Ally Bank’s savings account interest rate is respectable — right now its annual percentage yield is 3.00%. It's a good rate, but not at the top of the pack.
Still, Ally remains one of NerdWallet’s highest-rated banks for its savings features, lack of fees, 24/7 customer service and excellent checking account and certificates of deposit.
Still, Ally remains one of NerdWallet’s highest-rated banks for its savings features, lack of fees, 24/7 customer service and excellent checking account and certificates of deposit.
Ally's savings account is a good option if you want to do all your banking in one place, like to keep your savings organized by goals and aren’t chasing the highest rates at all times.
How Ally interest rates compare to other banks
Ally’s savings account interest rate of 3.00% is exceptionally high compared to the national average of 0.38%.
Ally’s savings rate is competitive when comparing it to other institutions with excellent checking accounts:
- Capital One: 3.00% APY
- SoFi: 3.10% APY
- E*TRADE by Morgan Stanley: 3.50% APY
Ally’s rates lag behind online banks that specialize in savings options:
- Peak Bank: 4.01% APY
- Openbank: 3.80% APY
- Bread Savings®: 3.95% APY
Ally savings interest rate, fees and features
APY | 3.00%. |
Requirements to earn the APY | None. Your money earns interest on any balance. |
Monthly fees | $0. |
Minimum opening deposit | $0. |
Savings features | Buckets: Used to organize your savings goals. Surprise savings: If you also have Ally's checking account, Ally will analyze it to identify money you can safely transfer to savings. Roundups: If you also have Ally's checking account, Ally will round up debit card transactions to the nearest dollar and transfer the difference (in $5 increments) to your savings. |
Funding options |
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Withdrawal options |
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Same-day transfers available? | Yes, with Zelle. |
Is an Ally savings account right for you?
This account is designed for those who:
- Want to build a savings habit and organize savings goals. Ally’s buckets, surprise savings and roundups support this.
- Need a one-stop shop for banking. All of Ally’s accounts score high star ratings from NerdWallet.
- Are comfortable with online banking. Ally’s customer service is available 24/7 and it tells you the current wait time on its website.
- Want to know their savings will consistently earn a good rate, even though it won’t be the highest.
- Don’t pull money out of savings often. Ally limits withdrawals and transfers to 10 per statement cycle. It won’t charge you a fee if you go over that, but if you exceed the limit often, it’ll close your account.
Calculate what you can earn at Ally
Use our savings interest calculator to see what you could earn at Ally versus other banks.
Investment details
Years
Total Balance
$0.00
Total principalTotal interest
Nerdy Perspective
I don't just choose an account based on its APY
A high rate matters, but it’s not the only thing I care about. I also want an account that lets me move my money easily, offers good customer support and has tools that make it easy to track my savings goals.
Other savings accounts at Ally to consider
Ally Bank interest rates across the board are like its savings account rates: good, but usually not the best.
Its money market account right now pays 3.00% APY, which isn’t high enough to make our best money market accounts list but still solid. With this account, you will get check-writing privileges and a debit card if you want easier access to your savings.
Ally’s CD rates are also decent, but where Ally shines is having multiple types of CDs, including rate-bump CDs and no-penalty CDs.
» See all of Ally’s CD rates
Next steps
Compare
See what the most competitive savings accounts are earning.
Learn
If you're ready to open an account, learn what you'll need to have on hand.
Consider
If you have savings you can live without for a bit, consider opening a CD.
» MORE: See the best CD rates right now
