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Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
On Ally’s site. FDIC Insured.
Ally High Yield Savings Account
On Ally’s site. FDIC Insured.
Details
Annual Percentage Yield (APY)
3.75%
Minimum Deposit Amount
$0
Pros & Cons
High APY
No minimum opening deposit
No monthly service fees
Savings buckets help you save for different goals
Surprise savings transfers help you save extra money from your checking account
No physical branch locations
No way to deposit cash
Highlights
Create separate savings buckets in a savings account
Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week
Interest compounded daily, paid monthly
FDIC insured
Additional Reading
Read our review
Ally High-yield Savings Pros and Cons
Ally pays a high interest rate, doesn’t require any money to open an account, and doesn’t charge monthly service fees.
Ally has online tools to help you save smarter. Set up savings buckets to save for separate goals, such as “Emergency Savings” or “Travel Fund.” If you also have a Ally Interest Checking Account, you can link it to savings and set up surprise savings transfers. Every Monday, Wednesday, and Friday, Ally assesses your checking balance and spending habits to determine whether you can afford to save more. If so, it transfers extra money into savings.
Compare Today’s Savings Rates
How Ally Works
Ally is an online bank with several strong accounts, including its high-yield savings account.
The mobile app has received 4.7 out of 5 stars in the Apple store, and 3.9 out of 5 stars in the Google Play store.
You can speak with a live customer service agent 24/7, either over the phone or online chat.
The Better Business Bureau gives Ally an A rating. The highest BBB grade is an A+ but Ally has an A because it has four unresolved customer complaints on the BBB site.
The BBB measures trustworthiness by looking at how a company responds to customer complaints. It also checks whether a business is honest in its advertising and transparent in how it conducts business.
Ally doesn’t have any recent public scandals.
How does Ally Compare to Similar High-yield Savings Accounts?
We’ve compared the Ally High Yield Savings Account with savings accounts at two other online banks: Discover and Marcus by Goldman Sachs.
Ally and Discover have competitive high-yield savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, no monthly service fees. You’ll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers.
Your choice between the two could come down to whether you want to open other accounts, too. Discover is not currently accepting new applications for its checking account.
Marcus also has a strong high-yield savings account with a good APY, no minimum balance, and no monthly fees. It doesn’t offer automatic savings tools like Ally does, though.
If you’re just looking for a savings account (and maybe a CD), you might like Marcus. But the bank doesn’t have a checking account, so if you’re wanting to do all your banking with one institution, you’ll probably prefer Ally.
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected]. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Evelyn He is a Compliance Associate at Insider who supports the Personal Finance Insider team. Personal Finance Insider is Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Insider readers already know and love. The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Before joining Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 4-year-old Bichon named Tibber.
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