To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Account holders are free to withdraw both interest and principal funds any time, starting six days after funding an account, with no penalties. NerdWallet strives to keep its information accurate and up to date. In place of branch access, the bank offers 24/7 customer service via phone, live chat or email. You also can set up direct deposit with this account. Updated: Oct 26, 2020, 11:57pm. The Capital One 360 Checking Account, for example, pays an APY of 0.10% on all balance tiers, while Wells Fargo pays 0.01% APY on its checking account for all balances. Ally Bank is a popular online bank among people seeking strong rates and robust customer service. It’s an especially good fit for consumers who are looking to: As a full-service online bank, Ally offers a variety of banking accounts and services. And for terms of 49 months or longer, the charge is 150 days of interest. Interest compounds daily. There are no minimum opening deposit or ongoing balance requirements, but rates are based on your account balance. Ally claims you can open an account in as few as five minutes. Ally Bank charges a $10 charge per transaction over the limit.. There are plenty of ways to get your questions answered — by phone, email, snail mail, or chat — but Ally's stellar help center will likely answer many frequently asked questions. This review focuses on Ally Bank’s banking products and services. Currently, rates for these CDs sit at 0.70% APY. Box 951Horsham, PA 19044, To open an account with Ally Bank, you can apply online at Ally Bank also offers both high-yield and raise-your-rate IRA CDs. "Money Market Account." Ally’s savings account offers a rate of 0.60%, much higher than the national average of 0.05%, and interest is compounded daily, which means you’ll make a bit more money on interest compared with accounts that compound monthly. Pre-qualified offers are not binding. For terms between 37 and 48 months, the fee is 120 days of interest. Go outside of that ATM network of 55,000 ATMs and Ally will reimburse you up to $10 per statement cycle. Opening an Account FAQs: How do I open an Ally bank account? Ally charges a $25 overdraft fee, but customers can't rack up more than one of those per day. For terms of 24 months or less, it charges 60 days of interest. Select withdrawals and transfers are limited to a combined total of six per statement period. There’s no minimum deposit requirement for any of these certificates of deposit, though rates may vary depending on your balance. Power’s 2020 U.S. It offers enough options to meet the needs of most people looking for a top-notch online bank. It doesn’t have a rating in the Microsoft Store. Accessed May 4, 2020. Our opinions are our own. Accessed May 4, 2020. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812, The difference between term and whole life insurance, How medical conditions affect your life insurance rate, , much higher than the national average of. Ally Bank makes it easy to access your banking products, relying on technology to amp up the convenience factor.