Ally Bank is a well-known online bank that offers a variety of products. Like many online banks, Ally’s savings account offers a competitive interest rate, making it a good choice for people who want to earn a return on their emergency fund.
Savers can also take advantage of Ally’s savings “buckets,” which lets them earmark portions of their savings account for different goals, like a new home or unexpected emergencies.
Ally Bank earned 4.4 out of 5 stars in Bankrate’s review across its deposit products.
Ally Bank savings account rates
Ally offers the same interest rate regardless of your balance. The account has no minimum deposit and no monthly fees.
|Account name||APY||Minimum deposit|
|Savings account||0.80||No minimum deposit|
Note: The APY (Annual Percentage Yield) shown is as of August 14, 2020. The APY may vary by region.
How Ally savings accounts compare to top-yielding banks
Ally consistently offers solid rates on its savings account, but you can still find higher APYs elsewhere.
If you already bank with Ally, or value the access to Ally’s other services, such as checking, lending, or investing, it’s probably not worth switching to a different bank to earn a slightly higher rate.
Other savings options at Ally
Ally also offers a money market account, but it pays a noticeably lower interest rate. You can also open a CD, but even the bank’s longest-term CDs only pay a little more than Ally’s savings account.
Featured image by GaudiLab of Shutterstock.