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I Use Ally Bank Savings: Review From a Real User

Review Updated
Ashley Maready
Ashley Maready
| 2 others [ + ]
Matt Frankel, CFP®
Matt Frankel, CFP®
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Our quick take: The Ally Bank Savings account comes with a stellar mobile app and it can help you grow your savings with both buckets and boosters. It could be a great fit for anyone looking to start saving today, even with $0 -- it also has no minimum deposit requirement.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
Rates as of Oct 19, 2025

Ally Bank Savings

Member FDIC.
4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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= Poor
APY
3.40%
Min. To Earn APY
$0
  • Competitive APYs
  • No monthly maintenance fees
  • Saving buckets to separate savings by goals
  • No minimum balance requirements
  • No local branches
  • No cash deposits

The Ally Bank Savings Account features a competitive APY on all balances, with no fees or minimums. Customers also have access to several tools like savings buckets, recurring transfers, and roundups to maximize savings opportunities.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Bonus Next Steps
up to 4.50%
Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3.85%
Rate info Circle with letter I in it. 3.85% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $5,000
Earn a bonus of up to $300 after a one-time deposit of $25,000+ Circle with letter I in it. This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms: https://www.cit.com/cit-bank/platinum-savings/PS2025
4.10%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.

For complete list of account details and fees, see our Personal Account disclosures.

The annual percentage yield (APY) is accurate as of September 30, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.

Full Ally Bank Savings review

This high-yield savings account has some definite perks, but there are also a couple of drawbacks. Here's what you need to know about the Ally Bank Savings account.

Ally Bank Savings interest rate

Account APY Minimum Deposit
Ally Bank Savings 3.40% $0
Data source: Ally.

Want a high APY no matter what your balance is? Ally Bank Savings' APY matches that of some of our favorite savings accounts, and you can start with $0 and build your savings over time. Receiving your interest once a month from Ally will help.

Fees

Ally Bank Savings comes with very few fees. You won't pay a monthly maintenance fee, overdraft fee, ACH transfer fee, or a fee for cashier's checks. You will pay fees for the following:

Fee Amount
Expedited delivery $15
Outgoing domestic wires $20
Data source: Ally Bank.

Minimum balance

Some high-yield savings accounts require an opening deposit, which can be a bummer if you're just getting started with savings. Not so with this Ally account. If you're hoping to build a solid emergency fund and starting from scratch, this account's monthly interest payments will help you on your way, even starting with $0.

Withdrawal limit

There are no money withdrawal limits on your Ally Bank Savings account. Note that you won't be able to visit a bank branch, as Ally doesn't have them -- but you can transfer unlimited money to another account.

Mobile app

The Ally app is one of the bank's standout features. It lets you manage all your Ally accounts in one place, and you can move money around between those accounts and send it elsewhere using bank transfers and Zelle. You can also pay bills and deposit checks.

What I like

Ally Bank Savings APY: The Ally Bank Savings account's APY is among the higher flat APYs we've seen for the top online savings accounts.

No monthly maintenance fee: We don't think you should have to pay a fee to maintain an online savings account for routine needs. And Ally seems to agree as it does not charge one.

Savings buckets: The Ally Bank Savings account lets you divide your money into up to 30 different savings buckets, each one nicknamed for the goal you're saving toward.

24/7 customer service: Ally offers customer service by phone 24 hours a day, seven days a week, and often with little or no wait times. The website tells you the expected wait time if you call.

What could be improved

ATM access: It would be even more convenient to withdraw money from your savings account if Ally provided a free ATM card. This isn't a very common feature among online savings accounts, but some competitors offer ATM access.

Transaction limit: You can only make 10 limited withdrawals and transfers from this account per statement period. There is no penalty for going over, but Ally says it will close your account if it happens frequently.

It's important to point out that limiting withdrawals to a certain number (often six or fewer) is an industry standard for savings accounts (it is based on a federal law).

Online user reviews

Ally Bank doesn't have great average ratings on Trustpilot or the Better Business Bureau website -- just 1.2 stars and 1.13 stars, respectively. But Ally is a big financial institution, and many of the customer reviews complain about loans and other financial products. Reviews that are specific to Ally's bank accounts, including its savings account, are more positive -- reviewers call out the high APY and customer service specifically.

And the Ally app has an average rating of 4.7 stars for iOS and 2.3 stars for Android. This suggests that the app is better designed for Apple devices -- not an uncommon occurrence among financial apps.

How to access your money

Ally is an online-only bank, but that doesn't mean it's hard to access your cash. Here's how you can add and remove money from your Ally Bank Savings account.

Deposit options

Here are your choices for depositing money into your Ally Bank Savings account:

  • Electronic transfers from external accounts or from another Ally Bank account
  • Mobile check deposit
  • Wire transfer
  • Mailed check

Ally even offers free postage-paid deposit envelopes to help further reduce costs. But one thing it doesn't offer is the ability to make cash deposits. Most online savings accounts don't, but it's still worth noting, especially if you want that convenience. To get cash into your Ally account, you'd need to deposit it into another account and transfer it over.

Withdrawal options

When you need to withdraw money from your Ally Bank Savings account, these are your options:

  • Free electronic transfer
  • Outgoing wire transfer
  • Telephone transfer
  • Physical check

Ally customers can contact the bank's customer service to request a physical check.

Is Ally Bank Savings FDIC insured?

Yes, Ally Bank is under the purview of the FDIC. This means account holders are subject to coverage limits of $250,000 per depositor, per FDIC-insured bank, per ownership category.

Ally Bank Savings is right for you if:

Ally Bank Savings has user-friendly features and minimal fees. It's online-only, so it's a great option for anyone comfortable with online banking and mobile tech. And if you're new to building savings and interested in diversifying those savings using savings buckets, it could be downright perfect for your needs.

Keep reading about Ally Bank:

FAQs

  • Ally is a fully online bank, which means it doesn't have overhead costs to maintain a branch network. So it can pass those savings along to customers in the form of higher rates on bank accounts.

  • Not being able to directly deposit cash or get in-person help if you need it can be reasons not to open an online savings account like Ally Bank Savings. But the benefits (including the higher APY) will likely make up for this for many people.

  • Ally is an FDIC member, meaning your money is protected in case of bank failure for up to $250,000 per depositor and ownership category.