Editor's note: We earn commission from Forbes Advisor partner links. Commissions do not influence our editors' opinions or ratings.
Ally offers an online savings account to help you reach your financial goals. You'll earn a competitive Annual Percentage Yen (APY) with no minimum balance requirements or monthly maintenance fees. Get the most out of your account with features like recurring transfers, rounding up, and surprise savings, making it even easier to grow your money.
Ally's savings interest rates are competitive with those offered by the best online savings accounts. Take a closer look at the features and benefits to determine if an Ally Savings Account is right for you. Ally Savings Account interest rates, Annual Percentage Yield (APY), and details are accurate as of July 1, 2024.
Arai Savings Interest Rate
Ally Bank offers a high-yield online savings account with interest rates well above the national average of 0.45% as of June 17, 2024.
Current interest rates for Ally Bank savings accounts are as follows:
Overview of Ally Savings
Ally's online savings account is designed for people who want to fund their financial goals while earning high interest, and with no minimum opening deposit or minimum balance requirements, it's perfect for those just starting to save.
There are no monthly maintenance fees on your savings, but there are some other fees to be aware of. Ally savings account fees include:
Excess transaction fee: $10 per transaction over 6 transactions per month Expedited shipping fee: $15 Domestic wire fee: $20 Account research fee: $25 per hour
Ally's savings account has several built-in features that make saving easy: It lets you organize your savings goals into different buckets, making it easy to track your progress, and it includes several automatic savings features.
Recurring Transfers: Automatically move funds from your checking to your savings account on a schedule you set. Round Up: Transactions debited from your Ally checking account are rounded up to the nearest dollar and the difference is deposited into your Ally online savings account. Surprise Savings: Ally scans your checking account for amounts you can save and transfers them to your savings account.
Deposits are insured by the FDIC up to $250,000 per depositor, per account ownership type. If you need help with your Ally savings account, you can contact customer support 24/7 via phone, email, or chat.
How does the Ally Savings Account work?
The Ally Savings Account is a high-yield savings account that allows you to earn competitive interest rates based on your balance. Ally Bank's savings account offers interest across various balance tiers.
There are three tiers:
Less than $5,000 Between $5,000 and $24,999.99 Over $25,000
Currently, Ally applies the same APY to all balance tiers, so whether you deposit a small or large amount into your account, you'll earn the same APY. Note that some financial institutions may offer higher APYs to depositors with higher balances and lower APYs to lower balance tiers.
Ally Savings Account interest is compounded daily and deposited into your account monthly. The more often your savings account interest is compounded, the faster your money will grow.
Ally also gives you the option to create savings buckets for your different financial goals. Buckets work like digital cash envelopes, allowing you to categorize your savings and track your progress towards each goal on your list.
How much can you earn with Ally Savings?
Ally's savings interest rates are competitive and roughly in line with those of the best online banks.
To calculate how much you could make, enter your initial deposit amount, monthly contributions, and Ally's 4.20% APR savings rate into the savings calculator below: You can adjust the time period to see how much your money would grow over a specific number of months or years.
When comparing Ally Bank's savings interest rate to the 0.01% APY that's common at many traditional banks, it's easy to see which is the clear winner.
However, traditional savings accounts may offer perks that Ally doesn't. For example, because Ally doesn't have any physical locations, you can only manage your savings account online.
How to open an Ally Savings Account
Opening a savings account with Ally is a simple process.
On the Ally Savings Account homepage[新規口座開設]button. Check the box to indicate if you're a current Ally customer. Select your account type and account ownership type, and enter the amount you'd like to deposit at opening.[この口座を追加]Select and follow the instructions to enter your personal information. Verify your information and submit your application. Enter your bank's routing number and account number to transfer the funds to be deposited at opening time.
You can open an individual or joint savings account. You can also open a trust savings account or a supervised account for a child. Each account owner over the age of 18 must provide their Social Security or taxpayer identification number, full legal name, date of birth, and U.S. address.
If you want to open multiple accounts with Ally, you can reuse the same application. You can open a savings account, a money market account, a CD account, and a checking account at the same time.
It only takes a few minutes to complete the application, link your existing bank account, and make an opening deposit to open a new savings account with Ally.
How to withdraw money from your Ally savings account
Ally gives you a few options for withdrawing money from your savings account. You can withdraw money in the following ways:
Online (ACH) Transfer Wire Transfer Phone Transfer Check Request
Ally limits you to 10 withdrawals from your savings account per statement cycle when you conduct transactions through online or mobile banking. There are no fees for exceeding the limit, but your account may be closed if you regularly exceed the limit.
By comparison, many banks charge an excess withdrawal fee if you withdraw money from your savings account more than six times during a single statement period.
Advantages of Ally Savings Account
Ally's savings account interest rates are attractive, but are the interest rates alone enough of a reason to open an account here?
Other reasons why the Ally online savings account is a great choice include:
There are no monthly maintenance fees, as is common with brick-and-mortar bank savings accounts. There are no minimum deposit or balance requirements, so you won't be penalized if you're still saving a little. Auto-savings features help you develop a lasting savings habit. And with high APYs on all balance levels, you can earn a steady rate of interest whether you save a little or a lot.
The only drawback associated with Ally savings accounts is that they do not have branches and there is no option to withdraw cash from the account at an ATM.
But you can use ATMs by opening an Ally Bank Spending Account that offers unlimited withdrawals, earns interest, and has no monthly maintenance fees. Access your funds at over 43,000 Allpoint ATMs, and link your checking account to your savings account for easy transfers.
Other ways to save with Ally
In addition to online savings accounts, Ally also offers money market accounts and certificate of deposit (CD) accounts.
The Ally Bank Money Market Account offers a 4.20% APY at all balance levels. The account also comes with Ally checking account features, including ATM access. However, withdrawals are limited to six per month to avoid excessive withdrawal fees.
If you're interested in CDs, Ally has three options.
Ally Bank Increased Rate CDs. These CDs allow you to increase your interest rate over the term of the CD as interest rates rise. Ally Bank Certificates of Deposit (High Yield). High-yield CDs earn great interest rates for terms ranging from three months to five years. Ally Bank No-Penalty CDs. Ally's no-penalty CDs allow you to withdraw money from your CD early without paying a penalty.
When comparing Ally CD interest rates to Ally Savings interest rates, there are a few differences.
The APY for Raise Your Rate CDs is lower than that of Ally Savings Accounts, while the rates for High Yield CDs are significantly higher. The rate for No Penalty CDs is also higher than that of Ally Savings Accounts.
Ally CDs have no minimum deposit requirements, and you can open multiple CDs to build a CD ladder. Keep in mind that if you withdraw funds before a CD matures, you may incur early withdrawal penalties.
You can also use your Ally CD to save for your long-term goals while keeping the money you need for your emergency fund and short-term goals in your Ally savings account, allowing you to take advantage of Ally's savings interest rate without having to lock up all your money in one account.
About Ally
Ally Bank is a full-service online bank offering personal banking products and services, credit cards, mortgages, auto loans and personal loans. Founded in 2009 and headquartered in Sandy, Utah, Ally Bank is the online-only banking division of Ally Financial Inc.
Frequently Asked Questions (FAQ)
Is Ally a good bank for savings?
If you're looking to earn above-average interest rates with minimal fees, Ally is a great place to save. In addition to savings accounts, Ally also offers money market accounts and CDs with competitive interest rates.
How much interest does Ally pay on savings?
Ally's savings interest rates fluctuate over time, but you can generally expect to earn more interest with Ally than you would with a traditional savings account. Ally offers interest rates 10 times the national average, helping you grow your savings faster.
Is it safe to save with Ally?
Ally savings accounts are FDIC insured, so you don't have to worry about losing your money if your bank goes bankrupt. Ally also takes steps to keep your personal and financial information safe.
Which bank offers the highest interest rates on regular savings accounts?
Online banks tend to offer the highest savings account interest rates because they have lower overhead costs. Traditional banks and credit unions pay depositors much less interest and can charge higher fees. Among online banks, Ally offers the most competitive savings account interest rates.
Is Ally Savings FDIC insured?
Ally is an FDIC insured bank, which means your deposits are insured in the event of a bank failure. Current FDIC indemnification limits are $250,000 per depositor, per account type, per financial institution.
Is Ally a high-yield savings account?
Ally's savings account is a high-yield savings account, which means the APY you earn is significantly higher than the average savings account interest rate. High-yield savings accounts from online banks like Ally are an attractive way to grow your money because they often offer high interest rates with minimal fees.