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Ally Bank Online Savings Account review

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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.

1.80%

APY

$0

Fee

$0

Minimum deposit to open

Details

APY1.80%
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

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.

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. Like all savings accounts, you’re limited to six withdrawals a month. But Ally, charges $10 fee for all subsequent transactions.
  • 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.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
1.90%
$0
$0
Earn 20x the national savings account average with no fees or minimums.
1.75%
$0
$0
Enjoy no monthly fees and a competitive APY with this online-only savings account.
1.50%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
1.85%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank. Earn up to $300 Cash Bonus with a $50K deposit. Open to both current and new customers. Conditions apply
Betterment Everyday Savings
Betterment Everyday Savings
1.85%
$0
$10
This savings account has no account and overdraft fees, plus it requires no minimum balance.
0.01%
$5 per month
(can be waived)
$0
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days. Or get $350 when you open both a Chase Savings and Chase Total Checking account.

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?

Ally Bank has plenty of high-interest online savings products to offer:

  • 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.

Bottom line

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

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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