Ally Bank Interest Checking is the better option due to its lack of monthly fees, no minimum balance requirements, interest-bearing feature, and larger ATM network with fee reimbursement. Wells Fargo Everyday Checking may be suitable for those who can easily meet the requirements to waive the monthly fee and prefer a traditional bank with physical branches.
| Attribute | Wells Fargo Everyday Checking | Ally Bank Interest Checking |
|---|---|---|
| Monthly Maintenance Fee | $10 | No monthly maintenance fees |
| Minimum Balance to Avoid Fees | $500 minimum daily balance, $500 or more in total qualifying electronic deposits per month, being between 17 and 24 years old, or having a linked Wells Fargo Campus ATM Card or Campus Debit Card | No minimum balance requirement |
| Interest Rate (APY) | The Everyday Checking account does not offer an APY | Balances less than $15,000: 0.10%; Balances of $15,000 or more: 0.25% (variable) |
| Overdraft Fees | $35 per item (limit of three per business day). No fee for items $10 or less, or if the account is overdrawn by $10 or less at the end of the day. | Eliminated overdraft fees; transactions typically declined without a fee |
| ATM Network Size | Over 10,000 Wells Fargo ATMs | Allpoint ATM network with over 75,000 ATMs; up to $10 reimbursement for out-of-network ATM fees |
| Mobile Banking Features | Deposit checks, pay bills, send and receive money with Zelle, set up account alerts, and track balances | Mobile check deposit, Zelle, debit card lock, Ally Assist, bill pay, transfers |
| Online Bill Pay | Yes | Free online bill pay service |
| FDIC Insurance | Yes | FDIC-insured up to $250,000 per depositor |
| Early Direct Deposit | Yes, with Early Pay Day, direct deposits may be available up to two days sooner | Access to paychecks up to two days early |
| Cash Back Rewards | No | No cash back rewards on the checking account itself |
| Customer Service Availability | 24/7 by phone (1-800-869-3557) | 24/7 customer service via phone or chat |
| Mobile Check Deposit | Yes | Daily limit: $50,000; Monthly limit: $250,000 |