High yield savings
Earn a higher rate than traditional savings and get free online banking transactions.
- No minimum deposit to open
- No monthly maintenance fees
- Other fees, such as those for returned deposit items and outgoing wires, may reduce earnings
- Daily compounded interest for maximum earnings
- FDIC insured to the maximum allowed by law. Maximize your coverage
- Six transactions per statement cycle with no fees. Why only 6?
- Your actual variable rate will go into effect when you make your opening deposit
- Ally's Online Savings Account rate is accurate as of 2/2/2012. See rates
Funding Your New Account Is Easy
Take your pick — make an online transfer, mail us a check, use a wire transfer or scan and submit your deposit with Ally eCheck DepositSM.
Open accountThe Ally Difference
- We don't have monthly fees. Ever. Some banks charge a monthly fee if your deposit doesn't come directly from your employer.
- We don't require minimum balances. Many others charge a fee if your balance dips too low.
- We work to keep our rates high. Other banks often tempt new customers with promotional rates.
- We grow your money faster by compounding interest daily. Many others compound monthly, quarterly, or even annually.
Frequently asked questions
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How do I make a withdrawal from my Online Savings Account?
You can withdraw money online by online funds transfer. Please remember that federal law limits the number of withdrawals and transfers from all U.S. savings and money market accounts to six per statement cycle. Unfortunately, you will be charged a $10 fee for each transaction that exceeds this limit. -
How many withdrawals can I make from my Online Savings Account each month?
You can make six withdrawals and transfers per statement cycle from your Online Savings Account. The limit is set by federal law for electronic and telephone transactions from all U.S. savings and money market accounts. Please remember, you will be charged a $10 fee for each transaction that exceeds this limit. -
What is the difference between an Online Savings Account and Money Market Account?
The differences are their rates and the ways you can withdraw money from them. Both let you make unlimited deposits electronically, by wire, and by mailed check. Both also allow six electronic and telephone withdrawals and transfers per statement cycle — as limited by federal law — although a Money Market Account does provide more options for how you can make those transactions.
To summarize:
Our Online Savings Account usually has a higher APY and lets you withdraw via bank-to-bank online transfers only.
Our Money Market Account usually has a lower APY but lets you withdraw money by debit card, check, and bank-to-bank online transfers.
