Ally Bank
Ally Bank solely operates online, so it can pass along the cost savings to consumers in the form of high interest rates and low fees. For instance, there are no overdraft fees at the bank. For those who don't need access to a branch for their banking, it also offers handy customer service options.
The interest rate on Ally's savings account is 3.30%, which is significantly higher than the national average of 0.30%. Additionally, interest is compounded daily, so you will earn somewhat more interest than with accounts that compound monthly. Ally is temporarily refunding customers who are charged an excessive transaction fee for making more than six withdrawals or transfers per cycle in order to comply with changes to federal regulations.
Best for: People who don't need to deposit cash or use in-person services and want cheap rates, low fees, simple access to customer assistance.
Pros:
- No monthly maintenance fees or minimum balances on checking, savings or CDs.
- Access to over 43,000 free ATMs via checking or money market accounts.
- An above-average interest rate on savings.
- No overdraft fees.
Cons:
- No way to deposit cash.
- No branches available.
Website: https://www.ally.com/
NerdWallet rating: 5.0/5.0
