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The Ally Spending Account strives to put money in your pocket by eliminating pesky fees and offering a competitive APY on your savings. Those with $15,000 or more will get the most out of this account, but even those with less will find a lot to love here. Read our full Ally Spending Account review below to decide if it's right for you.
Ally Spending Account
The Ally Spending Account is an appealing option for those who are comfortable managing their money online. Its monthly ATM fee reimbursements give you the freedom to access your cash wherever you need to. That, plus its APY, means you should only make money with this account.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
Account | APY | Promotion | Next Steps |
---|---|---|---|
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
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Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
Competitive APY: The Ally Spending Account offers a competitive APY, especially for customers who have a minimum daily balance of $15,000 or more. However, those with less can still earn an above-average rate. While some other interest-bearing checking accounts offer higher APYs, Ally's rates are still well above average, even besting those of many traditional savings accounts.
Monthly ATM fee reimbursements: Ally partners with Allpoint® to give its Ally Spending Account customers free access to 43,000 ATMs nationwide, but if you can't find one near you, that's OK. Ally will also reimburse you up to $10 per month for fees you incur at out-of-network ATMs.
No minimum balance required: Ally doesn't require a minimum opening deposit to get an Ally Spending Account, nor does it have ongoing minimum balance requirements to avoid fees or earn interest. This makes it a solid option for those who want to earn interest on their checking account funds but don't have a large enough balance to open an interest-bearing checking account or qualify for high APYs with other banks.
Many ways to manage your money: Ally has online banking features and a user-friendly mobile app for Android and Apple devices, so you can quickly view your transaction history, transfer funds, pay bills, and remotely deposit checks from anywhere. You can also use your Ally Spending Account with third-party payment services to send money directly to others. Those with an Amazon Alexa device in their homes can enable the Ally Skill and manage their funds without lifting a finger. Few other banks offer this many options for managing your money, so move Ally up on your list if easy access is a priority for you.
FDIC insured: Finally, Ally Spending Accounts are covered by the same FDIC insurance as traditional bank accounts. This covers you for $250,000 per depositor, per institution, in the event of a bank failure.
Qualification requirements for the high APY: The Ally Spending Account's high APY is available only to those with a minimum daily balance of $15,000 or more. Most people probably aren't going to keep that much money in their checking accounts, and those who do would probably be better off stashing that money in a high-yield savings account.
Here at The Motley Fool Ascent, we pride ourselves as real users of most of the products across our site. One of our Personal Finance Writers, Ashley Maready, uses the Ally Spending Account herself.
Ally's checking account has been great based on my experience. The website and mobile banking app are extremely user-friendly, which I find helpful. It's important to note that if you open a high-yield savings account with Ally, you'll need to link a checking account to it if you want a debit card for ATM access to your savings account. I appreciate that I was able to open my account with any amount of money. However, I do wish there were more available ATMs in my area.
Fees | Monthly Maintenance Fee | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
---|---|---|---|---|---|
Ally Spending Account | $0 | $0 | $0 | $15 per item | $0 |
Here are your options for depositing money into and withdrawing money from your Ally Spending Account.
You can add money to your Ally Spending Account in any of the following ways:
Ally doesn't have a minimum opening deposit, so you don't have to fund your account right away if you're not ready to. You can set up direct deposit with your employer and wait for your next paycheck to fund the account.
Funds transferred electronically are usually available on the same or the next business day. However, transfers from another bank to your Ally Spending Account could take up to three business days if you initiate the transfer through Ally.
These are your choices for withdrawing money from your Ally Spending Account:
You can use the ATM locator tool on Ally's website or in its mobile app to find a surcharge-free ATM near you. If there isn't one around, just use any ATM nearby; Ally will reimburse you up to $10 in ATM fees per month.
The Ally Spending Account is a good fit for those who want to earn interest on their checking account funds but don't have a lot of money to put in their account. It doesn't have a minimum opening deposit or a minimum balance requirement to earn interest. It also offers monthly ATM fee reimbursements, plus a nationwide ATM network, so it's a great choice for those who don't want to pay to access their cash when they need it.
Those with minimum daily balances of $15,000 or more will get the most benefit from the Ally Spending Account, including its highest APY. But even if you qualify for the lower APY tier, you can feel confident you're earning a rate well above the national average for checking accounts.
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.