Ally Bank Online Savings Account

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

Ally FAQ

Are savings accounts from Ally Bank federally insured?

Does Ally Financial, Inc. offer a signup bonus?

What is the minimum initial deposit for Ally?

There is no minimum deposit to open a Ally.

What APY does Ally Bank Online Savings Account offer?

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?

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

What features and perks does Ally offer?

• 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?

What is the customer support email for Ally?

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