Image: A young man seated on a bench smiles as he uses his mobile phone to access his Ally checking account.
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Ally Bank checking accounts at a glance
Ally Bank offers online-only, interest-bearing checking accounts with a robust set of features. You’ll have to be comfortable doing your banking digitally since Ally doesn’t have any physical locations.
How do I open an Ally Bank checking account?
Opening a new Ally Bank checking account is simple. It only takes minutes. The online application allows you to provide personal details, including your address and your Social Security number. You can then fund your account. There currently is no minimum balance required to start banking with Ally, and online access is available almost immediately.
Is an online bank right for me?
The main difference between online banks and many traditional banks is that they don’t have a physical location. That trade-off may allow online banks to offer a better value proposition — such as higher interest rates on checking and savings accounts — than banks with physical locations.
But there are some potential disadvantages. Namely, not all online banks can accept cash deposits, they don’t have safe deposit boxes and they don’t offer notary services. Plus, some people just feel better when they can meet with a person face-to-face to discuss their finances.
That said, there is no reason you can’t open an account at a bank with a local physical location and also have an online-only account.
About the author: Renee A Butler is an experienced writer and consultant who helps explain complex ideas simply. For more than 15 years, she has been a leader in financial management, business strategy, and marketing. Butler has worked… Read more.
