Ally High-Yield Savings Account Review
Written by
Sarah Sharkey
Edited by
Emily Gadd
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GOBankingRates Score
Ally Bank
-
APY
4.5
-
Monthly Fees
5.0
-
Perks
5.0
-
Ease of Use
4.5
Pros
- No monthly maintenance fees
- Savings buckets to visualize different goals
- Competitive APY
Cons
- Doesn't allow cash deposits
- No branch locations
Ally High-Yield Savings Account Overview
A high-yield savings account is a helpful tool for any saver. Savers can tuck their hard-earned funds into this type of savings account to put their money to work for them without giving up easy access to the funds. If you are scoping out your savings account options, Ally’s high-yield savings account is a worthwhile choice to consider.
The Ally high-yield savings account stands out by offering a relatively high APY paired with low fees.
But the value doesn’t stop there. This isn’t a bare-bones savings account. Instead, you’ll find extensive functionality embedded in the account to make your life easier. For example, you can set up savings buckets to visualize your progress toward different goals within a single savings account. Plus, the Surprise Savings feature can help you find new opportunities to save. Over time, this Surprise Savings feature could propel you closer to your goals.
Key Features
Here’s a closer look at what makes this high-yield savings account stand out.
APY
When it comes to picking out a high-yield savings account, the APY is a critical component. And because Ally is an online bank, its savings rate is very competitive.
“In general, online banks tend to offer better deposit rates than traditional banks,” said Christopher L. Stroup, MBA, financial advisor with Abacus Wealth Partners. “One of the reasons for this is that online banks have fewer overhead expenses, such as the cost associated with having a brick and mortar bank. Since online banks are virtual in nature, they can pass these cost savings along to the consumer by offering a higher deposit rate.”
Ally’s high yield doesn’t disappoint. The APY on this account is . That’s a relatively high APY, especially when compared to the national average of 0.45% APY.
Monthly Fees
A savings account with fees is like a vampire that leeches away your hard-earned dollars. When you open this savings account, you won’t have to deal with any monthly maintenance fees. If you want to enjoy banking without an annoying monthly fee dragging your balance down, this savings account could be the right fit.
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Perks
Ally’s high-yield savings account comes with several perks. But the two most exciting perks include savings buckets and its Surprise Savings feature.
The savings bucket tool allows you to designate different savings amounts for different goals. Since most of us have multiple savings goals, this is a helpful perk. When you set up savings buckets, you’ll have the ability to easily visualize your progress toward multiple savings goals at once. For example, you can see your progress toward an emergency fund, home down payment and vacation splurge in a single place.
The Surprise Savings tool is designed to help you build savings faster. It works by analyzing a linked checking account for opportunities to save money. When the tool finds “safe-to-save” money, it will automatically transfer the funds into your savings account. These transfers can add up to big savings over time.
Ease of Use
Ally makes it easy to stay on top of your savings goals. You can manage the account entirely online through a solid mobile app and desktop platform. While you won’t have access to in-person banking options, those comfortable with online-only banking will find plenty to love.
Comparable High-Yield Savings Account Options
Ally isn’t the only place to find a high-yield savings account. Here’s a look at some comparable options at other online-only banks.
CIT Bank Savings Connect
If you are looking for a high-yield savings account with one of the best rates on the market, the CIT Bank Savings Connect account offers a great opportunity. You can earn APY on your savings in this account. That’s a relatively high APY. But you’ll also enjoy the lack of monthly maintenance fees.
American Express® High Yield Savings Account
American Express National Bank, Member FDIC, offers a comparable annual percentage yield (APY) of on its high yield savings account. Additionally, the account does not have any monthly maintenance fees or a minimum balance you must maintain.
Interested in high-yield savings? Check out our detailed review of the American Express High Yield Savings Account to see how it compares
How To Open an Account
If you want to move forward with an Ally high-yield savings account, it’s as easy as selecting “Open New Account” from the main page on the savings account on the Ally website. From there, you’ll need to provide some information about yourself.
Be prepared to provide your:
- Social Security number
- Street address
- Name
- Birthdate
- Funding account information
It shouldn’t take more than a few minutes to finalize this application.
Who the Ally High-Yield Savings Account Is Best For
Savers who want access to easy visuals will find a lot of value in the Ally high-yield saving account. Specifically, the savings buckets are a useful way to build your savings toward your goals without having to set up separate accounts. But even savers who can do without the visuals will enjoy the lack of monthly fees and solid mobile app to manage their funds on the go.
Final Take
The Ally high-yield savings account offers a respectable APY that most savers would be happy with. The account can be a real tool to help you visualize your progress toward multiple savings goals. Although you won’t have access to branches for in-person banking, you can manage your money from anywhere in the world through Ally’s mobile app and online banking platform.
More on Ally Bank
- Ally Bank Review
- How To Open an Ally Bank Account
- How To Avoid Ally Bank’s Monthly Maintenance Fees
- Newest Ally Bank Promotions
- Ally Bank Holiday Hours
- Ally Bank Interest Rates
- Ally Bank Routing Number
- Ally vs. Capital One 360
- Ally vs. SoFi
FAQ
- Is Ally's Online Savings account a good high-yield savings account?
- Yes. Ally offers a good high-yield savings account. While every saver has different needs, the low fees and high APY set it apart from the crowd.
- Which bank gives 7% interest on a savings account?
- Interest rates tied to savings accounts change regularly. At the time of writing this piece, no bank is offering 7% interest on a savings account. However, one credit union is offering a rate over 7% on its checking account. Landmark Credit Union is offering 7.50% APY on Premium Checking account balances of up to $500. Of course, rates are subject to change. If rates keep rising, other banks might offer similar deals.
- Which bank gives 6% interest on a savings account?
- It would be great to score a 6% interest rate on a savings account. Unfortunately, at the time of writing this piece, no bank is offering 6% interest on a savings account. However, some credit unions are offering over 6%. For example, Digital Federal Credit Union is offering a 6.17% APY on the first $1,000 in its Primary Savings account.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 23, 2024.
All information about American Express High Yield Savings has been collected independently by GOBankingRates. American Express High Yield Savings is not available through GOBankingRates.
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.
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