Last Updated: 04/18/2025
Ally Bank Online Savings Account
Claimed
in Savings Accounts from Ally Financial, Inc.
Last Updated: 04/18/2025
SuperMoney User Recommendation Score +95
Strongly recommended22 total votes
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Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
3.40%(Verified 06/21/2024)
Disclaimer popup with additional information
Minimum Opening Deposit
Starting at $0
Minimum Balance to Earn APY
$1
Number of Reviews
Ally Bank Online Savings Account Review
Ally Bank Online Savings Account is offered by Ally Financial, Inc., a bank founded in 1919 and based in Detroit, MI. Ally are available in 50 states and Washington, DC.
Key Takeaways
- Buckets. One of the standout features of the Ally Bank Online Savings Account is the "buckets" system. This tool allows you to divide your savings into different categories, such as "emergencies", "home improvements", and "vacations". This helps you organize your savings and keep track of your progress towards your goals.
- Boosters. The "boosters" system is another useful feature that helps you grow your savings faster. This includes recurring transfers, round ups, and surprise savings. The recurring transfers allow you to move money into your savings on a schedule that makes sense for you, while the round ups tool rounds up your transactions to the nearest dollar and transfers the difference to your savings account. Finally, the surprise savings tool analyzes your linked checking account for safe-to-save money and transfers it to your savings account so you don't have to.
- High yield savings. This account offers an annual percentage yield of up to 3.40%, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- No minimum initial deposit. There is no minimum balance required to open an account online.
Ally Pros & Cons
| Pros | Cons |
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Ally FAQ
Are savings accounts from Ally Bank federally insured?
Yes, your deposits are insured 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 doesn't offer a signup bonus.
What is the minimum initial deposit for Ally?
There is no minimum deposit to open a Ally.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Combined Balance to Avoid Monthly Maintenance Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY does Ally Bank Online Savings Account offer?
Ally offers an APY of 3.40% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
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 charge?
Ally 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 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 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 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?
Yes, you can typically set up a direct deposit to this account. 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?
The customer support email for Ally is support@invest.ally.com.
How do people rate the customer service and user experience of Ally?
Overall, Ally is strongly recommended based on community reviews that rate customer service and user experience.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.
Message from Ally
Hours of Operation
Sunday
12:00AM - 12:00AM
Monday
12:00AM - 12:00AM
Tuesday
12:00AM - 12:00AM
Wednesday
12:00AM - 12:00AM
Thursday
12:00AM - 12:00AM
Friday
12:00AM - 12:00AM
Saturday
12:00AM - 12:00AM
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +95, or 4.9 on a 5-point rating scale.
+95
-1000+100
No one recommends
Everyone recommends
Ally Bank Online Savings Account Community Reviews
Would you recommend Ally Bank Online Savings Account to your friends?
BM
Brittani M.
Dec 29, 2023
May or may not recommend
Ally would have to be my go to bank with their zero fees on monthly maintenance or overdraft. The customer service is friendly and understanding of the issues presented to them. With their spending bucket feature there’s no worry about how much you have when spending, since they took the guesswork out. Ally even reimburses you up to $10 each monthly cycle when using an ATM.
U
Anonymous
Feb 9, 2023
May or may not recommend
Compared to other banks such as Bank of America, Chase Bank, and Wells Fargo, the Ally Bank Online Savings Account stands out as it does not have any monthly maintenance fees and offers more advanced savings tools such as buckets and boosters.
Overall, the Ally Bank Online Savings Account is an excellent choice for anyone looking to grow their money faster and more efficiently.
Tarah D.
Jul 2, 2022
May or may not recommend
Ally Bank is a perfect online savings bank, if you are a person that is trying to save money and have a hard time because the access to money is easy. Well with this bank, it is a challenge to get your money, but in a good way. You can make a direct deposit into the Ally bank savings account, but in order to get your money when ...Show More
KL
Kendra L.
Jun 4, 2022
May or may not recommend
Ally bank makes saving money fun and easy! I love the Ally app, it is easy to use and makes things like setting up recurring transfers straight forward. I love the “buckets” feature—you create different savings buckets and set what percentage of your deposits should go into each bucket. I have savings buckets for things like “vacation” and “home improvements,” etc. There are also no fees or minimum balances associated ...Show More
AT
Antonio T.
Jul 16, 2021
May or may not recommend
Accounts are easy to create, and you even have tools to set up automatic savings. You can set up buckets to categorize savings, you can have debit card purchases rounded up into savings. You can also have a selected amount auto saved from your checking account.
ES
Elana S.
Mar 3, 2021
May or may not recommend
This is the best Savings Account out there and forever will be. I've tried them all. in my age i feel liked it's important for me to save money on everything from everything that i need in the house to stuff to have when i wanna have fun. i highly recommend this to anyone who wants to save money in a fast way
JK
Josefina K.
Dec 22, 2020
May or may not recommend
This is the best Savings Account out there, and I've tried them all. As a MOM, it's important for me to save money on everything from food, clothing, paper towels, car parts, travel, events, guns & ammunition, magazines.
If there's a really good coupon for something, Savings will have it up. If it's not on there I just figure it doesn't exist LoL.
Sara D.
Dec 8, 2020
May or may not recommend
Ally Bank Online Savings Account is a wonderful Savings account that I highly recommend. This savings account is a higher yield saving account, meaning you will earn more in interest than a traditional bank. Ally Bank is only an online bank, which can seem a little scary, but trust me, it's legit! They are FDIC insured just like any other bank. I love their app, their customer service support is ...Show More
Aubree F.
Nov 27, 2020
May or may not recommend
I’ve been an Ally Bank customer for quite some time. I really have nothing bad to say about them. The customer service is always phenomenal; I’m not usually left on hold for extraneous amounts of times. The interest rates are not absurd. They’ve been able to identify fraud within my savings account. I haven’t had any issues with Ally Bank!
CC
Cesar C.
Nov 11, 2020
May or may not recommend
The Ally online savings account is so far the best financial service I have used to save my money. Not only is the customer service fast and reliable, but as of now, the savings account has a 0.60% APY, which increases my money in the savings account over time. Which is a big positive factor! As of yet, there are no complaints with this service, so if you are hesitant ...Show More
ST
Samuel T.
Nov 3, 2020
May or may not recommend
Ally is definitely one of the best online savings account; excellent customer support system, user friendly app, and one of the banks with the highest APY that you can get right now. They do not charge any unnecessary fee and you will get your ATM without paying a dime. They have a national ATM network coverage, which means you can use your ATM anywhere in the country.
KD
Kelish D.
Nov 1, 2020
May or may not recommend
Ally bank online savings account surely is the best choice if you are tired of the low-quality services and hidden charges that come along with regular banks. With an online savings account like ALLY, developing a saving habit has been really easy. Not only is it just at the tip of my fingers it is quite favorable as well!
MJ
Michael J.
Oct 26, 2020
May or may not recommend
I have been getting more money in interest on my Ally savings account than what I had been getting from the bank down the street from my house. Ally doesn’t require lots of demands out of my account, nor will they charge loads of unnecessary fees. It’s also easy to collect my money from any ATM through Ally. The team knows what they’re doing when taking care of my money.
Adewale A.
Oct 15, 2020
May or may not recommend
If you want to stop being a victim of some banks with low-quality services, then you have to find your way to Ally Bank. When a bank offers you the opportunity to have your bank account created with $0, get you an ATM card without charging a dime, and charge you $0 for your monthly maintenance fee among others, then you are not at fault if you ignore other banks ...Show More
HT
Henry T.
Oct 7, 2020
May or may not recommend
As a Millenial, there is no better bank than Ally. I mean they have it completely right, what is the need for in-person brokerage when you can save a ton of money by having an all online bank. Customer Service or immediate response is no issue for them even with no Teller to speak to!
Anthony C.
Oct 5, 2020
May or may not recommend
I love my Ally Online Savings Account. It is very user friendly and they have the best customer support service too. Ally offers one of the highest APY for your hard earned cash. They also offer a great mobile app that allows you to transfer money on the go with the press of a button. I love that transfers take less than 3 business days so you don't have to ...Show More
U
Anonymous
Oct 2, 2020
May or may not recommend
I've been a customer of Ally Bank for about five years.
Initially, my friend had recommended that I open up an account with them because their yield is higher than most banks. So that enables your savings to grow quicker than otherwise. The bank has no physical address, which is why it is cheaper to use. Instead of being charged for putting money in the bank and keeping it there, ...Show More
Keanan G.
Sep 15, 2020
May or may not recommend
Don't get me wrong, Ally Bank has been a great bank for me, and it certainly has for others. I found it while I was searching for a high yield savings account to keep some money there that I wanted more liquid than assets. However, what has made my review filled with feeling of ambivalence is the fact that they recently lowered their interest rates from awesome to okay. Still, ...Show More
Audrey B.
Sep 11, 2020
May or may not recommend
Ally is amazing for the following reasons no in person contact as they are totally online. They have one of the highest high-yield interest saving accounts. It was very easy to open and set up an account. The reason I love online is my bank history - I always had issues with the bank teller with traditional banks. You can see everything and get text alerts right on your mobile ...Show More
Netius
Sep 8, 2020
May or may not recommend
Ally Bank was recommended to me by a good friend for their high-interesting saving account. I have never had an issue with their services besides at the beginning the two step verification would take a long time to get the code on my phone - since then it has been resolved. I was able to make quite a few dollars for my emergency fund because of their high-yield savings account. ...Show More
Showing 20 of 22 reviews
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