Review
Updated March 16, 2023
Ally Online Savings account offers 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 Online Savings account review will help you uncover whether it's a fit for you.
Rates as
of March 20, 2023
Ally Online Savings
Rating image, 4.50 out of 5 stars.
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 = Poor4.50/5
APY
3.60%
Min. To Earn APY
$0
- High customer satisfaction ratings
- Competitive APYs
- Loyalty bonuses on CDs
- No minimum balance requirements
- No brick-and-mortar branches
Full Ally Online Savings review
This savings account has some definite perks, but there are a couple of drawbacks as well. Here's what you need to know.
Top perks
3.60% APY: The Ally Online Savings account's APY is among the higher flat APYs we know of for the top online savings accounts. Unlike tiered offers, all balances qualify for the same rate. In fact, there's no balance requirement to receive the top APY.
No minimum balance: There's no minimum balance required to open an Ally Online 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 Online 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 Online 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.
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.
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.
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 Online Savings account:
- Electronic transfers from external accounts
- Mobile check deposit
- Wire transfer
- Mailed check
Ally even offers free postage-paid deposit envelopes to help further reduce costs.
Withdrawal options
When you need to withdraw money from your Ally Online 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.
Online savings account comparison
While the Ally Online Savings account is a good option for many, no savings account is right for everyone. Here are a couple of other online savings account options that offer both a high APY and low fees.
Rates as
of March 20, 2023
| Offer |
|
|
|
|---|---|---|---|
| Account |
Ally Online Savings
|
||
| Rating |
Rating image, 4.50 out of 5 stars.
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 = Poor4.50/5 |
Rating image, 5.00 out of 5 stars.
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 = Poor5.00/5 |
Rating image, 4.25 out of 5 stars.
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 = Poor4.25/5 |
| APY | 3.60% | 3.75% | 3.70% |
| Min. to earn APY | $0 | $1 | $100 |
| Next Steps |
|
The Ally Online 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 several savings buckets.
Our Banking Expert
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
American Express is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. None has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2023 The Ascent. All rights reserved.
About The Ascent
Legal