Ally High-Yield Savings Review

Ally Savings offers a strong APY and various savings tools to help you boost your funds. Read on to find out more.

Ally is an online-only bank that offers a high-yield Savings Account with a competitive APY.

It also boasts smart, automated tools that allow you to save money in a faster and smarter way. Read on for all the details.

What Is Ally High-Yield Savings Account

Ally Savings Account comes with a solid 4.20% APY on all balance tiers.

There is no opening deposit or minimum balance required, making it easy to open an account. And, you won't be charged any monthly fees.

Also, it gives you access to a robust online platform with smart saving tools that can help you make the most out of your account.

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with Ally High-Yield Savings.

Ally's Automated Savings Tools

Ally's High-Yield Savings sets itself apart with Buckets and Boosters—smart, automated savings tools that are easy to use. Here's what they do:

Buckets
Savings Buckets are like digital piggy banks that you can arrange into different categories. You can label each Bucket by what you are saving up for to easily follow your progress.

But while your money is distributed into different Buckets, your total balance will still be earning interest. Do note that one account can only open 10 Buckets.

Boosters
Boosters, on the other hand, are smart tools that you can integrate into your account so you can save money without doing much work.

You can use three types of Boosters:

• Recurring Transfers: Automatically transfers your money into your buckets
  
• Round-Ups: Automatically rounds up your spending and transfers the money from your checking account to your savings account
  
• Surprise Savings: Automatically transfers "safe-to-save" money from your checking account to your savings account

Fees To Look Out For

Ally Savings has little to no fees for you to worry about. Here's a list:

• $0 for monthly maintenance fees
  
• $0 for overdraft fees
  
• $0 for standard or expedited ACH transfers
  
• $0 for incoming wires
  
• $0 for official/ cashier's checks
  
• $0 for excessive transactions fee

However, they will charge you a few fees but Ally makes good on disclosing them.^[1] They are:

• $15 expedited delivery
  
• $20 outgoing domestic wires
  
• $25/hour account research fee

Pros and Cons

Pros:

• High APY on all balance tiers
  
• No minimum opening deposit
  
• No balance requirement
  
• $0 monthly maintenance fee
  
• User-friendly website and app
  
• Useful digital budgeting tools

Cons:

• No physical locations
  
• No debit card and ATM access
  
• Limited to 10 withdrawals or transfers per statement cycle
  
• Doesn't accept cash deposits

How to Open an Account

You can easily open an Ally Savings Account online from the comfort of your home. Just follow these steps:

1. Go to Ally's Savings Account page and select Open New Account.
   
2. Input your deposit amount and add the Savings Account.
   
3. Provide your personal information and Social Security.
   
4. Submit and fund your account via fund transfer, check deposit, or wire.

If you need the help of a live agent, you can also opt to open an account over the phone via their 24/7 hotline: 1-877-247-2559.

Who Is It Best For?

Ally Savings is a good choice for those who want to earn a high APY.

It is also ideal for those with clear goals on how they want to allocate their money. Ally lets you distribute your savings into buckets so you don't need to open multiple accounts for each goal.

Lastly, if you are a tech-savvy person who prefers to do all your banking online, Ally Savings is a must-try.

But remember, they do not have any physical branches, so all transactions can only be done via their website or app.

How Ally High-Yield Savings Compares

Ally isn't the only bank that offers high APY. Here's how they compare to some of their competitors.

	Get Deal	Get Deal	Get Deal
	Ally Bank: Online Savings Account - 4.20% APY	CIT Bank Platinum Savings - 5.05% APY	Discover Bank: Online Savings Account - Earn 4.25% APY
APY	4.20%	5.05% APY with a balance of $5,000 or more	4.25%
Minimum Deposit to Open	$0	$100	$0
Monthly Fee	$0	$0	$0
Balance Requirement	$0	$0; $5,000 to earn the highest APY	$0
	Get Deal	Get Deal	Get Deal

Compare High-Yield Savings

High-Yield Savings Premier - 5.36% APY

• No account activity or maintenance fees
• $500 minimum opening deposit
• FDIC insured

5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Learn More

Read Review

Member FDIC

UFB Secure Savings - Earn up to 5.25% APY

• Earn up to 5.25% APY*
• No monthly maintenance fees
• No minimum deposit required to open an account
• Access your funds 24/7 with easy-to-use digital banking tools

Learn More

Read Review

High Yield Savings Account - 5.24% APY

• $1 minimum deposit
• No fees
• 24/7 online access to funds
• Deposits are FDIC insured through Third Coast Bank SSB

Get Deal

Is Ally Bank Safe?

Yes, using Ally Bank is safe. They are a member of the FDIC (Cert #57803) which means your deposits are insured up to $250,000 on individual accounts.

How To Deposit and Withdraw Money?

To deposit money into your Savings Account, you can do any of the following:

• Online funds transfer
  
• Check deposit via Ally eCheck Deposit
  
• Wire transfer
  
• Mail a physical check

Meanwhile, to make a withdrawal, here are your options:

• Online funds transfer
  
• Outgoing wire transfer
  
• Telephone transfer
  
• Check request

Bottom Line

Ally Bank's high-yield savings account is a great place to store your funds.

It boasts a high APY on all balance tiers with no fees and balance requirements. You also get access to a variety of tools that can help you in your journey to save money.

If you want to save smarter and make your money work harder, Ally Savings Account is a great choice!

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