Ally offers a savings account designed to help customers reach their financial goals. Customers can earn a competitive APY (annual percentage yield) with no monthly maintenance fee and no minimum balance requirement. But, get to know more about Ally interest rates and other details first.
Growing money will be much easier with a savings account. Using some features like Surprise Savings, round-ups, and recurring transfers will make it a lot easier to grow money. Interest rates offered by Ally are comparable to interest rates offered by other online savings accounts.
About Ally And Its Accounts
Ally offers four account options for customers: certificates of deposits, a savings account, checking and money market accounts, and individual retirement accounts. Each account offered by Ally comes with different details like monthly maintenance fee, annual percentage yield, and others.
1. Certificates of deposits
Ally offers three options for certificates of deposits: high yield CD, raise your rate CD, and no penalty CD. The high-yield CD is perfect for customers who want to earn higher interest rates when they lock in their funds for the long term. The APY for this account is 5.15%. Here’s the comparison.
| High-yield certificate of deposit | Raise your rate certificate of deposit | No penalty CD | ||
| Available terms | APY | Available terms | APY | APY |
| 3 months | 3.00% | 2 years | 4.00% | 4.55% |
| 6 months | 3.50% | 4 years | 4.00% | |
| 9 months | 5.00% | |||
| 12 months | 5.00% | |||
| 18 months | 5.15% | |||
| 3 years | 4.25% | |||
| 5 years | 4.10% | |||
No minimum deposit is required to get any of the CD accounts above. If you choose a no penalty CD account, you will be able to withdraw the entire money at any time after funding the account. Also, you can keep earning the interest with no penalties.
2. Savings account
Only one savings account is offered by Ally. This savings account is perfect for those who want to organize and maximize their savings using boosters and buckets. With this savings account, customers can access their money at any time.
The annual percentage yield of this Ally savings account is 4.25% on all balance tiers. Customers of this savings account will get a 6-withdrawal limit for every statement cycle. Ally interest rates will be variable and may change after each customer opens an account.
This Ally savings account will also offer unlimited deposits. The fees applied for this savings account may reduce your earnings.
3. Checking and money market accounts
Ally offers a checking account and a money market account. Both accounts give you some benefits such as no minimum opening deposit, no monthly maintenance fees, and interest will be compounded daily.
A checking account is best for those looking for unlimited withdrawals and deposits as well as access to Zelle and bill pay, checks, debit cards, and spending buckets. The annual percentage yield for this account is 0.10% for a minimum daily balance under USD 15,000.
If the minimum daily balance is at least USD 15,000 or more, the annual percentage yield will be 0.25%. A money market account is best for those who want a savings account with more competitive Ally interest rates. The APY is 4.40% for all balance tiers.
4. Individual retirement accounts
Just like the CDs, Ally also offers 3 different options for individual retirement accounts: IRA High Yield CD, IRA Raise Your Rate CD, and IRA savings. Each account offers different annual percentage rates, depending on the terms you choose.
| IRA High Yield CD | IRA Raise Your Rate CD | IRA Savings | ||
| Available terms | APY | Available terms | APY | APY |
| 3 months | 3.00% | 2 years | 4.00% | 4.25% |
| 6 months | 3.50% | 4 years | 4.00% | |
| 9 months | 5.00% | |||
| 12 months | 5.00% | |||
| 18 months | 5.15% | |||
| 3 years | 4.25% | |||
| 5 years | 4.10% | |||
The IRA Savings account will give you a 6-withdrawal limit per statement cycle. The interest rate above is variable and may change after customers open an account. The deposits will be insured by the FDIC up to the maximum allowed by the law.
Why Ally Interest Rates Are Better
To figure out the answer, customers need to compare Ally with some other savings accounts from other banks. Below is a comparison between Ally, Bank of America, Chase, and Wells Fargo. Each bank has its own savings account. Ally offers a Savings Account.
Bank of America offers Advantage Savings, Chase offers Chase Savings, and Wells Fargo offers Way2Save® Savings.
| Ally’s Savings Account | Bank of America’s Advantage Savings | Chase’s Chase Savings | Wells Fargo’s Way2Save® Savings | |
| Monthly maintenance fees | $0 | $8 | $5 | $5 |
| Minimum opening deposit | $0 | $100 | $0 | $25 |
| Tool to organize savings | Yes | Yes | No | No |
| Tool to organize linked account | Yes | No | No | No |
| Annual percentage yield | 4.25% | 0.01% | 0.01% | 0.15% |
From the data above, you will see that the interest rate offered by Ally’s savings account is the highest compared to its competitors. However, Ally Bank savings accounts come in some different balance tiers: less than USD5,000, between USD5,000 and USD24,999.99, and USD25,000 and more.
Fees Applied for Ally’s Savings Account
You shouldn’t open a savings account at any bank before checking its fees. Some fees involved in a savings account may include monthly maintenance fees, excessive transaction fees, outgoing domestic wires fees, and so on. Below are some details about the fees of Ally’s savings account.
| Account research fee | USD25 per hour |
| Outgoing domestic wire fee | USD20 |
| Expedited delivery fee | USD15 |
| Excessive transactions fee | USD10 per transaction |
Ally will not charge customers for monthly maintenance fees, cashier or official checks, incoming wires, expedited or standard ACH transfers, and overdraft items. This makes Ally superior to savings accounts offered by other banks.
Other Ally Products
Savings are not the only products from Ally, there are also other products like credit cards, retirement and investing, mortgage, auto, personal loans, and so on. Ally offers different rates for different financial products. Make sure to research every detail before using any of Ally’s products.
Ally is a leading company in digital financial services. Ally Bank is the direct banking subsidiary of the company and it offers various deposit, mortgage, and personal lending services and products. Also, Ally Bank is a member of Equal Housing Lender and FDIC, this is a bank you can trust.
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Checking Ally interest rates should be the very first step to take before opening a savings account. Comparing the rates with the rates offered by other banks’ savings accounts should also be done first.