Ally Online Savings Review

Ally’s high-yield online savings account packs in what we think are must-have perks, including a high annual percentage yield (APY), rock-bottom low fees, and convenience. That’s why we picked Ally Online Savings as one of the top accounts among the popular offers we cover (read our full list of the best high-yield online savings accounts). Let’s dive in to help you uncover whether Ally is a fit for you.

Bank NameAPYMin. Opening DepositKey Features
Ally Online Savings

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1.25%$0-$0 monthly maintenance fee-Free ATMs

-Mobile app and deposit

What we like about Ally Online Savings

  • High APY — 1.25% is among the higher flat APYs we know of for online savings accounts. There’s no balance requirement to receive the quoted APY, and all balances qualify for the same rate, unlike tiered offers that ratchet the rate down as balances increase.
  • $0 minimum balance — There is no minimum balance required to open this account.
  • $0 monthly maintenance fee — We think the cost of maintaining an online savings account should approach $0 for routine needs, and this is rightly the case for Ally Online Savings.
  • Free ATMs — U.S. Allpoint® ATMs are free for account holders, and the bank will reimburse $10 per statement cycle for out-of-network U.S. ATMs.
  • Mobile app  Ally has built a deep feature set for its app, which is key for an online bank. Account holders can use the app to electronically deposit checks, make free electronic transfers, locate ATMs, and pay bills.

What could be improved for Ally Online Savings

  • Withdrawal limit fee — One downside is the withdrawal-limit fee of $10 per transaction, which kicks in after you make six withdrawals within one month. Savers should be able to avoid this fee when using a savings account for its intended use — i.e., parking your cash to earn interest.

How to fund an Ally Online Savings account

Several funding options are available, including free electronic transfers from external accounts, mobile check deposit, wire transfer, or mailed check. Ally even offers free postage-paid deposit envelopes to help further reduce costs for account holders.

How to withdraw your money

Standard online savings-account withdrawal options are available, including free electronic transfer, outgoing wire, and physical check.

Other high-yield online savings accounts to consider

No doubt Ally’s high-yield online savings account is a solid option, but we recognize that not all bankers have the same needs. We suggest you do your homework to review some of our other favorites online savings accounts, especially if a cash bonus is a must-have.

FeatureAlly Online SavingsDiscover SavingsCIT Bank Premier High Yield Savings
APY1.25%1.40%1.55%
Min. opening deposit$0$0

(Deposit requirements must be met to use offer code)

$100
Bonus$0Up to $200 using code FOOL1217 with qualifying deposit*$0
Monthly maintenance fee$0No monthly maintenance fees$0
Withdrawal limit fee$10$15$0
ATM cardYesNoNo
Free ATMsYesN/AN/A
Mobile appYesYesYes
Mobile depositYesYesYes
Next stepsAPPLY NOWAPPLY NOWAPPLY NOW
Bank reviewDiscover Savings full reviewCIT Bank Premier Savings full review

*TO GET YOUR BONUS: APPLY FOR YOUR FIRST DISCOVER ONLINE SAVINGS ACCOUNT BY 2/28/18. ENTER OFFER CODE FOOL1217 WHEN APPLYING. DEPOSIT A TOTAL OF AT LEAST $15,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $150 BONUS OR DEPOSIT A TOTAL OF AT LEAST $25,000 INTO YOUR ACCOUNT BY 3/14/18 TO EARN A $200 BONUS. MAXIMUM BONUS ELIGIBILITY IS $200 PER ACCOUNT.
WHAT TO KNOW: OFFER NOT VALID FOR EXISTING OR PRIOR DISCOVER SAVINGS CUSTOMERS. ACCOUNT MUST BE OPEN WHEN BONUS IS CREDITED. BONUS WILL BE CREDITED TO THE ACCOUNT BY 3/28/18. BONUS IS CONSIDERED INTEREST AND WILL BE REPORTED ON IRS FORM 1099-INT. OFFER MAY BE MODIFIED/WITHDRAWN WITHOUT NOTICE.

Final take

Ally’s high-yield online savings account is laser-focused on what could be the right account perks for many savers. The bank offers a competitive APY, cuts pesky maintenance and ATM fees, and offers must-have mobile features for an online account. This combination of perks is rare outside of the savings accounts that landed a spot on our list of the best high-yield savings accounts, and we’re enthusiastic about Ally’s savings account for yield-hungry savers.