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Ally bank auto9/13/2023 ![]() In addition to a savings account, Ally Bank also offers a money market account, which pays an APY of 4.15% on all balance tiers. Customers can make deposits via smartphone or by mail. After that, Ally typically charged $10 for every additional transaction, but, due to Covid-19, the bank is temporarily refunding that fee. In the past, you were limited to six transactions per statement cycle. And due to federal regulation changes, Ally doesn’t currently limit the number of transactions you can make from the account. The account has a $0 monthly maintenance fee and no minimum balance requirement. Note: The APY may remain the same for all balance tiers or change based on your account’s daily balance. You won’t get rich off the APY, but you’ll generally get a better rate than you would at a traditional bank.Īlly Bank pays an APY of 4.00% on its online savings account, which is more than 10 times the national average. The best online savings accounts tend to offer higher rates on savings deposits and Ally Bank is no exception. The Capital One 360 Checking Account, for example, pays an APY of 0.10% on all balance tiers, while the Wells Fargo Premier Checking pays an APY of 0.25% to 0.50% APY depending on balance. The latter is higher than some of its rivals, though not as high as the best checking accounts. If you’re more old-fashioned, you can mail in deposits using postage-paid envelopes.Īlly Bank pays 0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more. ![]() Ally also supports Zelle, the peer-to-peer payment platform that enables you to send or receive money from friends and family. You can set up direct deposit of your paychecks, and Ally’s eCheck Deposit feature lets you deposit paper checks using your cellphone camera. Go outside of that ATM network of 55,000 ATMs and Ally will reimburse you up to $10 per statement cycle.īecause there are no physical branches, customers must rely on technology to fund their accounts. Account holders who use an Allpoint ATM never face any charges. Ally also doesn’t charge overdraft fees.Ĭustomers get complimentary standard checks, a debit card and bill-pay service. That’s the case with the Ally Bank Interest Checking account, the only checking product offered by this bank.Ĭustomers pay $0 in monthly fees, and there’s no minimum deposit to open the account. One of the advantages of not having any physical branches is that the bank can pass along those savings to customers in the form of lower fees.
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