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- Ally High Yield Savings Account Rates
- Pros and Cons
- How Ally Savings Rates Compare
- Why You Should Trust Us
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Ally Savings Account
Ally Bank, FDIC Insured
Insider’s Rating
4.75/5
Perks
Earn 4.35% Annual Percentage Yield with a $0 minimum account opening requirement
Fees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
Pros
- 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
Cons
- No physical branch locations
- No way to deposit cash
Insider’s Take
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. You may earn 4.35% APY, and the account doesn't have any requirements for earning interest. However, keep in mind that the best high-yield savings accounts pay up to 5.50% APY right now.
Product Details
- 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
Ally Bank is one of the best online banks, and a major reason it stands out is because it has a well-rounded high-yield savings account.
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.
The Ally 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.
Ally Savings Rates Review
Ally pays 4.35% APY with no requirements for earning interest. It also doesn't require any money to open, and doesn't charge monthly service fees.
Ally notably has online tools to help you save smarter. Set up savings buckets to save for separate goals, such as "Emergency Savings" or "Travel Fund." 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.
Ally Savings Pros and Cons
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How Ally Savings Account Rates Compare
Ally Savings Account vs. Discover Online Savings
Ally and Discover have competitive savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, and no monthly service fees. 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.
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. 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.
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 0 to 5 stars to rate bank accounts. When we rate savings accounts, we look at minimum opening deposit requirements, monthly service fees, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, and ethics.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
BrioDirect High-Yield Savings Account Earn 5.35% APY when you open a new account with a $5,000 deposit. No monthly maintenance fees. You must deposit at least $5,000 to open your account and maintain $25 to earn the disclosed APY.
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.
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