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Ally Savings Review: A Deep, No Fee Lineup and a High APY

Review Updated
Kevin Payne
Matt Frankel, CFP®
By: Kevin Payne and Matt Frankel, CFP®

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Ally Savings offers a competitive APY with almost no fees. The account is known for its convenience and access to the online bank's highly rated mobile app. This Ally Savings account review will help you uncover whether it's a fit for you.

Ratings Methodology
Rates as of May 18, 2024

Ally Savings

Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 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.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 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.
= Best
= Excellent
= Good
= Fair
= Poor
Min. To Earn APY
  • Competitive APYs
  • No monthly maintenance fees
  • Saving buckets to separate savings by goals
  • No minimum balance requirements
  • No local branches
  • No cash deposits

Ally Online Savings 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 Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at:
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.00% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0

Ally Savings interest rate

Account APY Minimum Deposit
Ally Savings 4.25% $0
Data source: Ally.

Want a high APY no matter what your balance is? Ally 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.

Full Ally Savings review

This savings account has some definite perks, but there are also a couple of drawbacks. Here's what you need to know.

Top perks

4.25% APY: The Ally Savings account's APY is among the higher flat APYs we know of for the top online savings accounts.

No minimum balance: There's no minimum balance required to open an Ally Savings account.

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 Savings account lets you divide your money into up to 10 different savings buckets, each one nicknamed for the goal you're saving toward.

Mobile app: Ally's mobile app is feature rich, which is key for an online bank. Account holders can use the app to electronically deposit checks, make free electronic transfers, and pay bills.

FDIC insured: Ally Savings accounts are covered by the same FDIC insurance as traditional bank savings accounts. You're covered for as much as $250,000 per depositor, per institution, in the event of a bank failure.

24/7 customer service: Ally offers customer service by phone 24 hours a day, 7 days a week, and often with little or no wait times.

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.

Withdrawal limit fee: One downside is the withdrawal fee of $10 per transaction that kicks in after you make six withdrawals within one month.

However, savers who rarely withdraw money from their savings account should be able to avoid this fee. Ally says on its site that it's temporarily refunding this fee due to changes in federal regulations. If you plan to make more than six withdrawals, your best bet is probably to check with Ally and see if they're still refunding this fee.

It's important to point out that the six withdrawal limit is an industry standard for savings accounts (it is based on a federal law), so you should expect some variation of a penalty elsewhere.

We tried it: Our team's firsthand experience

Here at The Motley Fool Ascent, we pride ourselves as real users of most of the products across our site. One of our Personal Finance Writers, Ashley Maready, uses the Ally Savings Account herself.

Here's Ashley's review:

Ally's savings account is excellent based on my experience so far. I really appreciate the high APY offered on my account and the fact that Ally keeps increasing it. I think this product could be a great option for anyone who wants a free high-yield savings account that is also easy to manage.

How to access your money

Though Ally Bank doesn't have any physical branches, it still gives you several options for accessing your funds.

Deposit options

Here are your choices for depositing money into your Ally 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.

Withdrawal options

When you need to withdraw money from your Ally 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.

The Ally Savings account is right for you if:

Ally's high-yield online savings account is laser-focused on what could be the right account perks for many savers. The bank pays a competitive APY, cuts pesky maintenance fees, and offers useful features like a robust mobile app and the ability to divide your funds into multiple savings buckets.

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.


  • Ally Online Savings offers a high APY and is a very competitive online savings account product, but it does have downsides. It doesn't offer a linked ATM card to access funds directly, and with no branch network, depositing cash isn't an option.

  • The Ally Online Savings account is safe. Ally Bank is an FDIC member bank, and deposits are insured up to the FDIC limit of $250,000 per depositor, per financial institution. Plus, Ally is a well-capitalized bank with plenty of liquidity to handle even an elevated level of customer withdrawals.

Our Banking Experts