Ally Online Savings Review

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. Let's dive in to help you uncover whether Ally is a fit for you.

Rates as of Sept. 19, 2018
Offer APY Best For… Next Steps
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
4.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Ally Online Savings Member, FDIC
APY: 1.80% Best For: High APY and free ATMs Apply Now

What I like about Ally Online Savings

High APY -- 1.80% 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.

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, and pay bills.

What could be improved

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.

Funding options

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.

Withdrawal options

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

Online savings account comparison

Rates as of Sept. 19, 2018
Offer Ally Online Savings Member, FDIC
Synchrony Bank High-Yield Savings Member, FDIC
Marcus Savings by Goldman Sachs Goldman Sachs Bank USA Member, FDIC
Rating
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
4.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
APY

APY: 1.80%

APY: 1.85%

APY: 1.90%

Best For…

Best For: High APY and free ATMs

Best For: High APY

Best For: High APY and low fees

Min. for APY

Min. for APY: $0

Min. for APY: $0

Min. for APY: $1

Next Steps Apply Now Ally Online Savings Review Apply Now Synchrony Bank High-Yield Savings Review Apply Now Marcus Savings by Goldman Sachs 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.