Ally Bank savings rates in February 2024 (2024)

Ally Bank offers high-yield savings accounts with no minimum balance requirement and no monthly maintenance fee. You’ll earn 4.35% APY on the savings account, and you’ll have saver-friendly features, including savings buckets, round-up transfers and surprise savings. Ally Bank can help you find money to boost your savings balance.

Although Ally Bank doesn’t offer the highest possible APY, its limited fees and extensive savings features could give you the tools you need to save more. Here are the features of Ally Bank’s savings accounts and how this account stacks up to competitors.

Overview of Ally Bank’s savings

Ally Bank’s high-yield savings account earns 4.35% APY for all balance tiers. Interest is compounded daily. There’s no minimum balance or monthly fee. You’ll need to fund the account within 30 days, and you can do so with a bank transfer, check deposit or wire transfer.

You won’t pay any monthly maintenance, overdraft, ACH, incoming wire, cashier’s check or excessive transaction fees. However, there are fees for expedited delivery, outgoing domestic wires and account research.

Ally Bank’s savings account also has some interesting features to help you stay organized. They allow you to earmark portions of your savings into savings buckets. This allows you to allocate funds within your account to specific goals or priorities. You can also use personalized alerts and savings analysis to help you monitor your account and savings growth.

If you also have an Ally checking account, there are features that will help you save even more, such as round-ups and surprise savings. Round-ups will round up the transactions from your Ally checking account and transfer the change into savings in $5 increments. The surprise savings feature will monitor your Ally checking account and automatically transfer money into savings when it’s safe to do so.

Ally Bank savings account deposits are insured by the Federal Deposit Insurance Corp. (FDIC) up to the maximum law allows. That means you’re covered for up to $250,000 per depositor per ownership category with Ally Bank.

How Ally Bank’s savings account works

Ally Bank has a competitive high-yield online savings account. With online accessibility, you can manage your savings account with Ally Bank’s online account or mobile app anytime, anywhere.

There are limited fees and no minimum balance, so you can save without worrying about keeping enough in your account to keep fees from eating away at your savings. Funds are FDIC insured. You can access your funds with transfers, ATM withdrawals or by requesting a check.

There is a limit of 10 withdrawals per month. Ally won’t charge a fee if you exceed this limit, but they do reserve the right to close the account if you exceed the limit regularly. If you find that you are continually going over this limit, consider a checking account instead.

How much can you earn with Ally Bank’s savings?

Ally Bank savings accounts earn 4.35% APY, which is compounded daily.

Here are some examples of what you would earn at different deposit amounts and over a few different time frames. This assumes no withdrawals or deposits, and no changes in APY.

Comparing Ally Bank savings accounts to top-yielding banks

Ally’s 4.35% APY is nearly 10 times the current national average APY of 0.47%. Other high-yield savings accounts may out-earn Ally Bank, but as you can see below, Ally is very competitive with their APY.

Steps to open an Ally Bank savings account

You can open an Ally Bank savings account online by following these steps.

1. Visit Ally Bank and click “Open New Account.” If you have an Ally login, you can sign in.
2. Start your application. You’ll need to select your account type — individual, joint, trust or custodial — and share your name, citizenship status, address, birthdate and Social Security number. You can add another account to your application if you’d like by clicking the “Add Another Account” option.
3. Submit your application.
4. Fund your account with a bank transfer, wire, mobile check deposit or by mailing a check. If you’re not ready to fund your account, you don’t have to, but you’ll need to add money within 30 days to keep your account open.
5. Enroll in features such as personalized alerts, recurring transfers, round ups and surprise savings.

Ally Bank also allows you to open savings accounts by mail or phone at (877) 247-2559.

Withdrawing money from an Ally Bank savings account

Ally Bank allows up to 10 withdrawals and transfers per statement cycle. These transactions include online and mobile banking transfers, overdraft transfers, checks or point-of-sale transactions.

While you won’t be charged a fee for going over the 10-transaction limit, Ally Bank will close your account if you make a habit of excessive transactions.

Other savings options at Ally Bank

In addition to its high-yield savings account, Ally Bank offers money market accounts and CDs.

Ally’s CDs have terms between 3 months and 5 years with APYs ranging between 3.00% and 4.75%. The money market account earns 4.40% APY with no minimum balance or monthly fees.

Ally also has investment accounts with options for IRAs, self-directed trading and automated investing.