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Ally Bank Online Savings Account review

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Make your savings work for you with a 0.8% APY, easy access and no hidden fees.

finder.com’s rating: 4.4 / 5.0

★★★★★

With an endless selection of financial institutions and products, choosing the right savings account can take time. Ally is an online-only bank that offers competitive rates and low fees by avoiding the overhead costs of physical branches. The result is an easily accessible online savings account with low fees and a 0.8% APY, regardless of your balance.

0.80%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY0.80%
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

Expert review

Peter Carleton

Review by


Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

Ally Bank’s Online Savings account is best for those looking for a high-yield account. It offers a generous 0.8% APY with no monthly maintenance or other hidden fees.

It allows you to easily manage your money from your computer, tablet or phone, but it lacks the support of a traditional brick-and-mortar bank. If you’re looking for a hassle-free, convenient way to save and don’t need the amenities of a bank branch, this online savings account could be a good way to save.

What are the benefits of the Ally Bank Online Savings Account?

The Online Savings Account from Ally Bank comes with several competitive perks:

  • High 0.8% APY. Ally’s APY is hard to beat, considering some competitors offer a low 0.05% APY.
  • No hidden fees. Avoid unpleasant surprises with Ally’s Straight Talk product guide that outlines all its fees.
  • Daily compounded interest. Interest on your savings is compounded daily, so you’ll earn on what you save each day.
  • Security. Deposits are covered by FDIC deposit insurance along with Ally’s online and mobile security guarantee.
  • No minimum deposit or balance requirements. You can open this account with as little as $0 with no minimum balance.

What’s the difference between an interest rate and an APY?

Your interest rate is the simple interest paid on an account or investment over the period of a year. If you invest $2,500 into an account that comes with 1% interest, you’ll earn $25 on that investment at the end of a year.

The annual percentage yield (APY) is a bit trickier: It’s the interest rate compounded daily or monthly over the course of a year.

Learn more about savings accounts

What should I look out for?

Ally Bank Online Savings Account is a convenient, on-the-go banking option. But keep these potential drawbacks in mind.

  • No debit card or ATM access. You can’t withdraw cash at ATMs.
  • Over transaction limit fee. Ally typically charges a $10 fee each time you make more than six outgoing transactions a month. But contact customer service to see if it’s waived temporarily due to the coronavirus.
  • Outgoing wire transfer fee. You’ll pay $20 per outgoing wire transfer with this account.
  • 30 days to fund the account. While the account doesn’t have a minimum balance requirement, you’ll need to make a deposit of any amount within 30 days or it will be closed.
  • No cash deposits. Ally doesn’t have any branches or ATMs, so you won’t be able to deposit cash.

If you’re looking for an account with branch locations or one that comes with a card, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare with other savings accounts

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
$0
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
American Express® Personal Savings High Yield Savings
0.60%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Money Market
0.60%
$0
$100
Go to site
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A savings account with a higher-than-average rate and minimal fees.
Chase Savings
0.01%
$5 per month
(can be waived)
$0
Go to site
View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
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Compare up to 4 providers

How do I apply?

Applying with Ally is done all online, and in as little as 10 minutes:

  1. Go to Ally’s website.
  2. Select Bank, then Online Savings.
  3. Select Open account.
  4. Select whether you’re new to Ally, a current customer or have already started an application. Click Next step.
  5. Indicate the account you’re interested in and your opening deposit. Then click Add this product.
  6. Proceed through the rest of the steps, entering your personal information, financial details and finally enrolling in online banking.

Eligibility requirements

To open the online savings account, you’ll need to meet Ally’s eligibility requirements:

  • Be a citizen or a legal permanent resident of the US.
  • Have a Social Security number.
  • Have a US mailing address.
  • Be 18 or older.

Required information

When you apply for an account, you’ll be asked for the following information:

  • Social Security number or taxpayer ID.
  • Name and contact information.
  • Date of birth.
  • Driver’s license information.

How do I deposit or withdraw money?

Despite being an online-only bank, Ally offers a number of ways to access your money:

Deposits

  • Remote check deposit.
  • Online transfers.
  • Direct deposit.
  • Wire transfers.
  • Check deposits by mail.

Withdrawals

  • Online transfers to other accounts.
  • Outgoing wire transfer.
  • Telephone transfer.
  • Request a check.

How do I get in touch with customer service?

While you won’t be able to visit a branch, there are a handful of ways you can contact Ally customer service:

  • Log in to your account for online chat.
  • Call 888-925-2559.
  • Log in to your account to send a secure email.
  • @Ally on Twitter.

What other savings options does Ally Bank offer?

You’ll find plenty of high-interest online savings products at Ally Bank:

  • Money market. Enjoy up to 0.5% APY, no monthly fees and unlimited deposits and ATM withdrawals with this high-interest savings account.
  • High-yield CDs. Terms range from three months to five years and offers APYs of 0.2% to 1%.
  • No-penalty CDs. With a 0.75% APY, you can get higher returns than most savings accounts without the withdrawal penalties of a standard CD.
  • IRAs. Traditional, Roth and SEP IRAs come with APYs up to 1.25% and options for both fixed and flexible rates.

Common questions about the Ally savings account

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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