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Ally is a well-known, online-only bank that offers checking accounts, high-yield savings accounts (HYSAs), and other financial services. Its Savings Account is very popular with savers who are comfortable banking digitally, especially those looking to increase their savings by taking advantage of balance-boosting features.
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Ally Bank Savings Account |
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| APY | 3.50% |
| Minimum balance for APY | $0 |
| Minimum deposit to open an account | $0 |
| Monthly maintenance fees | $0 |
| Transaction limits | Maximum of 10 withdrawals or transfers per statement cycle. |
| FDIC-insured | Yes, up to $250,000 per depositor. |
Featured High Yield Savings Accounts
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2025 award winner Best Checking and Savings Combo
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2025 award winner Best for Customer Service
Ally high-yield savings account benefits
The biggest benefit of any high-yield savings account is undeniably the opportunity to earn higher-than-average interest. Luckily, that's only the beginning of the benefits you receive with the Ally Online Savings Account.
- Relatively high APY. Ally offers an annual percentage yield (APY) of 3.50%. While this is not the absolute highest APY out there, it is well above the national average. This high APY will make your money work harder for you than at most traditional banks.
- No minimum balance or minimum initial deposit. There is no minimum account balance or minimum initial deposit requirement for Ally's Online Savings Account, which makes getting started easier for new savers.
- No monthly maintenance fees. Having no monthly maintenance fees coupled with no minimum balance is a win-win as far as the best savings accounts go. The money you deposit into your Online Savings Account will truly be saved until you're ready to withdraw it.
- Savings buckets. My personal favorite feature of the Ally Online Savings Account is the ability to organize your savings goals into "buckets." While some other savings accounts offer tools to create savings goals, I find Ally's to be the most intuitive and easy to use. Using the buckets feature, you can separate your savings into up to 30 categories (mine include "Emergency Fund," "Vacation," and "Gifts"), while still earning interest on the sum total in your account. You can even set up your recurring transfers to automatically be divided among your buckets. This makes it easy to visualize the progress you are making toward your savings goals.
- Savings boosters. Ally also offers features to help you maximize your savings beyond what you deposit. If you have an Ally Spending Account, you can opt in to round-ups, which will round up transactions from debit card purchases, electronic payments, and checks and deposit that money into your savings. You can also opt in to "Surprise Savings," a feature that will analyze your linked checking accounts and automatically move over any money it deems safe to save based on your spending habits.
- Direct deposit option. You can save money each time you get paid by directing as much of your paycheck as you'd like with Ally's direct deposit. Setting up this automated way to save could help you grow your account at a faster pace.
- Banking on the go. With the Ally Bank mobile app, you will be able to manage your Ally Bank account on the go. Using the app, you can transfer money in and out of the account and do your mobile banking from anywhere in the world. It also offers analytics on your financial habits and allows you access to any other Ally accounts you may have. The mobile app is available for Android and iOS devices.
I personally chose Ally for my high-yield savings account due to its competitive APY, impressive customer service, and its "buckets" feature, which allows me to easily track my progress toward my savings goals.
What the Ally Savings Account could improve
- No cash deposits. One drawback to consider for the Ally Online Savings Account is the inability to deposit cash into your account. With cash deposits becoming less popular, this may not be a big deal to you. But if you do routinely need to make cash deposits, you may want to consider opening an account that allows them.
- No physical locations. If you prefer talking with someone face to face about your banking needs, an online bank may not be the right choice for you, as banks like Ally have no physical locations to visit.
Ally Savings Account alternatives
There's more to like about the Ally Bank Savings Account than there is to nitpick, but we've found a few alternatives anyway — because you're allowed to be picky about where you keep your money, and the Ally savings account isn't perfect.
Ally vs. SoFi Checking and Savings
If you like that the Ally Online Savings account offers buckets to create savings goals, you'll want to check out the SoFi Checking and Savings account. As you can probably guess from the name, it's a combined checking and savings account, but it's especially appealing for high-yield savings. This account offers "Vaults" that are similar to Ally's buckets. You can have up to 20, and they'll all earn the same great rate. With an APY of up to 3.80%10 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> on savings with direct deposit plus 0.50% APY on checking balances with direct deposit, it's going to reward you similarly to Ally.
However, the account also includes a debit card and ATM access11 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> , which Ally (and the average savings account) lacks, and you can earn more on all of your money with that checking APY. It has no minimum balance requirements to open and avoid fees12 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> , but you do need to set up direct deposit and receive at least one transaction of any size each month to qualify for the highest stated rates. If you can't do that, stick with Ally.
Visit SoFi® or read our full SoFi Checking and Savings review.
Ally vs. Capital One 360 Performance Savings
For a more standard high-interest savings account without any balance requirements or minimums, we've always been fans of the Capital One 360 Performance Savings account.
This account fetches 3.50% APY13 <span>A rate of 3.50% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 06/26/25. Rates are subject to change at any time before or after account opening.</span> regardless of your balance, so we'd recommend it if you're unsure how much you plan to save or don't know if you'll be making regular deposits. Capital One is similar to Ally in that you can also open other types of bank accounts, including checking accounts and CDs.
Between Ally Online Savings and Capital One 360 Performance Savings, you'll get a strong account with a great digital experience and neck-and-neck rates, but Capital One has an edge for offering (limited) in-person branch access and permitted cash deposits.
Visit Capital One | Read our full Capital One 360 Performance Savings review.
Ally vs. LendingClub LevelUp Savings
We wish that the Ally Online Savings account just earned a little bit more interest, and the LevelUp Savings account from LendingClub fits the bill for that. This online high-yield savings account offers up to 4.20% APY14 <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is accurate as of 05/28/2025. Standard Rate of 3.40% APY accurate as of 05/28/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank.</p><p>LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. While accounts will not move from the LevelUp Rate prior to the First Evaluation Period, the LevelUp Rate is variable and subject to change at any time, including prior to the First Evaluation Period.</p><p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place at the end of the first business day of the month and will be based on deposits in the previous statement cycle.</p> . But it comes with a catch, although we like to think of it more as an incentive. To earn that rate, you have to deposit at least $250 each month. It doesn't have to be direct deposit as long as it's a monthly transfer (or multiple).
If you can't do that, you'll earn 3.20% (as of 08/6/25) APY, which is very much still competitive. However, if that requirement feels out of reach or tedious to you, Ally is the safer bet. But even if you could qualify for the higher rate most or even some of the time, it might be worth it to go with LendingClub — even just to keep saving more regularly.
Read our full LendingClub LevelUp Savings review.
Ally vs. Alliant High-Rate Savings Account
Maybe online banks aren't really your thing, and you're more of a credit union person. Maybe you want to open separate accounts for your savings. If that's you, the Alliant Credit Union High-Rate Savings account would be a better fit.15 <p>Special offers are subject to change. Alliant Credit Union may discontinue Introductory Rate Home Equity Line of Credit offers without notice, regardless of originally advertised offer period dates. All new accounts and loans are subject to approval. All loans are subject to Alliant Credit Union lending policies. Under certain circumstances—for example, if we cannot verify your income, or if any accounts are past due, over limit or if other underwriting criteria are not met—we may not be able to open a loan account for you, in which case you will be notified. Responding to this offer is not a guarantee of approval. Alliant Credit Union does not sell member information. See our Privacy Policy for details.</p> <p>Interest-only Home Equity Line of Credit. Home equity products are available in the following states: AZ, CA, CO, CT, FL, GA, HI, IL, IN, KY, MA, MI, MN, MO, NC, NJ, NV, NY, OH, PA, TN, UT, VA, WA, WI and Washington, D.C. The minimum loan amount is $10,000. The minimum loan amount is $25,001 in WI and Washington, D.C. Offer subject to credit approval, which includes verification of application information and receipt of collateral documents. Rates and closing costs are subject to credit qualifications. Maximum loan to value of up to 85% depending on state in which the property is located and credit worthiness. The following states are limited to a maximum of 80% CLTV: AZ, CA, CO, FL, GA, IN, MI, MO, NC, NV, TN, UT. Initial rate is based on loan amount, loan to value and credit history. We may not extend credit to you if you do not meet Alliant criteria. The Annual Percentage Rate (APR) is a variable rate. Your qualifying rate may adjust monthly and is based on the highest Prime Rate as published in The Wall Street Journal as of the date of any rate adjustment plus or minus a margin. The APR range is from 7.75% to a maximum of 16.00%. Loans without automatic payment selection from an Alliant Credit Union account are subject to an increase in rate and margin of 0.25%. No closing costs (excluding applicant ordered appraisals) based on Interest-only Home Equity Line of Credit (HELOC) loans up to $250,000 and meeting Alliant criteria. A fee of $1,000 is applied to Interest-only HELOC loans more than $250,000. Minimum payment will not repay principal, which will result in a higher principal and interest payment at the end of the 10-year draw period. Costs to satisfy certain prior liens may be assessed. The Annual Fee of $50 will be waived the first year but will be assessed in subsequent years. You will incur the annual fee even if you don't have a balance. Property insurance is required. Flood insurance may be required. We will require a full appraisal, at applicant's expense, in the event your property is in a FEMA-deemed natural disaster area. If the state and/or county in which the collateral is located charges additional fees and taxes, the borrower will be responsible for payment. A $200 termination fee may be applied to an Interest-only HELOC cancelled or closed by the borrower within 36 months of origination. Refinancing of Alliant home equity products available; $250 fee on loans that do not increase the credit limit by $10,000 or more. Rates, terms, and conditions subject to change. Other restrictions may apply. Interest-only HELOC loans available on 1-to-2-unit owner occupied dwellings. Please consult with an Alliant Loan Consultant at 800-328-1935 ext. 2570 for more information on an Alliant Interest-only Home Equity Line of Credit. Alliant Credit Union is federally insured by the NCUA and is an Equal Housing Opportunity Lender</p> This account earns up to 3.10% (as of 12/19/24) APY,16 <p>The savings dividend provides an Annual Percentage Yield (APY) of 3.10%. The APY is accurate as of the 6/26/2025 dividend declaration date. Dividends are paid on the last day of the month to accountholders who have maintained an average daily balance of $100 or more. Savings dividend may change after account is opened and is subject to change at any time. Dividend applies to Savings, Supplemental Savings, Emergency Savings, Kids Savings Accounts, UTMA Custodial Accounts, Trust Accounts and IRA. Fees may reduce earnings on the account.</p> which falls a bit short of Ally's high-yield savings APY of 3.50%. But like Ally, Alliant can help you divide up your savings into different goals. However, it does this differently.
Rather than letting you create different buckets in one account, Alliant High-Rate Savings lets you open up to 19 supplemental savings accounts earning the same rate. If you're a person who likes visual organization, you might prefer the experience of distinct accounts over bucketed balances. Alliant also has a leg-up on Ally Bank because it offers savings ATM cards,17 <p>Transactions performed at other ATMs may be subject to the ATM owner’s surcharge fee. Please see the online ATM Locator at www.alliantcreditunion.com or our mobile banking app for a list of ATMs that accept deposits or are fee free. Not all ATMs accept deposits.</p> which isn't very common for online savings accounts, and could make it a lot easier to access your money when and how you need it.
Visit Alliant Credit Union | Read our full Alliant Credit Union review
Ally Online Savings Account vs. a traditional savings account
Decades ago, you would need to walk into several banks to learn the ins and outs of each before making a final decision. Now you can do so online in just a few minutes.
We did the research for you to see how Ally's Online Savings Account compares to traditional banks. Here are some of the key similarities and differences:
- Fees. Ally charges no minimum balance fees and no monthly maintenance fees. These fees are relatively common at traditional banks, though fees and amounts will vary depending on which bank or credit union you choose.
- APY. The Ally Online Savings Account offers an APY of 3.50%, while the average APY for a traditional savings account is just 0.38% (as of 7/21/25). You do not need to maintain a minimum daily balance on your Ally Online Savings Account to get a generous APY.
- Withdrawal limits. Both the Ally Online Savings Account and traditional savings accounts have limited withdrawals per billing cycle without incurring any fees. The Ally Online Savings Account allows up to 10 withdrawals or transactions per cycle. While it does not charge "excessive" fees, Ally does state that it may choose to close accounts that frequently exceed this limit. Withdrawal limits and fees at traditional banks will vary.
- Branches. Many traditional banks offer physical branches that account holders can visit to do their banking in person, though the availability of and the total number of locations will vary from bank to bank. While Ally Interest Checking Account customers can withdraw money for free from over 43,000 Allpoint ATMs worldwide, Ally does not have physical branch locations.
- Withdrawal options. Ally Online Savings Account customers can withdraw money from their accounts via online transfer, wire transfer, check request, or telephone transfer. Typically, traditional banks offer those withdrawal options in addition to cash or ATM withdrawals.
How to withdraw money from your Ally Online Savings Account
You can withdraw money from your Ally Online Savings Account in the following ways:
- Online transfer
- Wire transfer
- Check request
- Telephone transfer
You will not receive a debit card or ATM card when you sign up for an Ally Online Savings Account, so you won't be able to make ATM withdrawals from your account. However, if you sign up for an Ally Interest Checking Account, you will receive an ATM card, and you can use it to make withdrawals at more than 43,000 ATMs worldwide.
Other Ally Online Savings Account fees
Ally Bank is transparent about the fees that it does and doesn't charge its account holders. Here's what to expect in terms of fees with an Ally Online Savings Account:
| Overdraft fee | $0 |
| ACH transfers | $0 |
| Incoming wire | $0 |
| Official/cashier's checks | $0 |
| Excessive transactions | $0 |
| Outgoing wire | $20 |
| Expedited delivery | $15 |
| Extensive account research | $25/hour |
Ally customer service
Ally offers customer service assistance 24/7 through online chat and over the phone, and it prides itself on short wait times. You can even check the current wait time on Ally's website.
I use Ally's chat feature to ask straightforward questions about my account and find it to be very helpful. For more complex questions, I recommend calling and speaking to a customer service representative. The interactions I've had have been friendly and productive.
If you'd like to get in touch, you can call 1-877-247-2559 or click to open the online chat window when you're logged in on the Ally Bank website.
FAQs
Is Ally the best online savings account?
The Ally Online Savings Account offers some attractive features for consumers, such as no minimum balance requirement or monthly maintenance fees. It also offers a generous APY that's higher than what you'd typically get with a traditional savings account. Ultimately, to choose the best savings account, you'll want to consider your needs and personal finance goals.
Do I get a debit card with the Ally Online Savings Account?
When you open an Ally Online Savings Account, you won't receive a debit or credit card. To receive one, you'll also need to open an Ally Spending Account or Money Market Account.
Is Ally Bank safe?
Ally Financial, formerly GMAC, is a well-established financial institution that's been in business for over 100 years. It offers several financial products for consumers, including the Ally Bank Savings Account. The Ally Savings Account is insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000, meaning the same rules apply to your money as if it were at a brick-and-mortar financial institution.
It's natural to question the safety of a bank that operates entirely online, but in this case, there's no reason to be uneasy. Ally Bank has several measures in place to protect its customers, including multi-factor authentication, data encryption, and more. If you fear you're a victim of fraud, the Ally Fraud Hotline is available to assist you at any time.
Can I have two Ally accounts?
Yes, it's possible to open two Ally accounts. Ally offers several different account options in addition to its Online Savings Account. You can choose to open an Ally Interest Checking Account, Money Market Account, or Certificates of Deposit Account in addition to your savings account. Ally offers a few different CD accounts, including its High-Yield CD, Raise Your Rate CD, and No-Penalty CD, all of which offer competitive rates and a variety of terms.
Bottom line
I recommend the Ally Online Savings Account to anyone looking to grow their savings over time with its higher-than-average APY of 3.50%. For beginners especially, it's an added perk that you don't have to worry about a monthly maintenance fee or a minimum balance requirement.
I also like Ally's buckets and boosters features that help you visualize your goals and maximize your savings. You can access these features and all of your other banking needs through Ally's highly rated mobile app and 24/7 customer service.
However, keep in mind that Ally doesn't accept cash deposits and doesn't have physical branches. All banking activities must be conducted online or via the mobile app.
For more of our top recommendations, explore our list of the best online banks.
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2025 award winner Best Checking and Savings Combo
- Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY2 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.3 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
- No account, overdraft, or monthly fees12 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
- Get your paycheck up to two days early18 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
- Access additional FDIC insurance up to $3 million4 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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