Ally Bank Online Savings Account

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 are available in 50 states (and Washington, DC).

Key Takeaways

• Bonus offer. Open a new account and you can get
• Higher than average APY. Ally Bank Online Savings Account has an annual percentage yield of up to 1%, which is higher than the average interest rate for savings accounts. Note that you must keep a minimum balance of $1 to earn that interest rate.
• $0 monthly fee. 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 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 deposits 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
Minimum Balance to Avoid Monthly Fee	Starting at $0
Minimum Balance to Earn APY	$1
Minimum Combined Balance to Avoid Monthly Fee	$0
Minimum Direct Deposit to Avoid Monthly Fee	Starting at $0
Minimum Opening Deposit	Starting at $0
Minimum Required Balance	$0

What APY does Ally Bank Online Savings Account offer?

Ally savings account offers an APY of 1% (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?

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 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.