deposit to get an Ally Spending Account, nor does it have ongoing minimum balance requirements to avoid fees or earn interest. This makes it a solid option for those who want to earn interest on their checking account funds but don't have a large enough balance to open an interest-bearing checking account or qualify for high APYs with other banks.
Many ways to manage your money: Ally has online banking features and a user-friendly mobile app for Android and Apple devices, so you can quickly view your transaction history, transfer funds, pay bills, and remotely deposit checks from anywhere. You can also use your Ally Spending Account with third-party payment services to send money directly to others. Those with an Amazon Alexa device in their homes can enable the Ally Skill and manage their funds without lifting a finger. Few other banks offer this many options for managing your money, so move Ally up on your list if easy access is a priority for you.
FDIC insured: Finally, Ally Spending Accounts are covered by the same FDIC insurance as traditional bank accounts. This covers you for $250,000 per depositor, per institution, in the event of a bank failure.
Personal Review from Experts at The Motley Fool
Ashley Maready, Personal Finance Expert for The Motley Fool Ascent
Ally's checking account has been great based on my experience. The website and mobile banking app are extremely user-friendly, which I find helpful. It's important to note that if you open a high-yield savings account with Ally, you'll need to link a checking account to it if you want a debit card for ATM access to your savings account. I appreciate that I was able to open my account with any amount of money. However, I do wish there were more available ATMs in my area.
What could be improved
Qualification requirements for the high APY: The Ally Spending Account's high APY is available only to those with a minimum daily balance of $15,000 or more. Most people probably aren't going to keep that much money in their checking accounts, and those who do would probably be better off stashing that money in a high-yield savings account.
Fees
| Fees | Monthly Maintenance Fee | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Ally Spending Account | $0 | $0 | $0 | $15 per item | $0 |
Data source: Ally Bank.
How to access your money
Here are your options for depositing money into and withdrawing money from your Ally Spending Account.
Deposit options
You can add money to your Ally Spending Account in any of the following ways:
- ACH transfer
- Wire transfer
- Mailed check
- Mobile-deposited checks
Ally doesn't have a minimum opening deposit, so you don't have to fund your account right away if you're not ready to. You can set up direct deposit with your employer and wait for your next paycheck to fund the account.
Funds transferred electronically are usually available on the same or the next business day. However, transfers from another bank to your Ally Spending Account could take up to three business days if you initiate the transfer through Ally.
Withdrawal options
These are your choices for withdrawing money from your Ally Spending Account:
- ACH transfer
- Wire transfer
- Check withdrawal
- ATM withdrawal
- Point-of-sale withdrawal
You can use the ATM locator tool on Ally's website or in its mobile app to find a surcharge-free ATM near you. If there isn't one around, just use any ATM nearby; Ally will reimburse you up to $10 in ATM fees per month.
This checking account is right for you if:
The Ally Spending Account is a good fit for those who want to earn interest on their checking account funds but don't have a lot of money to put in their account. It doesn't have a minimum opening deposit or a minimum balance requirement to earn interest. It also offers monthly ATM fee reimbursements, plus a nationwide ATM network, so it's a great choice for those who don't want to pay to access their cash when they need it.
Those with minimum daily balances of $15,000 or more will get the most benefit from the Ally Spending Account, including its highest APY. But even if you qualify for the lower APY tier, you can feel confident you're earning a rate well above the national average for checking accounts.
Keep reading about Ally Bank:
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 30%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
Our Banking Experts
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
Fact Checked
Ashley Maready
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Apple, Axos Financial, and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.