The Ally high-yield savings account offers a competitive APY with no minimum opening deposit

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  • Ally’s online high-yield savings account pays a high APY and doesn’t charge monthly fees.
  • The account has convenient savings tools, including savings buckets and surprise savings transfers.
  • You can speak with a live customer service agent 24/7.
  • See Business Insider’s picks for the best high-yield savings accounts »

Is the Ally High-Yield Savings Account a good match?

You might like Ally if you … You might not like Ally if you … 
  • Are comfortable banking digitally
  • Want to earn a high interest rate
  • Are looking for a savings account with no monthly fees
  • Want to use savings buckets to save for separate goals
  • Want to use surprise savings transfers to automatically save extra money
  • Aren’t comfortable banking digitally
  • Need to deposit cash

The bottom line: The Ally High Yield Savings Account is one of the best savings accounts out there, and its online tools can help you save more.

Ally High-Yield Savings Account review

Ally High Yield Savings Account

Ally Ally High Yield Savings AccountAlly

Discover Online Savings Account
Goldman Sachs0.50% APY0.45% APY0.50% APYOpen an accountOpen an accountOpen an account

Ally review vs. Discover review

Ally and Discover have competitive high-yield savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, no monthly service fees. You’ll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers.

Your choice between the two could come down to whether you want to open other accounts, too. Ally’s checking account is perfectly fine, but Discover’s checking account lets you earn 3% cash back on debit card purchases.

Ally review vs. Marcus review

Marcus also has a strong high-yield savings account with a good APY, no minimum balance, and no monthly fees. It doesn’t offer automatic savings tools like Ally does, though. 

If you’re just looking for a savings account (and maybe a CD), you might like Marcus. 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.

Laura Grace Tarpley is the associate editor of banking and mortgages at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

American Express American Express® High Yield Savings AccountChase Chase Savings℠CIT CIT Bank Savings Builder High Yield Savings AccountHSBC HSBC Premier Checking Account ($600)

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