This review was updated June 22, 2018. Review The Motley Fool's advertiser disclosure.

Ally's high-yield online savings account packs in what we think are must-have perks, including a high annual percentage yield (APY), rock-bottom low fees, and convenience. That's why we picked Ally Online Savings as one of the top accounts among the popular offers we cover (read our full list of the best high-yield online savings accounts). Let's dive in to help you uncover whether Ally is a fit for you.

Bank Name APY Min. Opening Deposit Key Features

Ally Online Savings

1.65% $0

-$0 monthly maintenance fee

-Free ATMs

-Mobile app and deposit

RELATED >> Compare hundreds of savings rates to find a high yield

What we like about Ally Online Savings

  • High APY -- 1.65% is among the higher flat APYs we know of for online savings accounts. There's no balance requirement to receive the quoted APY, and all balances qualify for the same rate, unlike tiered offers that ratchet the rate down as balances increase.
  • $0 minimum balance -- There is no minimum balance required to open this account.
  • $0 monthly maintenance fee -- We think the cost of maintaining an online savings account should approach $0 for routine needs, and this is rightly the case for Ally Online Savings.
  • Free ATMs -- U.S. Allpoint® ATMs are free for account holders, and the bank will reimburse $10 per statement cycle for out-of-network U.S. ATMs.
  • Mobile app -- Ally has built a deep feature set for its app, which is key for an online bank. Account holders can use the app to electronically deposit checks, make free electronic transfers, locate ATMs, and pay bills.

What could be improved for Ally Online Savings

  • Withdrawal limit fee -- One downside is the withdrawal-limit fee of $10 per transaction, which kicks in after you make six withdrawals within one month. Savers should be able to avoid this fee when using a savings account for its intended use -- i.e., parking your cash to earn interest.

WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates

How to fund an Ally Online Savings account

Several funding options are available, including free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check. Ally even offers free postage-paid deposit envelopes to help further reduce costs for account holders.

How to withdraw your money

Standard online savings-account withdrawal options are available, including free electronic transfer, outgoing wire, and physical check.

Other high-yield online savings accounts to consider

No doubt Ally's high-yield online savings account is a solid option, but we recognize that not all bankers have the same needs. We suggest you do your homework to review some of our other favorites online savings accounts, especially if a cash bonus is a must-have.

Feature Ally Online Savings American Express® Personal Savings   CIT Bank Money Market
APY 1.65% 1.75% 1.85%
Min. opening deposit $0


Bonus $0 $0 $0
Monthly maintenance fee $0 $0 $0
Withdrawal limit fee $10 $0 $0
ATM card Yes No No
Free ATMs Yes N/A N/A
Mobile app Yes No Yes
Mobile deposit Yes No Yes
Next steps --  APPLY NOW   APPLY NOW
Bank review --  American Express® Personal Savings Review  --

Final take

Ally's high-yield online savings account is laser-focused on what could be the right account perks for many savers. The bank offers a competitive APY, cuts pesky maintenance and ATM fees, and offers must-have mobile features for an online account. This combination of perks is rare outside of the savings accounts that landed a spot on our list of the best high-yield savings accounts, and we're enthusiastic about Ally's savings account for yield-hungry savers.

The Motley Fool's Golden Rule is our North Star and we'll guide you to best-in-class offerings, regardless of advertising relationships. We value editorial independence and reviews are not influenced by compensation. Compensation may influence placement within our list of the best savings accounts, but not inclusion. Click here to learn how we pick the best banking accounts. We work feverishly to maintain current offer details and some offers may vary from what's included on this page. Review bank sites for full details on costs, fees and other important details before opening an account. The Motley Fool has a disclosure policyThe Motley Fool has no position in any of the stocks mentioned.