Ally Bank Savings Account Interest Rates for October 2024
Written by
Caitlyn Moorhead
Edited by
Elizabeth Constantineau
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Ally Bank’s savings account has an above-average interest rate as well as no monthly maintenance fees or minimum balance requirements. Here’s a look at Ally Bank interest rate details and other features to help you decide whether its savings account is right for you.
Ally Bank Savings Account Interest Rate
Ally Bank’s savings account is considered a high-yield savings account, as the competitive annual percentage yield is above average. With Ally’s high-yield savings interest rate, your money can grow faster.
| Account | APY | Minimum Deposit |
|---|---|---|
| Ally Bank Savings Account | $0 |
Key Takeaways on the Ally Bank Savings Account
The Ally Bank interest rate for savings accounts is attractive. But that’s not all this account has to offer. Here are some key details on Ally Bank’s savings account:
- There are no monthly fees or overdraft fees.
- The account has no minimum balance or opening deposit requirements.
- The Surprise Savings feature is a useful tool for finding savings opportunities.
- There are no physical branch locations, so all of your banking activities are done online.
- This online savings account does not accept cash deposits.
How To Open an Ally Bank Savings Account
If you think Ally Bank’s online savings account is the right fit for you, here are the steps to take to open your account:
- Go to the Ally website and select the “Checking & Savings” tab from the top menu, then click “Open Account.”
- Choose “Savings” from the deposit account options, then click “Open Account.”
- Create your account and fill out your personal information.
- Submit your application.
- Once your application is accepted, fund your account. There is no minimum opening deposit requirement.
Alternative Savings Options at Ally Bank
If you want your savings to have a bit more impact aside from a traditional savings account, you may want to think about some of the other savings options Ally offers. It has a variety of certificate of deposit options as well as an IRA savings account, which offers an APY of . Though the APY will be higher with some of the CD options, you have to be comfortable with not touching that money for the term length, which can range from three months to five years. Otherwise, you could incur early withdrawal fees.
Additionally, Ally Bank savings options include a money market account.
Ally Money Market Account
Ally money market rates are competitive, with a APY on all balances. With this account, you can use a debit card, checks and electronic transfers to manage your funds seamlessly. The Ally money market account doesn’t come with any monthly maintenance fees or minimum balance requirements. If necessary, you can opt to open this account in the name of a trust, which could come in handy for estate planning.
Ally Bank’s Savings Rate vs. Competitors’ Rates
As an online banking option in the United States, Ally Bank has more competitive rates than many big banks. However, it’s always good to comparison shop before picking the account that best suits your needs.
Thanks!
Ally Bank vs. Salem Five Direct
Salem Five Direct has a high-yield savings account called eOne Savings that pays APY. In addition to this account, Salem Five Direct also offers checking accounts and CDs, so you can have all your accounts in one place and use the mobile app to easily handle your daily banking tasks. The checking account is interest-bearing, with a APY. Neither the checking account or savings account comes with a monthly fee.
Ally Bank vs. Marcus by Goldman Sachs
The Marcus Online Savings account offered by Marcus by Goldman Sachs pays an APY of , and there are no fees or minimum deposit requirements. There is also a user-friendly banking app to make your transactions easier.
If you prefer to tuck your funds into a CD, Marcus by Goldman Sachs offers high-yield CDs, no-penalty CDs and Rate Bump CDs. Each CD requires a minimum balance of $500. And you should expect an early withdrawal penalty if you want to tap into the funds early.
Final Take To GO
If you are shifting toward the trend of online banks, Ally Bank should rank highly on your list of options to consider. Because it is an online bank, it can offer better rates, as it does not have to worry about the overhead of physical branch locations. If you are someone who deals with a lot of cash, this may not be the move for you, but for traditional needs, Ally Bank interest rates make this online savings account a top contender.
FAQ
- Is Ally Bank's savings account a high-yield savings account?
- Yes, Ally Bank's savings account is considered a high-yield savings account, as the APY is well above the national average. This account is only available online.
- Which bank gives 7% interest on a savings account?
- Ally Bank does offer both a high-yield savings account and high-yield CDs; however, it does not offer 7% interest on any account. This rate is not something banks in the United States currently offer.
- Does Ally Bank offer CDs?
- Yes, Ally Bank offers an array of CDs that vary in term length and APY. The CD options it currently has available include three-month, six-month, nine-month, 12-month, 18-month, two-year, three-year, four-year and five-year CDs. It also offers an 11-month No Penalty CD as well as IRA CD options.
Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 11, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
