Ally Online Savings Review [2025]: High Interest, No Minimum Balance

Ally, founded in 2009 under the name General Motors Acceptance Corporation (GMAC), is an online-only bank that offers checking accounts, high-yield savings accounts (HYSAs), and other financial services.

I personally chose Ally for my HYSA due to its high APY, impressive customer service, and its "buckets" feature, which allows me to easily keep track of my progress when it comes to my savings goals. I also appreciate that Ally offers several different account types. Through my Ally mobile app, I have access to several different accounts from anywhere, any time of day.

Here are some other details of the Ally Online Savings Account:

APY	3.60%
Minimum balance for APY	N/A
Minimum deposit to open an account	$0
Monthly maintenance fees	$0
Transaction limits	Maximum of 10 withdrawals or transfers per statement cycle.
FDIC-insured	Yes, up to $250,000 per depositor.

What we like about the Ally Online Savings Account

The biggest benefit of any high-yield savings account is undeniably the opportunity to earn higher-than-average interest. Luckily, that's only the beginning of the benefits you receive with the Ally Online Savings Account.

• Relatively high APY. Ally offers an annual percentage yield (APY) of 3.60%. While this is not the absolute highest APY out there, it is well above the national average. This high APY will make your money work harder for you than at most traditional banks.
• No minimum balance or minimum initial deposit. There is no minimum account balance or minimum initial deposit requirement for Ally's Online Savings Account, which makes getting started easier for new savers.
• No monthly maintenance fees. Having no monthly maintenance fees coupled with no minimum balance is a win-win as far as the best savings accounts go. The money you deposit into your Online Savings Account will truly be saved until you're ready to withdraw it.
• Savings buckets. My personal favorite feature of the Ally Online Savings Account is the ability to organize your savings goals into "buckets." While some other savings accounts offer tools to create savings goals, I find Ally's to be the most intuitive and easy to use. Using the buckets feature, you can separate your savings into up to 30 categories (mine include "Emergency Fund," "Vacation," and "Gifts"), while still earning interest on the sum total in your account. You can even set up your recurring transfers to automatically be divided among your buckets. This makes it easy to visualize the progress you are making toward your savings goals.
• Savings boosters. Ally also offers features to help you maximize your savings beyond what you deposit. If you have an Ally Spending Account, you can opt in to round-ups, which will round up transactions from debit card purchases, electronic payments, and checks and deposit that money into your savings. You can also opt in to "Surprise Savings," a feature that will analyze your linked checking accounts and automatically move over any money it deems safe to save based on your spending habits.
• Direct deposit option. You can save money each time you get paid by directing as much of your paycheck as you'd like with Ally's direct deposit. Setting up this automated way to save could help you grow your account at a faster pace.
• Banking on the go. With the Ally Bank mobile app, you will be able to manage your Ally Bank account on the go. Using the app, you can transfer money in and out of the account and do your mobile banking from anywhere in the world. It also offers analytics on your financial habits and allows you access to any other Ally accounts you may have. The mobile app is available for Android and iOS devices.

What the Ally Online Savings Account could improve

• No cash deposits. One drawback to consider for the Ally Online Savings Account is the inability to deposit cash into your account. With cash deposits becoming less popular, this may not be a big deal to you. But if you do routinely need to make cash deposits, you may want to consider opening an account that allows them.
• No physical locations. If you prefer talking with someone face to face about your banking needs, an online bank may not be the right choice for you, as banks like Ally have no physical locations to visit.

Ally Online Savings Account vs. traditional savings account

Decades ago, you would need to walk into several banks to learn the ins and outs of each before making a final decision. Now you can do so online in just a few minutes.

We did the research for you to see how Ally's Online Savings Account compares to traditional banks. Here are some of the key similarities and differences:

• Fees. Ally charges no minimum balance fees and no monthly maintenance fees. These fees are relatively common at traditional banks, though fees and amounts will vary depending on which bank or credit union you choose.
• APY. The Ally Online Savings Account offers an APY of 3.60%, while the average APY for a traditional savings account is just 0.41% (as of 4/21/25). You do not need to maintain a minimum daily balance on your Ally Online Savings Account to get a generous APY.
• Withdrawal limits. Both the Ally Online Savings Account and traditional savings accounts have limited withdrawals per billing cycle without incurring any fees. The Ally Online Savings Account allows up to 10 withdrawals or transactions per cycle. While it does not charge "excessive" fees, Ally does state that it may choose to close accounts that frequently exceed this limit. Withdrawal limits and fees at traditional banks will vary.
• Branches. Many traditional banks offer physical branches that account holders can visit to do their banking in person, though the availability of and the total number of locations will vary from bank to bank. While Ally Interest Checking Account customers can withdraw money for free from over 43,000 Allpoint ATMs worldwide, Ally does not have physical branch locations.
• Withdrawal options. Ally Online Savings Account customers can withdraw money from their accounts via online transfer, wire transfer, check request, or telephone transfer. Typically, traditional banks offer those withdrawal options in addition to cash or ATM withdrawals.

How to withdraw money from your Ally Online Savings Account

You can withdraw money from your Ally Online Savings Account in the following ways:

• Online transfer
• Wire transfer
• Check request
• Telephone transfer

You will not receive a debit card or ATM card when you sign up for an Ally Online Savings Account, so you won't be able to make ATM withdrawals from your account. However, if you sign up for an Ally Interest Checking Account, you will receive an ATM card, and you can use it to make withdrawals at more than 43,000 ATMs worldwide.

Other Ally Online Savings Account fees

Ally Bank is transparent about the fees that it does and doesn't charge its account holders. Here's what to expect in terms of fees with an Ally Online Savings Account:

Overdraft fee	$0
ACH transfers	$0
Incoming wire	$0
Official/cashier's checks	$0
Excessive transactions	$0
Outgoing wire	$20
Expedited delivery	$15
Extensive account research	$25/hour

Ally customer service

Ally offers customer service assistance 24/7 through online chat and over the phone, and it prides itself on short wait times. You can even check the current wait time on Ally's website.

I use Ally's chat feature to ask straightforward questions about my account and find it to be very helpful. For more complex questions, I recommend calling and speaking to a customer service representative. The interactions I've had have been friendly and productive.

If you'd like to get in touch, you can call 1-877-247-2559 or click to open the online chat window when you're logged in on the Ally Bank website.

Ally Online Savings alternatives

There's more to like about Ally Online Savings than there is to nitpick, but we've found a few alternatives anyway — because you're allowed to be picky about where you keep your money, and the Ally savings account isn't perfect.

SoFi Checking and Savings

If you like that the Ally Online Savings account offers buckets to create savings goals, you'll want to check out the SoFi Checking and Savings account. As you can probably guess from the name, it's a combined checking and savings account, but it's especially appealing for high-yield savings. This account offers "Vaults" that are similar to Ally's buckets. You can have up to 20, and they'll all earn the same great rate. With an APY of up to 3.80%² <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> on savings with direct deposit plus 0.50% (as of 01/24/25) APY on checking balances with direct deposit, it's going to reward you similarly to Ally.

However, the account also includes a debit card and ATM access⁶ <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> , which Ally (and the average savings account) lacks, and you can earn more on all of your money with that checking APY. It has no minimum balance requirements to open and avoid fees⁷ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> , but you do need to set up direct deposit and receive at least one transaction of any size each month to qualify for the highest stated rates. If you can't do that, stick with Ally.

Visit SoFi® or read our full SoFi Checking and Savings review.

LendingClub LevelUp Savings

We wish that the Ally Online Savings account just earned a little bit more interest, and the LevelUp Savings account from LendingClub fits the bill for that. This online high-yield savings account offers up to 4.40% APY⁸ <p>LevelUp Rate of 4.40% Annual Percentage Yield (“APY”) is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate of 3.40% APY. Interest payments, account bonuses, account credits and reversals or refunds from the bank are not considered deposits for rate evaluation purposes. All LevelUp Savings accounts earn the LevelUp Rate at account opening and continue to earn the LevelUp Rate until the First Evaluation Period, to provide an opportunity to set up deposits. </p> <p>An Evaluation Period is a statement cycle. The First Evaluation Period will be the third statement cycle after you open your account, with any rate change becoming effective the next statement cycle. For example, if you open in August, the first Evaluation Period would be October with any rate change effective in November. Any rate changes will take place on the second business day and will be based on deposits in the previous statement cycle. </p> <p>APY accurate as of 5/22/2025. Rates are variable and subject to change at any time without notice, at the sole discretion of the bank. Fees may reduce earnings. $0 minimum opening deposit.</p> . But it comes with a catch, although we like to think of it more as an incentive. To earn that rate, you have to deposit at least $250 each month. It doesn't have to be direct deposit as long as it's a monthly transfer (or multiple).

If you can't do that, you'll earn 3.40% (as of 04/11/25) APY, which is very much still competitive. However, if that requirement feels out of reach or tedious to you, Ally is the safer bet. But even if you could qualify for the higher rate most or even some of the time, it might be worth it to go with LendingClub — even just to keep saving more regularly.

Visit LendingClub or read our full LendingClub LevelUp Savings review.

Capital One 360 Performance Savings

For a more standard high-interest savings accounts without any balance requirements or minimums, we've always been fans of the Capital One 360 Performance Savings account.

This account fetches 3.60% APY⁹ <p>A rate of 3.60% Annual Percentage Yield (APY) applies to all account balances. Advertised rates are variable and effective as of 4/25/25. Rates are subject to change at any time before or after account opening.</p> regardless of your balance, so we'd recommend it if you're unsure how much you plan to save or don't know if you'll be making regular deposits. Capital One is similar to Ally in that you can also open other types of bank accounts, including checking accounts and CDs.

Between Ally Online Savings and Capital One 360 Performance Savings, you'll get a strong account with a great digital experience and neck-and-neck rates, but Capital One has an edge for offering (limited) in-person branch access and permitted cash deposits.

Read our full Capital One 360 Performance Savings review.

FAQs

Bottom line

I recommend the Ally Online Savings Account to anyone looking to grow their savings over time with its higher-than-average APY of 3.60%. For beginners especially, it's an added perk that you don't have to worry about a monthly maintenance fee or a minimum balance requirement.

I also like Ally's buckets and boosters features that help you visualize your goals and maximize your savings. You can access these features and all of your other banking needs through Ally's highly rated mobile app and 24/7 customer service.

However, keep in mind that Ally doesn't accept cash deposits and doesn't have physical branches. All banking activities must be conducted online or via the mobile app.

For more of our top recommendations, explore our list of the best online banks.