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  Ally Bank Online Savings Account

Ally Bank Online Savings Account

in Savings Accounts from Ally Financial Inc. · fdic

Claimed

Ally Bank Online Savings Account

Claimed

in Savings Accounts from Ally Financial Inc. · Member FDIC

SuperMoney Net Recommendation Score +94

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +94, equating to 4.9 on a 5 point rating scale.

+94

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

17 users recommend
1 user is unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
Monthly Fee $0
APY (Annual Percentage Yield) 0.5%
APY Minimum Balance $1
Number of Reviews 18

Ally Bank Online Savings Account Review

Ally Bank Online Savings Account is offered by Ally Financial Inc., a bank founded in 2001 and based in Philadelphia, PA. Ally Bank Online Savings Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Higher than average APY. Ally Bank Online Savings Account has an annual percentage yield of up to 0.5%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $1.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • No minimum initial deposit. There is no minimum balance required to open an account.
Ally savings account Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Access to a nationwide network of ATMs.
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not come with a debit card
  • Higher than average wire transfer fees.
Ally savings account FAQ

Are savings accounts from Ally Financial Inc. federally insured?

Yes, your Ally Financial Inc. savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57803). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Ally Financial Inc. offer a signup bonus?

Ally savings account has a signup bonus of $0.

What is the minimum initial deposit for Ally savings account?

There is no minimum deposit to open a Ally savings account.
Ally Bank Online Savings Account Minimums
Description
APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $0
Minimum Required Balance $0

What APY does Ally Financial Inc. offer?

Ally savings account offers an APY of 0.5% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Ally savings account charge?

Ally savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $20 fee.

What features and perks does Ally savings account offer?

This savings account includes the following features:

  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - Ally savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Mobile Banking Services - Ally savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Ally savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Ally savings account?

The customer support email for Ally savings account is support@invest.ally.com.

How do people rate the customer service and user experience of Ally savings account?

Overall, Ally savings account is strongly recommended based on community reviews that rate customer service and user experience.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $0
Minimum Required Balance $0
Monthly Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Returned Deposit Fee (Domestic) $7.50
Wire Transfer Fee - Domestic (Outgoing) $20
Bauer Financial A+/A Rating
Account Features
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Automatic Transfers
  • Bauer Financial A+/A Rating
  • Branch Access
  • Member FDIC
APY (Annual Percentage Yield) 0.5%

Ally Bank Online Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +94, equating to 4.9 on a 5 point rating scale.

+94

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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