Ally Savings offers a competitive APY with almost no fees. The account is known for its convenience and access to the online bank's highly rated mobile app. This Ally Savings account review will help you uncover whether it's a fit for you.
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Ratings Methodology
Rates asof Mar 07, 2024
Ally Savings
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
4.35%
Min. To Earn APY
$0
- Competitive APYs
- No monthly maintenance fees
- Saving buckets to separate savings by goals
- No minimum balance requirements
- No local branches
- No cash deposits
Ally Online Savings features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.75 out of 5 stars. 4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | N/A | Open Account for SoFi Checking and Savings |
Open Account for UFB Secure Savings Account Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 5.25% Rate infoTo ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.Min. to earn: $0 | N/A | Open Account for UFB Secure Savings Account |
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.35% Rate info4.35% annual percentage yield as of March 7, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings |
Ally Savings interest rate
| Account | APY | Minimum Deposit |
|---|---|---|
| Ally Savings | 4.35% | $0 |
Data source: Ally.
Want a high APY no matter what your balance is? Ally Savings' APY matches that of some of our favorite savings accounts, and you can start with $0 and build your savings over time. Receiving your interest once a month from Ally will help.
Personal Review from Experts at The Motley Fool
Ashley Maready, Personal Finance Expert for The Motley Fool Ascent
Ally's savings account is excellent based on my experience so far. I really appreciate the high APY offered on my account and the fact that Ally keeps increasing it. I think this product could be a great option for anyone who wants a free high-yield savings account that is also easy to manage.
Full Ally Savings review
This savings account has some definite perks, but there are also a couple of drawbacks. Here's what you need to know.
Top perks
4.35% APY: The Ally Savings account's APY is among the higher flat APYs we know of for the top online savings accounts.
No minimum balance: There's no minimum balance required to open an Ally Savings account.
No monthly maintenance fee: We don't think you should have to pay a fee to maintain an online savings account for routine needs. And Ally seems to agree as it does not charge one.
Savings buckets: The Ally Savings account lets you divide your money into up to 10 different savings buckets, each one nicknamed for the goal you're saving toward.
Mobile app: Ally's mobile app is feature rich, which is key for an online bank. Account holders can use the app to electronically deposit checks, make free electronic transfers, and pay bills.
FDIC insured: Ally Savings accounts are covered by the same FDIC insurance as traditional bank savings accounts. You're covered for as much as $250,000 per depositor, per institution, in the event of a bank failure.
24/7 customer service: Ally offers customer service by phone 24 hours a day, 7 days a week, and often with little or no wait times.
Calling all college students
This is one of the accounts we recommend for college students!
Get all our student banking recommendations:
- Best Banks for Students
What could be improved
ATM access: It would be even more convenient to withdraw money from your savings account if Ally provided a free ATM card. This isn't a very common feature among online savings accounts, but some competitors offer ATM access.
Withdrawal limit fee: One downside is the withdrawal fee of $10 per transaction that kicks in after you make six withdrawals within one month. However, savers who rarely withdraw money from their savings account should be able to avoid this fee. Ally says on its site that it's temporarily refunding this fee due to changes in federal regulations. If you plan to make more than six withdrawals, your best bet is probably to check with Ally and see if they're still refunding this fee. However, it's important to point out that the six withdrawal limit is an industry standard for savings accounts (it is based on a federal law), so you should expect some variation of a penalty elsewhere.
READ MORE: What Is Regulation D?
How to access your money
Though Ally Bank doesn't have any physical branches, it still gives you several options for accessing your funds.
Deposit options
Here are your choices for depositing money into your Ally Savings account:
- Electronic transfers from external accounts or from another Ally Bank account
- Mobile check deposit
- Wire transfer
- Mailed check
Ally even offers free postage-paid deposit envelopes to help further reduce costs. But one thing it doesn't offer is the ability to make cash deposits. Most online savings accounts don't, but it's still worth noting, especially if you want that convenience.
Withdrawal options
When you need to withdraw money from your Ally Savings account, these are your options:
- Free electronic transfer
- Outgoing wire transfer
- Telephone transfer
- Physical check
Ally customers can contact the bank's customer service to request a physical check.
The Ally Savings account is right for you if:
Ally's high-yield online savings account is laser-focused on what could be the right account perks for many savers. The bank pays a competitive APY, cuts pesky maintenance fees, and offers useful features like a robust mobile app and the ability to divide your funds into multiple savings buckets.
Keep reading about Ally Bank:
- Ally Spending Account
- Ally Money Market Account
- Ally High Yield CD
Our savings account methodology
At The Ascent, a Motley Fool Service, we rate savings accounts on a five-star scale (1 = poor, 5 = best). Our criteria? We dive deep into factors like APY, account minimums and fees, along with features that really make a difference -- think ATM access, linked checking accounts, or even branch access. We blend this with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best. Our aim is to maintain a balanced best-of list featuring top-scoring products from reputable brands offering competitive APYs and standout features.
FAQs
Ally Online Savings offers a high APY and is a very competitive online savings account product, but it does have downsides. It doesn't offer a linked ATM card to access funds directly, and with no branch network, depositing cash isn't an option.
The Ally Online Savings account is safe. Ally Bank is an FDIC member bank, and deposits are insured up to the FDIC limit of $250,000 per depositor, per financial institution. Plus, Ally is a well-capitalized bank with plenty of liquidity to handle even an elevated level of customer withdrawals.
Our Banking Experts
By:Kevin Payne
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
By:Matt Frankel, CFP®
Writer, Analyst
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact CheckedNathan Alderman
Fact checker
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
