Updated January 31, 2024

Ally High-Yield Savings Review

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

5-point scale (the higher, the better)

Pros and Cons

  • High APY on all balance tiers
  • $0 monthly fees
  • Seamless online banking platform
  • No cash deposits
  • Online banking only
  • No debit card

Bottom Line

High-yield savings account with competitive APY and smart budgeting tools

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.

What feature is most important to you when choosing a high-yield savings 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.

Savings Calculator

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:

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, 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

Ally limits certain types of withdrawals and transfers to a total of 10 per statement cycle.

Pros and Cons


  • 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


  • 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.

To open an Ally Savings Account, you must be at least 18 years old and meet the following criteria:
  • Must be a U.S. citizen or currently reside in the U.S.
  • Must have a Social Security or any Tax Identification Number
  • Must have a physical U.S. residential street address

What would make you switch to a new savings account?

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 often do you check and manage your savings account online?

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.

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.

Can you lose money in an Ally Savings Account?
Since Ally Bank is an FDIC member, you don't have to worry about losing money because deposits are insured. The absence of fees and balance requirements also gives you more control over your funds.

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!


Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC
Axos Bank
Member FDIC

Rewards Checking - Up to 3.30% APY

Expires 6/30/2024
  • Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
  • Build your own APY with up to 3.30% APY*
  • Zero monthly maintenance fees
  • Zero overdraft or NSF fees
  • Zero minimum monthly balance reqs
  • No initial deposit requirement
  • Unlimited domestic ATM fee reimbursements
  • Online debit card management
  • Simple, 3-step process for direct deposit

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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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