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Ally Bank is one of the best online banks, and a major reason it stands out is because it has a well-rounded high-yield savings account. Similar to other national brands with high-yield savings accounts, Ally pays well above the average savings account interest rate and doesn't have monthly service fees.
The Ally Savings Account is a great option for anyone who wants savings tools to help save for specific financial goals, or prioritizes an account that doesn't charge standard bank fees.
Ally Savings Rates
Ally pays
Ally notably 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 Savings Pros and Cons
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How Ally Savings Account Rates Compare
Ally Savings Account vs. Discover Online Savings
Ally and Discover have competitive savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, and no monthly service fees. You'll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers. The
Your choice between the two could come down to whether you want to open other accounts, too. Discover has a checking account that offers cash back, while Ally has a checking account that pays a bit of interest.
Ally Savings Account vs. Marcus High Yield Online Savings Account
Marcus also has a strong high-yield savings account with a good APY, no minimum balance, and no monthly fees. Marcus currently pays a slightly higher interest rate than Ally does. It doesn't offer automatic savings tools like Ally, though.
If you're just looking for a savings account (and maybe a CD), you might like the
Why You Should Trust Us: How We Reviewed the Ally Savings Account
At Insider, we use our bank account methodology to rate bank products and services. We use a scale of 0 to 5 stars to rate bank accounts. When we rate savings accounts, we look at minimum opening deposit requirements, monthly service fees, and interest rates. We also consider the overall banking experience, examining customer support availability, mobile app ratings, and ethics.