Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Ally Online Savings account review

Watch your money grow with a 2% APY and automated savings features, but no ATM access.’s rating: 4.4 / 5.0


The Ally Online Savings account offers low fees and a 2% APY, regardless of your balance. But as with most online accounts, it doesn’t accept cash deposits.






Minimum deposit to open


Annual percentage yield (APY)2.00%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10

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

The Ally Online Savings account is best for anyone who doesn’t need the amenities of a bank branch and is looking for a convenient way to organize and grow their savings. One of Ally’s best features is that you can add categories for and track the amount you’ve saved toward different goals. You can also boost your savings through three automatic features that help you put more toward your savings than you normally would.

Plus, it offers a generous 2% APY with no monthly maintenance fee.

But as with most online savings accounts, it doesn’t accept cash deposits and doesn’t come with an ATM card. So if you need access to ATMs or a bank branch, you’ll want to keep looking.

How do I apply for an Ally Savings account?

Applying with Ally is done in as little as 10 minutes, and you can apply for a solo or joint account online. Ally also doesn’t limit how many savings accounts you can open to track different savings goals.

  1. Go to the provider’s site and follow the steps to apply.
  2. Select Checking & Savings on Ally Bank’s website, then Online Savings.
  3. Choose Open New Account.
  4. Select whether you’re new to Ally, a current customer or have already started an application. Select Continue.
  5. Indicate the account you’re interested in and your opening deposit. Then select Add This Account.
  6. Proceed through the rest of the steps, entering your personal information, financial details and finally enrolling in online banking.


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

  • At least 18 years old
  • US citizen or a legal permanent resident
  • Social Security number
  • US mailing address

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

What are the benefits of an Ally savings account?

Ally’s Online Savings account helps you earn interest competitively for a savings account without monthly maintenance fees. Your deposits are also safe and secure, insured by the FDIC.

  • High interest rate. Ally’s 2% APY is hard to beat, considering competitors offer as low as a 0.01% APY.
  • Track your goals. Organize your savings into categories called buckets and track how much you save toward different goals.
  • Tools to boost savings. Turn on savings boosters to set up recurring transfers or save your change from debit card purchases. It also analyzes your checking account and sweeps unused funds into savings.
  • No monthly maintenance fee or minimum balance. Open and maintain your Ally account with $0 without incurring a monthly maintenance charge.
  • Daily compounded interest. Interest on your savings is compounded daily, so you’ll earn on what you save each day.

Case study: Cassidy’s experience – October 2020

profile pic

Cassidy Horton

I’ve researched countless savings accounts as a banking writer at Finder and Ally Bank Online Savings Account is still the one I recommend to all my friends and family. I’ve had this account since 2014 and have been nothing but impressed. I’ve never paid a single bank fee, and I can always reach customer service within minutes thanks to its 24/7 phone line.

The APY isn’t the absolute highest on the market, but it’s always competitive. Even in 2020 where we’ve seen banks slash interest rates to nearly nothing overnight, Ally has slowly and incrementally dropped its APYs to not overwhelm customers. From my experience, I can tell they care about their customers, and I feel 100% confident in my decision to bank with them.

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.
  • No cash deposits. Ally doesn’t have any branches or ATMs, so you won’t be able to deposit cash.
  • 30 days to fund the account. While the account doesn’t have a minimum balance requirement, you have to deposit any amount within 30 days to avoid closure.
  • 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.

If you’re looking for more access to your money, you could try Discover’s Online Savings account. It offers a wide ATM network and the flexibility to open multiple accounts. 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.

Compare with other savings accounts

Check out the features of several savings accounts and select Go to site when you decide that one fits your needs.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open Interest compounding Offer
Ponce Bank High-Yield Money Market Deposit
Finder Rating: 4 / 5: ★★★★★
Ponce Bank High-Yield Money Market Deposit
Ponce Bank Money Market Deposit account, offered through SaveBetter, has a $1 opening deposit and earns 3% APY.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
Up to 5.00%
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC.
CIT Savings Connect
Finder Rating: 5 / 5: ★★★★★
CIT Savings Connect
Earn an impressive APY on your entire balance. This straightforward online savings account has no monthly service or account opening fees.
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Axiom Bank high-yield savings account
Axiom Bank high-yield savings account
UFB Elite Savings
Finder Rating: 5 / 5: ★★★★★
UFB Elite Savings
Earn a 2.85% APY with no minimum deposit or balance amount with this no-monthly-fee savings account.

Compare up to 4 providers

What other savings accounts does Ally offer?

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

  • Money market. Enjoy up to 1.25% 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 1% to 3.15%.
  • Raise Your Rate CDs. Comes in a two or four-year term with the option to raise your rate once during the term if Ally’s rates go up.
  • No-penalty CDs. With a 2% 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 competitive APYs for both fixed and flexible rates.

How do I deposit or withdraw money?

Despite being an online-only bank, Ally offers a number of ways to access your money. For reference, Ally Bank’s routing number is 124003116.


The main ways to fund your account is to transfer money from an external account, deposit your money through a wire transfer or use Ally’s mobile check deposits.

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


You can use your money by transferring it, although you can’t withdraw cash through an ATM or bank branch. Specific ways to withdraw your money include:

  • 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.
  • Send a secure email through your account.
  • Tweet @Ally on Twitter.

Ally Mobile 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.

    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.

    Ask an expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
    Go to site