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The Ally Interest Checking Account has a tiered APY system that offers competitive rates to people with all balances. Though you need at least $15,000 in your account to earn the highest rate, those with smaller balances will appreciate the account’s lack of fees and minimum balance requirements. Read our full Ally Interest Checking Account review to learn if it’s the right fit for you.
Rates as
of Jan. 5, 2022
| Offer | Our Score | APY | Best For |
|---|---|---|---|
Ally Interest Checking Member, FDIC |
Rating image, 5.0 out of 5 stars.
5.0 stars
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.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. |
APY: Up to 0.25% | Best For: No monthly maintenances fees |
Full Ally Interest Checking Account review
Competitive APY: The Ally Interest Checking 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 Interest Checking 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 Interest Checking 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 Interest Checking 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 Interest Checking 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.
What could be improved
Qualification requirements for the high APY: The Ally Interest Checking 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 Interest Checking Account | $0 | $0 | $0 | $15 per item | $0 |
How to access your money
Here are your options for depositing money into and withdrawing money from your Ally Interest Checking Account.
Deposit options
You can add money to your Ally Interest Checking 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 Interest Checking 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 Interest Checking Account:
- ACH transfer
- Wire transfer
- Request a mailed check
- 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.
Alternatives to consider
Rates as of Jan. 5, 2022
This checking account is right for you if:
The Ally Interest Checking 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 Interest Checking Account, including its highest APY, but even if you qualify only for the lower APY tier, you can still feel confident that you're earning a rate well above the national average for checking accounts.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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