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Make your savings work for you with a 1.8% 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 1.8% APY, regardless of your balance.
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.
What are the benefits of the Ally Bank Online Savings Account?
The Online Savings Account from Ally Bank comes with several competitive perks:
High 1.8% 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.
Money market. Enjoy up to 1% 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 0.75% to 2.25%.
No-penalty CDs. With APYs between 1.65% and 1.9%, you can get higher returns than a savings account without the withdrawal penalties of a standard CD.
IRAs. Traditional, Roth and SEP IRAs come with APYs up to 3% and options for both fixed and flexible rates.
Ally Bank’s Online Savings account is best for those looking for a high-yield account. It offers a generous 1.8% 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.
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.
Common questions about the Ally savings account
You can transfer funds from an externally linked account, deposit your money through wire transfer or use Ally Bank’s eCheck Deposit with your mobile device.
There’s no minimum daily balance associated with this account, so deposit as much or as little as you want to begin earning daily interest.
No. The Ally Bank Online Savings Account does not offer access to ATM withdrawals. For an account that offers ATM access, consider Ally’s Money Market account or its Interest Checking account, both of which are free to open and come with checks and a debit card.
Yes. Ally does not have a limit on how many savings accounts you can open. Multiple savings accounts can help you better organize your finances or save for different goals.
Yes. It’s called Ally Mobile and is available on Google Play and the Apple App Store. You can use the mobile app to check balances, send mobile payments, deposit checks, make transfers and more.
The routing number for Ally Bank is 124003116.
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.
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