Editor’s Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC will update as changes are made public.
Online-only banks offer some of the best interest rates for checking accounts, especially when compared to brick-and-mortar banks.
The Ally Interest Checking Account is one example of a great checking account from an online bank that comes with an above-average APY that's up to 6X higher than the national average of 0.04%. In comparison, many brick-and-mortar banks don't even offer an APY.
Ally checking account holders can also benefit from access to over 43,000 fee-free ATMs and reimbursement of up to $10 per month for out-of-network ATMs. The reimbursement can help you recoup fees when you're not near and in-network ATM, but need to access cash.
Here’s a breakdown of the Ally Interest Checking Account’s APY, access to your cash, perks and fees, so you can decide if this checking account is a good place to deposit your money.
0.10% less than $15,000 minimum daily balance; 0.25% over $15,000 minimum daily balance
43,000+ Allpoint® ATMs
Up to $10 per statement cycle
Account holders earn a higher-than-average APY (the national average is 0.04%) that varies depending on how much money you have in your account:
You can easily access your money by going to an ATM. However you won’t have the option of visiting a branch to speak with a teller since Ally Bank is online-only. You can send and receive money in minutes with Zelle.
ATM withdrawals with your debit card are limited to $1,000 per day, while debit card purchases are limited to $5,000 per day. During your first 90 days as an accountholder, you may experience lower limits of $500 per day.
The Ally Interest Checking Account doesn’t charge a monthly maintenance fee and only has a handful of fees that are common with checking accounts.
You’ll incur a $25 overdraft fee for select transactions (like recurring debit card purchases and checks) that exceed your account balance, though this fee is limited to once per day. You can enroll in overdraft protection to avoid overdraft fees. With this feature, Ally Bank will authorize transfers from a linked savings or Money Market account and transfer funds in $100 increments when you don’t have enough money to cover a transaction. There’s no charge for this service.
Some other fees you may incur are a $15 expedited delivery fee for debit cards and checks and a foreign transaction fee of up to 1% per transaction.
The Ally Bank Interest Checking Account is one of our top no-fee checking accounts, allowing you to avoid monthly maintenance fees and a slew of other charges. Plus you can benefit from an above-average APY and ATM fee reimbursements, which both let you save more money. This account can be a great place to deposit your money if visiting a branch isn’t a deal breaker.