High interest rates, 24/7 live customer support

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Annual percentage return (APY)

0.50% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • High APY
    • No minimum opening deposit
    • No monthly service fees
    • Savings compartments help you save for different purposes
    • Surprise savings transfers help you save extra money in your checking account
    The inconvenients
    • No physical branches
    • No way to deposit money
    • Create separate savings compartments in a savings account
    • Log into your Ally checking account and sign up for surprise savings transfers to transfer extra money to savings three times a week
    • Interest compounded daily, paid monthly
    • FDIC insured


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    Ally High Yield Savings pays one of the highest interest rates in the industry. Ally also does not require a minimum opening deposit and does not charge a monthly service fee.

    Ally makes it easy to save for specific goals. Give each account a nickname, such as “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You can decide to open a separate account for each goal, but Ally has a bucket feature that allows you to save for multiple goals in one account.

    Annual percentage return (APY)

    0.10% to 0.25% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Competitive APY
    • No initial deposit
    • No minimum account balance
    • No monthly service fees
    • Connect your account with Zelle
    • Easy to use mobile app
    • Reimburses up to $ 10 / month in off-network ATM fees
    • Online bill payment
    • 24/7 customer service
    • No overdraft fees
    • Overdraft protection
    The inconvenients
    • No physical branches
    • No way to deposit money
    • You can deposit checks directly from your smartphone
    • Ally reimburses up to $ 10 per statement cycle for fees billed at other ATMs nationwide
    • Transfer money with your voice via Ally Skill ™ for Amazon Alexa
    • Interest compounded daily, paid monthly
    • FDIC insured


    Read our review
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    The Ally Interest Checking Account is a solid, low cost checking account. You have free access to over 43,000 ATMs nationwide, but if you use an off-grid ATM, Ally doesn’t charge any fees. If the off-grid ATM provider charges you, Ally will reimburse up to $ 10 per month.

    If you have a savings or money market account through Ally, you can set up overdraft protection to transfer funds from another account to your checking account if you risk an overdraft.

    Annual percentage return (APY)

    0.20% to 0.80% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • Competitive APY
    • No opening deposit required
    • Low early withdrawal penalties
    The inconvenients
    • No mandate over 5 years
    • No physical branches
    • Duration ranging from 3 months to 5 years
    • 60-day early withdrawal penalty term interest penalty of 24 months or less; 90 days of interest for a period of 25 to 36 months; 120 days of interest for terms of 37 to 48 months; 150 days of interest for terms of 49 months or more
    • Interest compounded daily, paid monthly
    • FDIC insured


    Read our review
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    Ally pays competitive rates on its CDs, and it’s one of the few banks that doesn’t require a minimum opening deposit. Most banks require you to deposit hundreds or thousands of dollars to open a CD, but you can open an Ally High Yield CD with any amount.

    In addition to the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate if Ally’s rates increase. You can increase your rate once for a 2-year term and twice for a 4-year term. Ally also offers an 11 month penalty free CD.

    If you’re worried about needing to access funds before your CD matures, then Ally might be a good option. The early withdrawal penalties from the bank are lower than what you will find at most banks, or you can open the No Penalty CD.

    Annual percentage return (APY)

    0.50% APY

  • Advantages and disadvantages

  • Details


  • Benefits
    • No opening deposit or minimum account balance
    • No monthly service charge
    • Access to a debit card
    • Access to paper checks
    • Refunds at off-grid ATMs up to $ 10 per month
    • 24/7 customer service
    • Easy to use mobile app
    • Link to other Ally bank accounts
    The inconvenients
    • Not the highest APY money market account
    • No physical branches
    • $ 10 Excess Transaction Fee (Paused During COVID-19)
    • Access to checks and a debit card
    • Interest compounded daily, paid monthly
    • FDIC insured


    Read our review
    Read our review A long arrow, pointing to the right

    Savings and

    money market accounts
    have a lot of similarities, but one of the advantages of a money market account is that it generally makes it easier to access your money than a savings account. The Ally Money Market account makes it easy for you by sending you both a debit card and paper checks.

    Ally offers a wide range of products. In addition to its bank accounts, you can also open investment accounts, take out a mortgage, or refinance your home.

    Ally is an online-only bank, but it has physical ATMs. It is part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs in the United States. If you are using an off-grid ATM and the ATM provider charges a fee, Ally will reimburse you for up to $ 10 per month.

    The Ally mobile app has been awarded 4.7 out of 5 stars in the Apple Store and 3.9 out of 5 stars in the Google Play Store.

    Live customer service is available 24/7, both by phone and online chat.

    Your money is FDIC insured up to $ 250,000, or $ 500,000 if you have a joint account.

    The Better Business Bureau gives Ally a C in reliabilitybecause Ally has received numerous complaints on the website.

    The BBB measures reliability by examining how a business responds to customer complaints. It also checks whether a business is honest in its advertising and transparent in the way it conducts its business.

    On the bright side, Ally has no recent public scandals. So if you don’t mind the BBB rating, you can decide that you are comfortable with Ally.

    We compared Ally with two others

    online banks
    with competitive rates: Marcus by Goldman Sachs and Capital One.

    Ally review versus Marcus review

    Marcus only has a savings account and CDs, so if you’re looking for a checking account or money market account, you’ll want to go with Ally.

    Both banks offer CD with term and no penalty, but Marcus has nothing like the Ally Raise Your Rate CD which allows you to increase your rate over the term. You might prefer Marcus for a penalty-free CD, however. Ally only has an 11-month CD, but Marcus has seven, 11, and 13-month terms.

    Ally review vs Capital One review

    Both banks have CDs, savings accounts and

    verify accounts
    . If you want a money market account or some type of CD other than a regular term CD then you will want to go with Ally.

    Although Capital One is considered an online bank, it has over 470 physical branches in eight US states and Washington DC. So if you live near a branch and want a combination of online and in-person banking, then you might like Capital One.

    Laura Grace Tarpley is Editor-in-Chief at Personal Finance Insider, covering mortgages, refinancing, bank accounts and bank reviews. She is also a Certified Personal Finance Educator (CEPF). During her four years of personal finance coverage, she wrote extensively on saving, investing, and managing loans.

    About Jimmie T.

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