Ally’s account options include the Interest Checking Account, which offers a debit Mastercard and free use of Allpoint ATMs. With this account, you can use the eCheck Deposit feature, which allows you to take photos of cheques with your smartphone, wire money with Zelle, and claim up to a $10 reimbursement per statement cycle for ATM fees for machines outside the network. There is a 0.50 percent APY interest rate for accounts over a balance of $15,000, and 0.10 percent for accounts with less than that amount
Then there is the Online Savings Account, with quite an impressive 2.2 percent APY, irrespective of your account balance. There is no minimum initial deposit for this account and no monthly fees. Another option is the Money Market Account, which combines a competitive interest rate with relaxed spending restrictions, making it a hybrid of the accounts mentioned above. Balances of above $25,000 earn 1 percent interest, with those below $25,000 earning 0.90 percent. You’ll get a debit card with this account and have the same ATM access as the Interest Checking Account.
You should consider that while the rate for the Money Market Account pays more than typical high street banks, it is not necessarily the highest of all the US digital banks. Remember that the Online Savings Account pays the most. So it may make sense for you to open both an Online Savings Account and Money Market Account, and move money to your Money Market Account only when you anticipate spending.