Ally does not offer business checking accounts. Instead, the bank offers personal checking accounts, savings accounts, and certificates of deposit.
To find a … Business accountYou can browse other online banks as well as brick and mortar institutions and compare options, considering the account features that are most important to your small business.
Allied business checking alternatives
The personal current account of Allied Bank is known for its low fees, the ability to earn interest, digital tools, and nationwide access to ATMs. If you were interested in an Ally Business checking account for any of these features, consider the following alternatives instead:
BlueVine Business Checking
At BlueVine, the deposits are FDIC insured
If you’ve been looking for Ally Bank business account options because you want a checking account with interest income, BlueVine offers 1% interest on balances of up to $ 100,000 in its checking account.
BlueVine Business Checking is also an online account with no monthly fees, no minimum deposit, no incoming transfer fees, and no insufficient monetary fees. This account includes unlimited toll-free transactions, mobile check deposit, online bill payment, and toll-free access to ATMs in over 38,000 MoneyPass locations across the United States
Unlike Ally’s personal checking account, which does not accept cash deposits, the BlueVine business checking account allows you to deposit cash at participating Green Dot locations (fee of USD 4.95 per deposit).
Novo Business Checking
At Novo, the deposits are FDIC insured
Novo may be a worthwhile Ally business review alternative if you’re looking for an account with limited fees, ATM refunds, and a focus on digital tools.
The Novo online business checking account has no monthly fees, no ACH transfer fees, no fees for incoming transfers, and no fees for payment stops. With Novo, you get unlimited fee-free transactions, unlimited online invoicing, access to the Novo Reserves budgeting tool, and the ability to integrate with third-party business applications such as Stripe, Shopify and QuickBooks.
In addition, Novo Business Checking lets you use any ATM in the US or abroad without worrying about fees. Instead of offering a toll-free network, Novo will simply reimburse you for all ATM fees from other banks at the end of the month.
However, like Ally, Novo does not offer traditional cash deposits.
NBKC Business Checking
NBKC Business Checking is another online-based Ally Business Checking alternative that offers no monthly fees, unlimited toll-free transactions and widespread access to ATMs.
The NBKC business checking account has no minimum deposit, no fees for incoming domestic transfers, overdrafts, insufficient funds or payment freezes, among other things. In addition, this account provides toll-free access to all MoneyPass ATMs in the US, including the ability to deposit cash at authorized ATMs.
NBKC also offers monthly refunds of up to $ 12 for ATM fees charged by other banks. Although NBKC does not offer an interest-bearing business checking account, the bank does offer a free business savings account that can be opened at the same time as you sign up for a business checking account.
Can I use a personal Ally account for my company?
While sole proprietorships, freelancers, or independent contractors may be technically able to open an Ally personal account, we strongly recommend separating your personal and business finances with a dedicated business checking account.
Opening of a separate business account, also for a part-time job, gives your business financial credibility, makes it easier for you to balance your books, and better prepares you for tax filing. Additionally, separate personal and business bank accounts help protect your personal assets in the event of an audit or legal dispute.