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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 4.25% APY with no requirements for earning interest. It also doesn't require any money to open, and doesn't charge monthly service fees.
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 Spending Account, you can link it to savings and set up surprise savings transfers. Every Monday, Wednesday, and Friday, Ally assesses your checking balance and spending habits to determine whether you can afford to save more. If so, it transfers extra money into savings.
Ally Savings Pros and Cons
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Compare Today's Savings Rates
How Ally Savings Account Rates Compare
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Ally Savings Account
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Discover Online Savings Account
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Marcus High Yield Online Savings Account
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 Discover Online Savings Account currently pays a slightly higher interest rate than the Ally Savings Account, though.
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 high-yield savings account with no minimum balance requirements and no monthly fees. Currently, Marcus savings rates are slightly higher than Ally savings rates. 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 Marcus High Yield Online Savings Account. But the bank doesn't have a checking account, so if you're wanting to do all your banking with one institution, you'll probably prefer Ally.
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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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