Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
On Ally Bank’s site. Ally Bank, FDIC Insured
Ally High Yield Savings Account
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Overall bank rating
Pros and cons
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally High Yield Savings Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
On Ally Bank’s site. Ally Bank, FDIC Insured
Ally High Yield Savings Account
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally is a good option if you’re looking for a savings account that doesn’t require a minimum opening deposit.
Ally also makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated. You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you save for multiple goals in one account.
Ally High Yield Savings pays a great interest rate, but you can other online banks with the best savings accounts right now.
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
Ally Interest Checking Account
Details
Annual Percentage Yield (APY)
0.10% to 0.25%
Minimum Deposit Amount
$0
The Ally Interest Checking Account is a solid low-fee checking account. You have free access to over 43,000 ATMs nationwide, but if you use an out-of-network ATM, Ally doesn’t charge a fee. If the out-of-network ATM provider charges you, then Ally will reimburse up to $10 per month.
Another standout perk is that you can receive your paycheck up to two days early because the bank offers early direct deposit.
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally High Yield CD
Details
Annual Percentage Yield (APY)
2.00% to 5.00%
Minimum Deposit Amount
$0
Ally pays solid rates on its CDs, and it’s one of the few banks that doesn’t require a minimum opening deposit.
Along with the Ally High Yield CD, Ally offers a Raise Your Rate CD, which allows you to increase your rate should Ally’s rates go up. You can increase your rate once during a 2-year term and twice during a 4-year term. Ally also offers an 11-month No Penalty CD.
If you’re worried you’ll need access to funds before your CD matures, then Ally could be a good option. The bank’s early withdrawal penalties are lower than what you’ll find with most banks, or you can open the No Penalty CD.
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Ally Money Market Account
Details
Annual Percentage Yield (APY)
3.40%
Minimum Deposit Amount
$0
Savings and money market accounts have a lot of similarities, but one perk of a money market account is that it typically makes it easier to access your money than a savings account does. The Ally Money Market Account makes it especially easy by sending you both a debit card and paper checks.
How Ally works
Ally offers a wide range of products. Along with its bank accounts, you can also open investment accounts, take out a mortgage, or refinance your home.
Ally is an online-only bank, but it has physical ATMs. It’s part of the Allpoint ATM network, so you have free access to over 43,000 Allpoint ATMs around the US. If you use an out-of-network ATM and the ATM provider charges a fee, then Ally will reimburse up to $10 per month.
The Ally 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.
Live customer service is available 24/7, both by phone and online chat.
Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Ally trustworthiness and BBB rating
Ally received an A rating from the BBB because it has three unresolved complaints.
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.
On the plus side, Ally doesn’t have any recent public scandals. So if the BBB rating doesn’t bother you, you may decide you’re comfortable banking with Ally.
Ally vs. Marcus
Marcus only has a savings account and CDs, so if you’re looking for a checking or money market account, you’ll want to go with Ally.
Both banks offer term and no-penalty CDs, but Marcus doesn’t have anything like the Ally Raise Your Rate CD that lets you increase your rate during the term. You may prefer Marcus for a no-penalty CD, though. Ally only has an 11-month CD, but Marcus has terms for seven, 11, and 13 months.
Ally review vs. Capital One 360
Both banks have CDs, savings accounts, and checking accounts. If you want a money market account or a type of CD other than a regular term CD, then you’ll want to go with Ally.
Although Capital One is considered an online bank, it does have over 470 physical branches in eight US states and Washington DC. So if you live near a branch and would like a combination of online and in-person banking, then you might like Capital One.
More on Ally Bank products
This bank review offers a general overview of Ally bank accounts. However, if you’d like to learn more about specific accounts, or see how Ally accounts stack up to other online banks, check out some of our other reviews:
Frequently asked questions
Ally doesn’t have any physical branches. You’ll have to be comfortable with a completely online banking experience.
Yes. Ally is a federally insured bank. Your money is FDIC insured for up to $250,000, or $500,000 if you have a joint account.
Ally might be a good place to bank if you want to open an account with a low initial deposit. Ally lets you open savings, checking, CD, or money market accounts with $0. Generally, you’ll need at least $1,000 to open a money market account or CD.
You also might like Ally if you want to save for individual savings goals. Ally has a bucket feature that allows you to save for multiple goals in one account. You’ll be able to assign each goal a name and track your progress over time.
Ally doesn’t have minimum balance requirements. You won’t have to worry about keeping a specific daily balance to waive monthly service fees.
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UFB Best Savings
Earn up to 4.21% APY on your savings. No monthly maintenance fees. No minimum deposit required to open an account.