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 offered in 50 states (and Washington, DC).

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.

What APY does Ally Financial Inc. offer?

Ally Bank Online Savings Account offers an APY of 2.2% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What features and perks does Ally Bank Online Savings Account offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks. Typically there is a limit to how much you can claim for these costs, so check the fine print if you plan to make multiple withdrawals within one month.
• Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
• Fraud monitoring - Ally Bank Online 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.
• Nationwide ATM network - Withdraw money and check your balance from wherever you are.

What fees does Ally Bank Online Savings Account charge?

Ally Bank Online Savings Account does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.

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