Ally Bank Rolls Out Online Checking Account

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Ally Bank today rolled out a new checking online checking account. Up until now, the online bank had only offered savings and cd products.

Ally Bank today rolled out a new checking online checking account. Up until now, the online bank had only offered savings and cd products.

The checking account has many of the features you'd expect from an online account, including:

  • $0 monthly fee
  • $0 to open and no minimum balance
  • Free Online banking and Bill Pay
  • Free debit card, checks and unlimited check writing
  • Save time and money—get cash back when you shop
  • No ATM fees at any ATM
  • Free overdraft service and balance alerts

In general Ally has received high marks for their account opening and customer service. In addition, Bankman has reported that Ally has one of the best bank-to-bank fund transfer services. You can link to an unlimited amount of accounts and the transfers happen quickly and efficiently. If you plan to move money around a lot, then this might be a good option for you.

The current checking account rate of 1.15% APY for balances above $15,000 is competitive. It's not as good as Everbank's high interest checking account which offers many of the same features and pays a first year APY of 1.46% APY. It also may not be as good a deal as opening a Perkstreet checking account, which doesn't pay interest but pays 1% cash back on all purchases. An analsis done comparing Perkstreet's debit card program to the return on a checking account shows that most individuals would be ahead with Perkstreet.

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