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Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
On Ally Bank’s site. Ally Bank, FDIC Insured
Ally High Yield Savings Account
On Ally Bank’s site. Ally Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Pros & Cons
A check mark. It indicates a confirmation of your intended interaction.
High APY
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
A check mark. It indicates a confirmation of your intended interaction.
Savings buckets help you save for different goals
A check mark. It indicates a confirmation of your intended interaction.
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Overall bank rating
Pros and cons
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
On Ally Bank’s site. Ally Bank, FDIC Insured
Ally High Yield Savings Account
On Ally Bank’s site. Ally Bank, FDIC Insured
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Pros & Cons
A check mark. It indicates a confirmation of your intended interaction.
High APY
A check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fees
A check mark. It indicates a confirmation of your intended interaction.
Savings buckets help you save for different goals
A check mark. It indicates a confirmation of your intended interaction.
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally is a good option if you’re looking for a savings account that doesn’t require a minimum opening deposit.
Ally also makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.
Ally High Yield Savings pays a great interest rate, but you can other online banks with the best savings accounts right now.
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Details
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Pros & Cons
A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
A check mark. It indicates a confirmation of your intended interaction.
No initial deposit
A check mark. It indicates a confirmation of your intended interaction.
No minimum account balance
A check mark. It indicates a confirmation of your intended interaction.
No monthly service charge
A check mark. It indicates a confirmation of your intended interaction.
Connect your account with Zelle
A check mark. It indicates a confirmation of your intended interaction.
Easy-to-use mobile app
A check mark. It indicates a confirmation of your intended interaction.
Early direct deposit
A check mark. It indicates a confirmation of your intended interaction.
Reimburses up to $10/month in out-of-network ATM fees
A check mark. It indicates a confirmation of your intended interaction.
Online bill pay
A check mark. It indicates a confirmation of your intended interaction.
24/7 customer service
A check mark. It indicates a confirmation of your intended interaction.
No overdraft fees
A check mark. It indicates a confirmation of your intended interaction.
Overdraft protection
No physical branch locations
No way to deposit cash
Highlights
You can deposit checks right from your smartphone
Ally reimburse’s up to $10 per statement cycle for fees charged at other ATMs nationwide
Transfer money with your voice through Ally Skill™ for Amazon Alexa
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
The Ally Interest Checking Account is a solid low-fee checking account. You have free access to over 43,000 ATMs nationwide, but if you use an out-of-network ATM, Ally doesn’t charge a fee. If the out-of-network ATM provider charges you, then Ally will reimburse up to $10 per month.
Another standout perk is that you can receive your paycheck up to two days early because the bank offers early direct deposit.
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally High Yield CD
Details
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Pros & Cons
A check mark. It indicates a confirmation of your intended interaction.
Competitive APY
A check mark. It indicates a confirmation of your intended interaction.
No required opening deposit
A check mark. It indicates a confirmation of your intended interaction.
Low early withdrawal penalties
No terms over 5 years
No physical branch locations
Highlights
Terms ranging from 3 months to 5 years
Early withdrawal penalty of 60 days interest penalty term of 24 months or less; 90 days interest for term of 25 to 36 months; 120 days interest for terms of 37 to 48 months; 150 days interest for terms of 49 months or more
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally pays solid rates on its CDs, and it’s one of the few banks that doesn’t require a minimum opening deposit.
Along with the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate should Ally’s rates go up. You can increase your rate once during a 2-year term and twice during a 4-year term. Ally also offers an 11-month No Penalty CD.
If you’re worried you’ll need access to funds before your CD matures, then Ally could be a good option. The bank’s early withdrawal penalties are lower than what you’ll find with most banks, or you can open the No Penalty CD.
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Pros & Cons
A check mark. It indicates a confirmation of your intended interaction.
No opening deposit or minimum account balance
A check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
A check mark. It indicates a confirmation of your intended interaction.
Access to a debit card
A check mark. It indicates a confirmation of your intended interaction.
Access to paper checks
A check mark. It indicates a confirmation of your intended interaction.
Out-of-network ATM reimbursements of up to $10 per month
A check mark. It indicates a confirmation of your intended interaction.
24/7 customer service
A check mark. It indicates a confirmation of your intended interaction.
Easy-to-use mobile app
A check mark. It indicates a confirmation of your intended interaction.
Link to other Ally bank accounts
Not the highest money market account APY
No physical branch locations
$10 excess transaction fee (paused during COVID-19)
Highlights
Access to checks and a debit card
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Savings and money market accounts have a lot of similarities, but one perk of a money market account is that it typically makes it easier to access your money than a savings account does. The Ally Money Market Account makes it especially easy by sending you both a debit card and paper checks.
Ally offers a wide range of products. Along with its bank accounts, you can also open investment accounts, take out a mortgage, or refinance your home.
Ally is an online-only bank, but it has physical ATMs. It’s part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs around the US. If you use an out-of-network ATM and the ATM provider charges a fee, then Ally will reimburse up to $10 per month.
The Ally mobile app has received 4.7 out of 5 stars in the Apple store, and 3.9 out of 5 stars in the Google Play store.
Live customer service is available 24/7, both by phone and online chat.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Ally trustworthiness and BBB rating
Ally received an A rating from the BBB because it has three unresolved complaints.
The BBB measures trustworthiness by looking at how a company responds to customer complaints. It also checks whether a business is honest in its advertising and transparent in how it conducts business.
On the plus side, Ally doesn’t have any recent public scandals. So if the BBB rating doesn’t bother you, you may decide you’re comfortable banking with Ally.
Ally vs. Marcus
Marcus only has a savings account and CDs, so if you’re looking for a checking or money market account, you’ll want to go with Ally.
Both banks offer term and no-penalty CDs, but Marcus doesn’t have anything like the Ally Raise Your Rate CD that lets you increase your rate during the term. You may prefer Marcus for a no-penalty CD, though. Ally only has an 11-month CD, but Marcus has terms for seven, 11, and 13 months.
Ally review vs. Capital One 360
Both banks have CDs, savings accounts, and checking accounts. If you want a money market account or a type of CD other than a regular term CD, then you’ll want to go with Ally.
Although Capital One is considered an online bank, it does have over 470 physical branches in eight US states and Washington DC. So if you live near a branch and would like a combination of online and in-person banking, then you might like Capital One.
More on Ally Bank products
This bank review offers a general overview of Ally bank accounts. However, if you’d like to learn more about specific accounts, or see how Ally accounts stack up to other online banks, check out some of our other reviews:
Frequently asked questions
Ally doesn’t have any physical branches. You’ll have to be comfortable with a completely online banking experience.
Yes. Ally is a federally insured bank. Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Ally might be a good place to bank if you want to open an account with a low initial deposit. Ally lets you open savings, checking, CD, or money market accounts with $0. Generally, you’ll need at least $1,000 to open a money market account or CD.
You also might like Ally if you want to save for individual savings goals. Ally has a bucket feature that allows you to save for multiple goals in one account. You’ll be able to assign each goal a name and track your progress over time.
Ally doesn’t have minimum balance requirements. You won’t have to worry about keeping a specific daily balance to waive monthly service fees.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected] Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
