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Ally Online Savings account review

Watch your money grow with a 0.5% APY and no hidden fees.’s rating: 4.4 / 5.0


The Ally Online Savings account is easily accessible with low fees and a 0.5% 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)0.50%
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

More Info


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 hassle-free, convenient way to save.

It offers a generous 0.5% APY with no monthly maintenance or minimum opening deposit requirements. Plus, Ally launched three automatic savings tools in 2019 to help you remain in control of your money and reach your goals even quicker.

But as with most online savings accounts, it doesn’t accept cash deposits and it doesn’t come with ATM card.

How do I apply for an Ally Savings account?

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

  1. Go to the provider’s site and follow the steps to apply.
  2. From Ally Bank’s website, select Checking & Savings, then Online Savings.
  3. Select Open New Account.
  4. Select whether you’re new to Ally, a current customer or have already started an application. Click Continue.
  5. Indicate the account you’re interested in and your opening deposit. Then click 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

Can I open this as a joint savings account?

Yes. You can open a joint Ally savings account online. You’ll see the option to open it jointly when you start the application process. Be sure to have the full name, birth date and Social Security number for everyone who will be listed on the account.

What are the benefits of an Ally savings account?

Ally’s Online Savings account comes with several competitive perks:

  • High interest rate. Ally’s 0.5% APY is hard to beat, considering some competitors offer a low 0.01% APY.
  • Four savings tools. You can divide your money into savings buckets, set up automatic deposits, save the spare change each time you buy something with your Ally debit card, and have Ally analyze your checking account and sweep unused funds into savings.
  • 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 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.

Case study: Cassidy’s experience – October 2020

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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.

Ally Savings account fees

Ally’s savings account fees are comparable with the rest of the industry. Here’s every fee associated with the account:

Excessive transactions$10
Returned deposit item$7.50
Overdraft fee$25
Outgoing domestic wires$20
Expedited delivery$15
Account research fee$25
Currency conversion transactionUp to 1%

Compare with other savings accounts

Enter your deposit amount into the table to see how much interest you could earn with an Ally savings account versus the competition.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$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 and a $100 bonus when you spend $1,000 in your first 60 days.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
Nexo Earn
Nexo Earn
Up to 12.00%
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.

Compare up to 4 providers

How do I deposit or withdraw money?

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


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


  • 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 accounts does Ally 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 0.15% to 0.8%.
  • 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 0.6% 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.

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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