Earn up to 6 times more interest on your deposits with the Ally Bank Spending Account

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 Bank Spending Account (Ally's checking product) 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 Bank Spending 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.

• APY
• Access to your cash
• Perks
• Fees
• Bottom line

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:

• 0.10% APY on minimum daily balances less than $15,000
• 0.25% APY on minimum daily balances over $15,000

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.

• Top-rated mobile app, with 4.7 out of 5 stars on the Apple® App Store.
• No deposit required to open an account, but you’ll need to make a deposit within 30 days or your account will be closed.
• Zelle is integrated directly into the Ally Bank mobile app, allowing you to send and receive money within minutes.
• Free check orders, so you don’t have to pay for a checkbook or standard delivery. Expedited delivery costs $15.
• Over fee-free 43,000 Allpoint® ATMs, so you can withdraw and deposit money without paying fees.
• ATM fee reimbursement up to $10 per statement cycle, which allows you to recoup out-of-network ATMs.
• Mobile check deposit, which allows you to easily take a photo of a check and deposit it from within the Ally Bank mobile app, saving you a trip to an ATM or bank.

The Ally Bank Spending 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 Spending Account (Ally's checking product) 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.

Information about the Ally Bank Spending Account has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

Ally Bank is a Member FDIC.