Business Insider's personal finance team compared the Ally Savings Account to the best high-yield savings accounts and found it to be a standard offering. It's a good, well-rounded account for avoiding fees, but its interest rate isn't quite high enough to match the best savings accounts from online banks and credit unions.
That being said, Ally Bank is still one of the best online banks, and its high-yield savings account could still serve you well, especially if you want a savings account with buckets.
Similar to other national brands with high-yield savings accounts, Ally pays well above the average savings account interest rate and doesn't have monthly service fees.
Current Ally Savings Account Rate
Ally Bank's savings account pays 3.70% Annual Percentage Yield with no requirements for earning interest. It also doesn't require any money to open and doesn't charge monthly service fees.
The Ally Savings Account interest rate is solid, although not quite as strong as the highest options from online banks and credit unions.
The average interest rate for a savings account is FDIC National Average Savings Rates according to the FDIC, so this account offers an APY multiple percentage points above the national average, making it a solid option overall.
no monthly service fee
3.70%
$0
- High APY
- No minimum opening deposit
- No monthly service fees
- Savings buckets help you save for different goals
- Surprise savings transfers help you save extra money from your checking account
- No physical branch locations
- No way to deposit cash
The Ally High Yield Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
- Create separate savings buckets in a savings account
- Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
- Interest compounded daily, paid monthly
- FDIC insured
Overview of Ally Savings
Ally notably has online tools to help you save smarter. You can set up savings buckets to save for separate goals, such as "Emergency Fund" or "Travel Savings." If you also have a Ally Spending Account, you can link it to savings and set up surprise savings transfers. Every Monday, Wednesday, and Friday, Ally assesses your checking balance and spending habits to determine whether you can afford to save more. If so, it transfers extra money into savings.
How Ally Savings Accounts Work
Ally offers various savings account options. In addition to the Ally Savings Account, it has an Ally Money Market Account, Ally High Yield CD, Ally Raise Your Rate CD and Ally No Penalty CD.
The Ally Money Market Account pays 3.70% APY. An Ally High Yield CD pays anywhere from 2.90% to 4.00% APY, an Ally Raise Your Rate CD pays 3.50% APY and the Ally No Penalty CD offers 3.65% APY.
As an online-only bank, you'll have to open these accounts through online and mobile banking. Ally doesn't have physical locations.
Account Opening Process
Like many online banks, opening a savings account with Ally is pretty easy and quick. You can open an account online or over the phone, and you'll need to provide some personal information, such as a government ID, a Social Security number, and your address. New accounts are usually approved within a few minutes.
Ally Savings Earnings
The Ally Savings Account is gives you several ways to earn and build savings. In addition to its high interest rate, it's also a saving account with buckets to help you with your budget. Essentially, savings buckets are partitions for your savings account; they let you put a certain amount of your savings into different buckets, helping you organize your money. For example, if you want to save up for a down payment on a house, you can make a bucket titled "down payment" and put some of your savings into it each month, giving you a clearer idea of how much you have saved for that goal.
Ally also lets you set up monthly recurring transfers into savings buckets, so a part of your paycheck automatically goes toward each of your savings goals.
Ally refers to other perks that come with its savings account as "savings boosters." Being able to set up a recurring transfer into your savings buckets counts as a savings booster; another booster it offers is analyzing your progress towards savings goals to help you shape how you budget.
If you also have Ally's free checking account, you can connect it to your savings account for an additional savings booster. Ally offers Roundups, which let you round your purchases to the nearest dollar, putting the extra money into your savings account in $5 increments. It also offers Surprise Savings; if you opt-in by connecting your checking account (from Ally or otherwise), Ally automatically transfers money it thinks you won't need to your savings account. It will never transfer more than $100 at a time, and it won't transfer money more than three times per week.
Ally Savings Fees and Charges
The Ally Savings Account doesn't come with any monthly service fees, so you won't be losing money by using the account. It also doesn't have a minimum opening deposit, so you won't need to have a certain amount of money to open your account.
Ally doesn't charge fees for incoming wire transfers or any ACH transfers, so you don't need to worry about incurring any fees for transfers into your new account. You will need to pay if you want to make a wire transfer yourself, though.
Ally uses the Allpoint ATM and MoneyPass networks to provide free access to over 75,000 ATMs nationwide to its customers. If you use an ATM from one of these networks, you won't have to pay any ATM fees. If you have to use an out-of-network ATM, Ally will reimburse up to $10 of out-of-network ATM fees per statement cycle to help you avoid ATM fees.
Ally Savings User Experience and Accessibility
Ally has a well-rated mobile banking app on the Apple App Store, with a score of 4.7, but its score on the Google Play store isn't as good. It has a 4.0 on the Google Play store, so if you're an Android user, you might want to go with another bank.
You can also bank from your computer or phone using Ally's website. Keep in mind, though, that Ally's website doesn't have as many features as its app. You won't be able to deposit checks or send money with Zelle using Ally's website.
Ally Savings Customer Service and Support
Ally offers 24/7 customer service to its banking customers. At any time, you could call its phone line for help. You can also email customer service or use Ally's mobile banking app if you prefer those methods over talking on the phone.
Ally Savings Security
Ally, like most banks, is FDIC-insured. This means that your money is insured in case of Ally failing up to $250,000 per person, per account type. Ally also provides two-factor authentication as well as transport layer security encryption to protect your personal information.
Ally Savings Rate Pros and Cons
Ally Savings Rate Pros
- Good interest rate than the average savings account
- No monthly fees
- Savings buckets to save for separate goals
- Surprise savings transfers to automatically save extra money
Ally Savings Rate Cons
- Have to be comfortable banking digitally
- Can't deposit cash
Ally Savings Account Alternatives
Ally Savings Account vs. Discover Online Savings
The Ally Savings account and the Discover Savings account are very similar — they both have good interest rates, 24/7 live customer support, no minimum opening deposits, and no monthly service fees. The Discover® Online Savings Account offers 3.70% (as of 03/04/25) APY, so your choice between the two will depend on what features you want from a savings account. You'll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers.
Your choice between the two could come down to whether you want to open other accounts, too. Discover has a checking account that offers cash back, while Ally has a checking account that pays a bit of interest.
Discover® Bank (Member FDIC) Review
Ally Savings Account vs. Marcus High Yield Online Savings Account
Marcus also has a high-yield savings account with no minimum balance requirements and no monthly fees. Currently, Marcus savings rates are slightly higher than Ally savings rates at 3.75% APY. It doesn't offer automatic savings tools like Ally, though.
If you're just looking for a savings account (and maybe a CD), you might like the Marcus High Yield Online Savings Account. But the bank doesn't have a checking account, so if you're wanting to do all your banking with one institution, you'll probably prefer Ally.
Is the Ally Savings Account Right For You?
The Ally Savings Account may be right for you if you're looking for a savings account with lots of perks and a decent interest rate. It also might be interesting to you if you're trying to avoid bank fees; it doesn't charge overdraft fees, monthly service fees, or excessive transaction fees, and it reimburses out-of-network ATM fees up to $10 per statement cycle.
If you're not comfortable with an online-only bank, you'll probably want to go with a brick-and-mortar bank or credit union over Ally. Also, if you're solely interested in earning a high interest rate; you might want to consider other options.
Why You Should Trust Us: How We Reviewed the Ally Savings Account
At Business Insider, we use our bank account methodology to rate bank products and services. We use a scale of one to five starss. When we rate savings accounts, we look at minimum opening deposit requirements, monthly service fees, miscellaneous features, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, security and ethics.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Ally Savings Account FAQs
What interest rate does Ally Savings offer?
The current interest rate for the Ally Savings Account is 3.70% annual percentage yield, or APY.
How do I open an Ally Savings account?
You can open an Ally Savings account by calling Ally's phone line or by using the Ally website. You'll need to provide some personal information, such as your Social Security number or individual taxpayer identification number and physical address. Ally doesn't have physical locations so the Ally Savings Account cannot be opened at a physical location.
Are there any fees associated with Ally Savings?
Ally Bank doesn't have any monthly service fees, overdraft fees, or excessive transaction fees. It also lets you initiate ACH transfers for free, and it doesn't charge in-network ATM fees. In addition, it will reimburse up to $10 worth of fees that out-of-network ATMs charge. However, there are still some fees associated with the account, although you're less likely to run into them; for example, if you initiate a wire transfer, you'll pay a $20 fee.
Is the Ally Savings Account secure?
Yes, the Ally Savings Account is secure. It is FDIC-insured, which means the money you put in the Ally Savings Account is federally insured, up to $250,000 per depositor, per account type.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
*Axos ONE Savings and Checking Bundle: Earn 4.86% APY on your savings account balance and 0.51% APY on yoaur checking account balance by getting at least $1,500 in monthly direct deposits by the 25th of each month and by maintaining an average daily balance of $1,500. If you don't meet those requirements, you'll earn 1.00% APY on savings account balances and no interest on checking account balances.
**LendingClub LevelUp Savings Account: Earn 4.40% APY when you deposit at least $250 per month, earn 3.40% standard APY if minimum isn't met.
***CIT Bank Platinum Savings: Transfer a one-time deposit of $50,000+ for a Bonus of $300 or a one-time deposit of $25,000 -$49,999.99 for a Bonus of $225
****SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
*****Public High-Yield Bonds: All investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. This is not a recommendation or offer to buy/sell securities or engage in any investment strategy. Brokerage services for treasuries in a Treasury Account and US-listed securities, options, and bonds in a self-directed brokerage account are offered by Open to the Public Investing, member FINRA & SIPC. Public Advisors and Public Investing are affiliates. Self-directed Individual Retirement Accounts and Bond Accounts are offered by Public Investing. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The 6.9% yield is the average, annualized yield to worst (YTW) across all ten bonds in the Bond Account, before fees, as of 3/13/2025. A bond's yield is a function of its market price, which can fluctuate; therefore, a bond's YTW is not "locked in" until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The "locked in" YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See Public's fee schedule for more information. https://public.com/disclosures/fee-schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See Bond Account Disclosures to learn more. https://public.com/disclosures.
