For the easiest start, choose Ally for your salary and savings; choose Peak for savings instead if you want the higher advertised APY and qualify.

Opening eligibility and minimum deposit FAQs

You have to be a U.S. resident with a U.S street address and at least 18 years old. For an Ally Bank account, you can use your Social Security number or Tax Identification Number. It's always $0 to open. There are also no monthly service fees.

Rate, account features, recurring transfers and withdrawal limits

3\.1% correct as of 10/14/26 **Your money earns money with** interest compounded daily . **No monthly maintenance fees or minimum balance requirements.** Rate is variable and may change after the account is opened. Move money into your savings on a schedule that makes sense for you. We limit certain types of withdrawals and transfers from Savings and Money Market Accounts to a combined total of 10 per statement cycle. We don’t charge a fee for going over the limit. However, we’ll close your account if you exceed it on more than an occasional basis.

Ally Bank Spending Account features

No branches means no monthly maintenance fees, overdraft fees or minimum balance for you.

Envision High Yield Savings rate and opening disclosures

Up to 4.27% APY for new accounts No monthly maintenance fees Advertised annual percentage yield (APY) is for new accounts only and is accurate as of October 1, 2026. This is a variable-rate account, and APY is subject to change at any time without notice. Minimum amount to open is $100, with opening funds subject to a 5-business day hold.

Identity verification, account funding and external transfers FAQs

When you apply for an account with Peak Bank we use your social security number, in conjunction with other identifying information such as your date of birth, to verify your identity. When funding with an ACH transfer, please note, the maximum amount is $5000, and your funds will be available, pending review, after five days. You can easily complete bank-to-bank transfers by linking your external transaction accounts. Once an external account is linked, click the “Transfer” tile and complete the transfer details. This transfer feature will be enabled 5 business days after your initial funding deposit has posted .

Required documents and account-opening FAQs

Bank of America does not require a SSN to open a bank account in the U.S. When you open a bank account at Bank of America, you’ll need to provide a physical address where you reside, two forms of unexpired identification and a tax identification number (if applicable).

Account information; information current as of 08/2026

**Opening Deposit $25** or more **Monthly Maintenance Fee** **$4.95** each month. You can avoid the Monthly Maintenance Fee when you meet **ONE** of the following requirements during each statement cycle: • Maintain a minimum daily balance of $500 or more in your account, **OR** • An account owner on a SafeBalance® account or the child on a SafeBalance® for Family Banking account is under the age of 25 (fiduciary accounts do not qualify), **OR** • Be an account owner enrolled in BofA Rewards and qualify for the Preferred Plus tier or higher.

Instructions and direct deposit fields

Provide this completed form to your employer or payment provider (your provider may have their own form). It may take **1-2 pay periods** for your direct deposit to take effect. **Routing number:** 124003116

Appendix A, introductory paragraph

The annual percentage yield measures the total amount of interest paid on an account based on the interest rate and the frequency of compounding.

Pages 2 and 4: insurance basics and single accounts

The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC adds together the balances in all Single Accounts owned by the same person at the same bank and insures the total up to $250,000. A person does not have to be a U.S. citizen or resident to have his or her deposits insured by the FDIC.