Ally offers an online savings account to help you reach your financial goals. You can earn a competitive annual percentage yield (APY) with no minimum balance requirement and no monthly maintenance fee. Growing your money is even easier when you make the most of this account by taking advantage of features like recurring transfers, round-ups and Surprise Savings.
Ally savings interest rates are comparable to rates offered by the best online savings accounts. Take a closer look at the features and benefits to decide if Ally’s savings account is right for you. Ally savings account rates, annual percentage yields (APYs) and details are accurate as of May 1, 2024.
Ally Bank Spending Account
Monthly Maintenance Fee
$0
Annual Percentage Yield
0.10%
Minimum Deposit Requirement
$0
Member FDIC
$0
0.10%
$0
- High customer service satisfaction
- Customer service is widely available
- Low fees and minimums
- Out-of-network ATM fee reimbursement up to $10 per statement cycle
- Lower app rating on Google Play
Ally Bank Spending Account balance tiers:
- Less than $15,000 = 0.10% Annual Percentage Yield (APY)
- $15,000 or more = 0.25% Annual Percentage Yield (APY)
Ally Bank Spending Account
Monthly Maintenance Fee
$0
Annual Percentage Yield
0.25%
Minimum Deposit Requirement
$15,000
Member FDIC
$0
0.25%
$15,000
- High customer service satisfaction
- Customer service is widely available
- Low fees and minimums
- Out-of-network ATM fee reimbursement up to $10 per statement cycle
- Lower app rating on Google Play
Ally Bank Spending Account balance tiers:
- Less than $15,000 = 0.10% Annual Percentage Yield (APY)
- $15,000 or more = 0.25% Annual Percentage Yield (APY)
Ally Savings Interest Rates
Ally Bank offers a high-yield online savings account with a rate well above the national average of 0.46% as of April 15, 2024.
Here’s the current rate on the Ally Bank Savings Account.
| Account Name | APY |
|---|---|
|
Ally Bank Savings Account
|
4.20%
|
Overview of Ally Savings
Ally’s online savings account is designed for people who want to fund their financial goals while earning generous interest. There’s no minimum opening deposit or minimum balance requirement, which could make it a good fit if you’re just getting started with saving.
You won’t pay a monthly maintenance fee to save, though there are a few other fees to be aware of. Ally savings account fees include the following.
- Excess transaction fee: $10 per transaction if you exceed six transactions per month
- Expedited delivery fee: $15
- Outgoing domestic wire transfer fee: $20
- Account research fee: $25 per hour
Ally savings accounts include some built-in features to make saving easier. You can organize your savings goals into different buckets, which can simplify tracking your progress. There are also some automated savings features included.
- Recurring transfers: Move money from checking to savings automatically on a schedule you set.
- Round ups: Transactions that draw from your Ally Interest Checking account are rounded up to the nearest dollar and the difference is deposited in your Ally Online Savings account.
- Surprise savings: Ally scans your checking account to look for money you can save, then transfers it to your savings account for you.
Deposits are FDIC-insured up to $250,000 per depositor, per account ownership type. If you need help with your Ally savings account, you can contact customer support 24 hours a day, seven days a week via phone, email or chat.
How Does The Ally Savings Account Work?
The Ally savings account is a high-yield savings account that works by allowing you to earn a competitive rate on your balance. Ally Bank savings accounts apply interest across different balance tiers.
There are three tiers:
- Less than $5,000
- Between $5,000 and $24,999.99
- $25,000 or more
At this time, Ally applies the same APY across all balance tiers. So, you can earn the same APY whether you deposit a little money into your account or a lot. It’s worth noting that some financial institutions may offer a higher APY to savers who maintain higher balances, while paying a lower APY at lower balance tiers.
Interest for Ally savings accounts compounds daily and is credited to your account monthly. The more frequently interest compounds on a savings account, the faster your money can grow.
Ally also gives you the option to create savings buckets for different financial goals. Buckets work like digital cash envelopes, allowing you to separate your savings by purpose and track your progress toward each goal on your list.
How Much Can You Earn With Ally Savings?
The Ally savings interest rate is competitive and similar to what you can find with the best online banks.
To calculate how much you could earn, enter your initial deposit, monthly contribution and Ally’s saving rate of 4.20% into the savings calculator below. You can adjust the time frame to see how much your money could grow over a specific number of months or years.
When you compare the Ally Bank savings rate to the 0.01% APY that’s common with many traditional banks, it’s easy to see which one is the clear winner.
However, traditional savings accounts may offer some perks you won’t get at Ally. For instance, Ally has no physical branches, which means you’re limited to managing your savings account online.
How To Open an Ally Savings Account
Opening a savings account with Ally is a straightforward process.
- Select the Open New Account button on the Ally savings account home page.
- Check the box indicating whether or not you’re a current Ally customer.
- Choose your account type and account ownership type, then enter a dollar amount for the opening deposit you’d like to make.
- Select Add This Account and follow the prompts to enter your personal information.
- Verify your information and submit your application.
- Enter your bank routing number and account number to transfer funds for your opening deposit.
You’ll have the option to open an individual or joint savings account. You can also open a savings account for a trust or a custodial account for a child. Each account owner who is 18 or older must provide their Social Security number or Tax Identification Number, full legal name, birth date and U.S. street address.
If you’d like to open more than one account with Ally, you can reuse the same application. You can open a savings account, money market, CD account or checking account simultaneously.
It takes just a few minutes to complete the application, link an existing bank account, make your opening deposit and get started with a new savings account at Ally.
How To Withdraw Money From an Ally Savings Account
Ally offers a few options for making withdrawals from your savings account. You can withdraw money via:
- Online (ACH) transfer
- Outgoing wire transfer
- Telephone transfer
- Check request
Ally does limit you to 10 withdrawals from your savings account per statement cycle when those transactions are made online or via mobile banking. There’s no fee for exceeding the limit, but your account may be subject to close if you exceed it regularly.
By comparison, many banks charge an excess withdrawal fee when you make more than six withdrawals from a savings account during a single statement period.
How the Ally Savings Account Stacks Up
Ally savings account rates are impressive, but are interest rates alone enough reason to open an account here?
In terms of what else makes the Ally online savings account a good choice, here are some highlights:
- No monthly maintenance fees, which isn’t often the case with savings accounts at brick-and-mortar banks.
- No minimum deposit requirement or minimum balance requirement, so you’re not penalized if you don’t have much money in savings yet.
- Automatic savings features can make it easier to develop a lasting savings habit.
- High APY applies to all balance tiers, so you can get a solid rate whether you save a little money or a lot.
The only real drawbacks associated with Ally’s savings account are the lack of branch banking and the option to withdraw cash from your account at ATMs.
However, you can get ATM access by opening an Ally Bank Spending Account account, which allows for unlimited withdrawals. This account also earns interest and has no monthly maintenance fees. You can access your money at more than 43,000 Allpoint ATMs and link your checking account to savings for convenient transfers.
Other Ways To Save With Ally
In addition to online savings accounts, Ally offers money market accounts and certificate of deposit (CD) accounts.
The Ally Bank Money Market Account offers an APY of 4.20% on all balance tiers. This account also comes with Ally checking account features, including ATM access. However, you’re limited to making six withdrawals per month to avoid an excess withdrawal fee.
If you’re interested in CDs, there are three options at Ally:
- Ally Bank Raise Your Rate CD. These CDs allow you to raise your interest rate during the CD term to keep pace with rising interest rates.
- Ally Bank Certificates of Deposit (High Yield). High-yield CDs earn a superior rate with terms ranging from three months to five years.
- Ally Bank No-Penalty CD. Ally no-penalty CDs let you withdraw money from your CD early without paying a penalty.
In terms of how Ally CD rates compare to Ally savings rates, there are some differences.
Raise Your Rate CDs earn a lower APY than the Ally savings account. High Yield CDs, on the other hand, earn a significantly higher rate. No Penalty CDs beat Ally savings account rates as well.
There are no minimum deposit requirements for Ally CDs, and you can open multiple CDs to build a CD ladder. Keep in mind that withdrawing your funds before the CD matures may result in paying an early withdrawal penalty.
You might use Ally CDs to save for longer-term goals while keeping your emergency fund or money you need for short-term goals in an Ally savings account. That way, you’re not locking all of your money into one account, and you can still benefit from Ally’s savings rates.
About Ally
Ally Bank is a full-service online bank offering personal banking products and services, credit cards, mortgage loans, auto financing and personal loans. Founded in 2009 and headquartered in Sandy, Utah, Ally Bank is the online-only banking division of Ally Financial Inc.
Frequently Asked Questions (FAQs)
Is Ally a good bank for savings?
Ally could be a good fit for savings if you’re interested in getting above-average rates with minimal fees. In addition to savings accounts, Ally offers money market accounts and CDs, which also earn competitive rates.
How much interest does Ally pay on savings?
Ally savings rates can fluctuate over time but generally, you can expect to earn more interest on your money with Ally than you could with a traditional savings account. Ally offers rates that are 10 times higher than the national average, which could help you to grow your savings faster.
Is saving with Ally safe?
Ally savings accounts are FDIC-insured, so you don’t have to worry about your money disappearing in the rare event of a bank failure. Ally also takes steps to secure and protect your personal and financial information.
What bank has the highest savings account rates?
Online banks tend to offer the highest savings account rates since they have lower overhead costs. Traditional banks and credit unions may pay far less in interest to savers and charge higher fees. Among online banks, Ally offers some of the most competitive savings account rates.
Is Ally Savings FDIC-insured?
Ally is an FDIC-member bank. That means your deposits are insured in the event of a bank failure. The current FDIC coverage limit is $250,000 per depositor, per account ownership type and per financial institution.
Is Ally a high-yield savings account?
Ally’s savings account is a high-yield savings account, meaning the APY you can earn is substantially higher than average savings account rates. High-yield savings accounts at online banks like Ally can be an attractive way to grow your money since you can take advantage of a higher rate, often while paying minimal fees.
