Ally High-Yield Savings
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.
Overall Score | 4.5 | ||
Savings | 4.0 | ||
Fees | 5.0 | ||
Mobile App | 5.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- High APY on all balance tiers
- $0 monthly fees
- Seamless online banking platform
- No cash deposits
- Online banking only
- No debit card
Bottom Line
High-yield savings account with competitive APY and smart budgeting tools
Ally is an online-only bank that offers a high-yield Savings Account with a competitive APY.
It also boasts smart, automated tools that allow you to save money in a faster and smarter way. Read on for all the details.
What Is Ally High-Yield Savings Account
Ally Savings Account comes with a solid 3.85% APY on all balance tiers.
There is no opening deposit or minimum balance required, making it easy to open an account. And, you won't be charged any monthly fees.
Also, it gives you access to a robust online platform with smart saving tools that can help you make the most out of your account.
Yes, Ally's high-yield savings account is a great option. You'll get a high APY with no fees or minimum balance to worry about. On top of that, Ally's easy-to-use digital banking platform offers plenty of tools to help you manage and grow your money effortlessly.
How Much Can You Earn?
 |
Here's a calculator you can use to see how much your money can grow with Ally High-Yield Savings.
Ally's Automated Savings Tools
Ally's High-Yield Savings sets itself apart with Buckets and Boosters—smart, automated savings tools that are easy to use. Here's what they do:
Buckets
Savings Buckets are like digital piggy banks that you can arrange into different categories. You can label each Bucket by what you are saving up for to easily follow your progress.
But while your money is distributed into different Buckets, your total balance will still be earning interest. Do note that one account can only open 10 Buckets.
Boosters
Boosters, on the other hand, are smart tools that you can integrate into your account so you can save money without doing much work.
You can use three types of Boosters:
- Recurring Transfers: Automatically transfers your money into your buckets
- Round-Ups: Automatically rounds up your spending and transfers the money from your checking account to your savings account
- Surprise Savings: Automatically transfers "safe-to-save" money from your checking account to your savings account
Fees To Look Out For
Ally Savings has little to no fees for you to worry about. Here's a list:
- $0 for monthly maintenance fees
- $0 for overdraft fees
- $0 for standard or expedited ACH transfers
- $0 for incoming wires
- $0 for official/ cashier's checks
- $0 for excessive transactions fee
However, they will charge you a few fees but Ally makes good on disclosing them.[1] They are:
- $15 expedited delivery
- $20 outgoing domestic wires
- $25/hour account research fee
Pros and Cons
Pros:
- High APY on all balance tiers
- No minimum opening deposit
- No balance requirement
- $0 monthly maintenance fee
- User-friendly website and app
- Useful digital budgeting tools
Cons:
- No physical locations
- No debit card and ATM access
- Limited to 10 withdrawals or transfers per statement cycle
- Doesn't accept cash deposits
How to Open an Account
You can easily open an Ally Savings Account online from the comfort of your home. Just follow these steps:
- Go to Ally's Savings Account page and select Open New Account.
- Input your deposit amount and add the Savings Account.
- Provide your personal information and Social Security.
- Submit and fund your account via fund transfer, check deposit, or wire.
If you need the help of a live agent, you can also opt to open an account over the phone via their 24/7 hotline: 1-877-247-2559.
- Must be a U.S. citizen or currently reside in the U.S.
- Must have a Social Security or any Tax Identification Number
- Must have a physical U.S. residential street address
Who Is It Best For?
Ally Savings is a good choice for those who want to earn a high APY.
It is also ideal for those with clear goals on how they want to allocate their money. Ally lets you distribute your savings into buckets so you don't need to open multiple accounts for each goal.
Lastly, if you are a tech-savvy person who prefers to do all your banking online, Ally Savings is a must-try.
But remember, they do not have any physical branches, so all transactions can only be done via their website or app.
How Ally High Yield Savings Compares
Ally's high-yield savings is excellent, but there may be other equally good options. See how it stacks up against other Ally products and online bank offers.
Ally High Yield Savings vs Other Ally Products
Besides a high-yield savings account, Ally Bank also offers a money market account and CDs, giving you more ways to grow your savings. Here's how they compare:
- Ally Money Market Account: offers a 3.85% APY on all balance tiers, similar to the high-yield savings account. The big difference is that it comes with a free debit card, giving you access to over 43,000 Allpoint ATMs.
This makes it a great option for anyone looking to save at a competitive rate while keeping their money easily accessible.
- Ally CDs: offer a range of terms and rates. Unlike the Ally high-yield savings account, they provide a guaranteed interest rate in return for committing your funds for a specific period, perfect for those looking to enhance their savings with a fixed APY.
Ally Bank: Money Market - 3.85% APY
- 3.85% APY
- Unlimited deposits and ATM withdrawals, and up to 10 additional transactions
- $10/month rebate for ATMs outside of Ally Network
- $0 minimum opening deposit
- $0 monthly fee
- FDIC insured
- Daily compounding interest
Ally Bank: Term CDs
- Up to 4.20% APY
- $0 Minimum Opening Deposit
- Up to 5 years
- No monthly maintenance fee
- FDIC insured
- Daily Compounding Interest
Ally Bank: Raise Your Rate CDs
- 3.40% APY
- 2 or 4-Year Terms
- Opportunity to increase your rate once over the 2-year term or twice over the 4-year term
- $0 minimum opening deposit
- $0 monthly maintenance fee
- FDIC insured
- Daily compounding interest
Ally High Yield Savings vs Other Online Banks
Meanwhile, here's how Ally's high-yield savings account measures up against its competitors.
 |  | ||
| Get Deal | Get Deal | Get Deal | |
Ally Bank: Online Savings Account - 3.85% APY | CIT Bank Platinum Savings - 4.55% APY | Discover Bank: Online Savings Account - Earn 3.90% APY | |
|---|---|---|---|
| APY | 4.55% APY with a balance of $5,000 or more | ||
| Minimum Deposit to Open | |||
| Monthly Fee | |||
| Balance Requirement | $0; $5,000 to earn the highest APY | ||
| Get Deal | Get Deal | Get Deal |
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Is Ally Bank Safe?
Yes, using Ally Bank is safe. They are a member of the FDIC (Cert #57803) which means your deposits are insured up to $250,000 on individual accounts.
Since Ally Bank is an FDIC member, you don't have to worry about losing money because deposits are insured. The absence of fees and balance requirements also gives you more control over your funds.
How To Deposit and Withdraw Money?
To deposit money into your Savings Account, you can do any of the following:
- Online funds transfer
- Check deposit via Ally eCheck Deposit
- Wire transfer
- Mail a physical check
Meanwhile, to make a withdrawal, here are your options:
- Online funds transfer
- Outgoing wire transfer
- Telephone transfer
- Check request
Bottom Line
Ally Bank's high-yield savings account is a great place to store your funds.
It boasts a high APY on all balance tiers with no fees and balance requirements. You also get access to a variety of tools that can help you in your journey to save money.
If you want to save smarter and make your money work harder, Ally Savings Account is a great choice!
References
- ^ Ally. Straight Talk Product Guide: Savings Account, Retrieved 10/17/2024
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!* Open a business checking account by January 2 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
