Ally Bank Savings Account

Ally Bank offers a high yield online savings account with interest rates considerably higher compared to traditional banks.

Savings APY
Min. Deposit
J.D. Power Rating
4.6 / 5.0
SimpleScore Ally Bank 4.6
Savings APY 3
Tools 5
Customer Satisfaction 5
Support 5
Product Variety 5

Ally Bank is known for its Ally high yield savings options, with Ally savings account interest rates much higher than most physical banks. Ally Bank’s history dates back to 1919, when the company debuted as GMAC, a financing division of GM. In 2009, GMAC Bank transformed into Ally Bank, an online bank without physical branch locations. Its headquarters are in Sandy, Utah.

Ally Bank is a completely online bank with interest rates considerably higher compared to brick and mortar banks. While the Ally Bank savings rate is attractive, if you like having the option to meet with someone face to face with your bank, you won’t get that here.

Since Ally Bank doesn’t the overhead of physical locations, it puts those savings in bankers’ hands, making it one of the best savings accounts around. While the Ally savings rate is one of the highest available, people who want the option to go into their bank might not be completely sold on Ally Bank high yield savings accounts.

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In this article

    Ally Bank at a glance

    BankMin DepositInterest APYJ.D. Power Survey ScoreKey Benefit
    Ally Bank$01.00%5/5Comparatively higher interest rates

    What we like about it

    First, the high-yield savings rate is one of the best features of an Ally savings account. Compared to minimal savings interest rates of 0.01% to 0.04% at traditional banks, Ally savings interest rates are up to 10 times higher than that — which means 10 times the return on savings.

    Ally Bank is digital-focused, so its online dashboards and mobile app are elegant, intuitive and easy to use. Customers can use nifty features like recurring transfers and buckets. The buckets feature allows users to add 10 “buckets” to their savings account, which are categories like emergencies, home, vacations and education. Users can then distribute a portion of their savings to each bucket, so they can visualize and work towards their savings goals for specific items.

    Things to consider

    Ally Bank savings rate amounts, like most banks’, will fluctuate depending on the market. Even though Ally Bank rates were at 1.7% in December 2019, for example, the rates experienced several drops because of the COVID-19 pandemic and fell 0.6% in just seven months. High rates now aren’t guaranteed in the future.

    Furthermore, there are also no physical locations. Ally Bank customers are limited to interacting with bank representatives online or over the phone. For people who like their bank to have a place visit for help, Ally Bank doesn’t have that option.

    What you need to know

    You can open an Ally Bank savings account online or through the mobile app. When you designate an account to move money from into your Ally savings account, Ally Bank will do some refundable test withdrawals before transferring your money from your old account into the Ally Bank savings account.

    There’s no minimum deposit to make, no monthly maintenance fees and no minimum balance requirements. Your money earns money with interest compounded daily. Interest savings are deposited into your savings account each month.

    Once your Ally Bank savings account is open, you can set up buckets to organize your savings and deposit certain amounts towards items like home improvements and vet bills. You can also set up recurring transfers from another account.

    You can also link a checking account to your Ally Bank savings account for “Surprise Savings,” which are small amounts moved from your checking account to your savings account so you amplify your savings. Ally Bank’s technology analyzes your spending patterns and will make transfers on your behalf based on what you wouldn’t normally spend from your checking account.

    Ally Bank provides 24/7 customer support by phone, chat and email, both online and through the app.

    Mobile app

    You can access the mobile app via passcode or touch ID. You’re immediately greeted with a look at your total balance for all your Ally Bank accounts. In the app, you can organize buckets, set up recurring transactions and track a checking account for Surprise Savings.

    You can also pay bills from the app, use the app to find ATMs and send or request money using the Zelle money transfer feature. The app also features a message center for Ally Bank messages and a customer service dashboard where you can call, chat or message Ally Bank directly from the app.

    Fees and penalties

    Ally Bank doesn’t charge for monthly maintenance, but it does have other fees. The returned deposit item fee is $7.50. There’s a $25 fee for an overdraft item paid or overdraft item returned. Excessive transactions that go over the six withdrawals a month limit cost $10 per transaction. There’s also an expedited delivery fee of $15, an outgoing domestic wires fee of $20 and an account research fee of $25 per hour.

    Ally Bank vs. Vio Bank

    Vio Bank is another online bank with a high yield savings account. As of June 12, 2020, the online savings account rate was 1.35% on all balances, which is considerably higher than Ally Bank’s. There’s no monthly maintenance fee with Vio Bank, but there is a $100 minimum requirement to open a Vio Bank savings account. Vio Bank also offers a free mobile app.

    The excessive transaction fee with Vio Bank, like Ally Bank, is also $10 for going over six monthly transactions. The outgoing domestic wire transfer fee is higher than Ally Bank’s, at $30, and the returned deposit item is slightly lower at $7.

    If you want to bank with an online savings account and can make the $100 minimum, Vio Bank’s higher APY might make more sense than going with Ally Bank’s.

    Compare top bank accounts



    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best savings accounts of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare the savings account offered by Chase, it scores a 3.8 out of 5. However, when we compare the checking account offered by Chase with the checking account SimpleScore metrics, it scores a 4.4 out of 5. We change and tweak the methodologies for different categories based on industry standards to paint a complete picture of products and brands.

    Questions about our methodology?

    Email Hayley Armstrong at


    Savings accounts are meant to earn at least a little interest, which is why we reward brands with higher APYs on savings accounts.

    Savings Tools

    Brands that make it easier to save score higher SimpleScores. We considered tools such as savings buckets, automatic transfers and goal-tracking when comparing this metric.

    Customer satisfaction

    We leveraged J.D. Power’s 2020 U.S. Retail Banking Satisfaction Study and 2020 U.S. Direct Banking Satisfaction Study to rate each brand for customer satisfaction. The higher the satisfaction score, the higher the SimpleScore.

    Customer support

    The savings account providers that have the most channels of customer support score higher than providers that don’t. We considered e-chat, email, phone, mobile app support and social media as channels of support for this metric.

    Additional products

    When it comes to banking, it’s nice to have options. If you want a checking and savings account in one place, that’s great, but we also considered other financial products like MMAs, CDs, IRAs and more. Providers that have more additional products score higher.

    Nicki Escudero

    Contributing Writer

    Nicki Escudero is a freelance writer and journalist with more than 18 years of experience in the publishing industry, writing for international publications such as USA Today, Entrepreneur, Marketing Land, American Art Collector magazine and the Arizona Republic. She is passionate about helping readers discover helpful tips that lead to happier, healthier lives. A former Australian expat, Nicki has a passion for world travel and loves to learn about new cultures.

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Loans Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to,, and elsewhere.