The Ally high-yield savings account offers a competitive interest rate with no minimum opening deposit

4 weeks ago 26

Ally pros and cons

Ally High Yield Savings Account

Annual Percentage Yield (APY)

0.75% APY

Minimum Deposit Amount

None

Annual Percentage Yield (APY)

0.75% APY

Minimum Deposit Amount

None

Pros

  • High APY
  • No minimum opening deposit
  • No monthly service fees
  • Savings buckets help you save for different goals
  • Surprise savings transfers help you save extra money from your checking account

Cons

  • No physical branch locations
  • No way to deposit cash
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More Information

  • 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

Insider has picked this account as one of our favorite high-yield savings accounts overall. Ally pays a high interest rate, doesn't require any money to open an account, and doesn't charge monthly service fees.

Ally has online tools to help you save smarter. Set up savings buckets to save for separate goals, such as "Emergency Savings" or "Travel Fund." If you also have a Ally Interest Checking Account, you can link it to savings and set up surprise savings transfers. Every Monday, Wednesday, and Friday, Ally assesses your checking balance and spending habits to determine whether you can afford to save more. If so, it transfers extra money into savings.

How Ally works

Ally is an online bank with several strong accounts, including its high-yield savings account.

The 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.

You can speak with a live customer service agent 24/7, either over the phone or online chat.

Individual Ally accounts are FDIC insured for up to $250,000, and joint accounts are insured for up to $500,000.

Ally trustworthiness and BBB rating

The Better Business Bureau gives Ally a D rating because Ally has received numerous complaints on the website.

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.

How does Ally compare to similar high-yield savings accounts?

We've compared the Ally High Yield Savings Account with savings accounts at two other online banks : Discover and Marcus by Goldman Sachs.

Ally review vs. Discover review

Ally and Discover have competitive high-yield savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, no monthly service fees. You'll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers.

Your choice between the two could come down to whether you want to open other accounts, too. Ally's checking account is perfectly fine, but Discover's checking account lets you earn 3% cash back on debit card purchases.

Ally review vs. Marcus review

Marcus also has a strong high-yield savings account with a good APY, no minimum balance, and no monthly fees. It doesn't offer automatic savings tools like Ally does, though. 

If you're just looking for a savings account (and maybe a CD), you might like Marcus. But the bank doesn't have a checking account, so if you're wanting to do all your banking with one institution, you'll probably prefer Ally.

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Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Laura Grace Tarpley is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for 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 ltarpley@insider.com. See below for some of her work. Today's 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »

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