Ally Online High Yield Savings Account Review
Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.
Editor’s note: The APYs listed in this article are current at the time of publication. They can fluctuate (up or down) when the Fed rate changes. CNBC will update as changes are made public.
For many, the first step to getting their finances in order is to open a checking account and a savings account. While the former holds your pocket money, the latter helps you build up a cushion of cash for whenever you need it.
Since checking accounts and savings accounts have different, but essential purposes, you want to make sure that you can easily transfer money from one to the other – and in as little time as possible. . Doing all your banking in one place makes a big difference.
With Ally online banking, customers can subscribe to high-yield savings while enjoying additional benefits when linked to an Ally checking account. The Ally Online Savings Account ranked as the “Best Checking/Savings Combo” on CNBC Select’s list of Best High Yield Savings Accounts.
Below, we take a close look at the Ally online savings account, breaking down its annual percentage return (APY), access to your money, benefits, and fees so you can decide if this savings account high efficiency is right for you.
Ally Online Savings Account Review
Annual Percentage Yield (APY)
The minimum balance
No monthly maintenance fees
Up to 6 free withdrawals or transfers per statement cycle *Cycle withdrawal limit of 6/instructions is waived during the Coronavirus outbreak under Regulation D
Excessive transaction fees
Offer a current account?
Offer an ATM card?
Yes, if you have an Ally current account
Ally APY Online Savings Account
The current APY is 0.50%. The users of The Ally online savings account can start earning interest immediately, with no minimum balance required in their account.
Ally Bank compounds interest on your savings daily, as the best high-yield savings accounts typically do. The APY offer reflects the total amount of interest the account would earn for the year.
This is where having both an Ally savings and an online-only offer Allied Interest Chequing Account is very convenient. With both accounts, users receive an ATM card and have access to over 43,000 free Allpoint points® ATMs – making it easy to withdraw cash when they need it. With only the online savings account, savers will not have access to a debit card.
Not all online banks offer both a savings account and a high-yield checking account option, so this is a huge plus for consolidating your banking. Saving your money with a bank that doesn’t offer a current account means you’ll have to transfer your money between banks, which can take a few days.
By law, account holders at Ally can withdraw or transfer money online up to six times a month without penalty (limit removed during the coronavirus outbreak under Regulation D). You can also call the bank to request a postal check, which does not count as one of your six transactions.
You cannot deposit cash into your Ally savings account, which is standard for many online banks, but you can deposit checks remotely with eCheck Deposit on the mobile app.
Ally is a consumer favorite for several reasons: it has an easy-to-use mobile app and 24/7 live customer service, available by phone, online chat or on the Ally mobile app.
The bank also makes it fun to set and organize your savings goals. Account holders can create up to 10 different “buckets” in the same savings account that represent designated funds for certain things, such as naming one “Future Vacation” and another “Emergency Savings.”
Besides requiring no minimum account balance, Ally also has no monthly maintenance fees.
There’s also an added benefit: if you’re using an out-of-network ATM, Ally doesn’t charge a fee. If the ATM provider does so, Ally will reimburse these fees up to $10 per month.
After your federal limit of six monthly online withdrawals or transfers (limit waived during the coronavirus outbreak under Regulation D), Ally will charge $10 for each additional transaction.
To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of savings accounts offered by online and physical banks, including major credit unions. We narrowed down our ranking by only considering savings accounts that offer an APY of around 1%, no monthly maintenance fees, and low (or no) minimum balance requirements.
While the accounts we picked in this article consistently rank among the highest APY rates, we also benchmarked each savings account on a range of features, including ease of use and account accessibility. , as well as factors such as insurance policies and customer reviews. when available. We also considered user deposit options and the compound frequency of each account.
All accounts included in this list are FDIC insured up to $250,000. Note that rates and fee structures for High Yield Savings Accounts are not guaranteed forever; they are subject to change without notice and often fluctuate with the Fed rate. Your income depends on the associated fees and the balance you have in your High Yield Savings Account. To open an account, most banks and institutions require a deposit of fresh money, which means that you cannot transfer money that you already had in an account with that bank.
Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.