Online Savings Account: Overview

High yield savings

Earn a higher rate than traditional savings and get free online banking transactions.

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.

The Ally Difference

  • We don't have monthly maintenance fees. Ever. Some banks charge a monthly fee if your deposit doesn't come directly from your employer. 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

  • How do I make a withdrawal from my Online Savings Account?

    You can withdraw money in 4 ways:

    • Online funds transfer
    • Outgoing wire transfer
    • Telephone transfer
    • Check request

    You should know that there are a few guidelines to these transactions:

    You can always call us and request a check made out to you. You can also make unlimited deposits and ATM withdrawals. But, Federal law limits other electronic, telephone and check transactions to a total of 6 per statement cycle. These limited transactions can be to other accounts or to a third party. If you go over the limit we charge $10 per transaction.

  • 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 main difference is in how you access your money. A money market account gives you more access because you can be issued a Visa® Debit Card and checks for these accounts. An online savings account does not support the use of checks and does not come with a debit card.

    It's important to note that there are Federal limits on transactions from U.S. savings and money market accounts.

    You can always call us and request a check made out to you. You can also make unlimited deposits and ATM withdrawals. But, Federal law limits other electronic, telephone and check transactions to a total of 6 per statement cycle. These limited transactions can be to other accounts or to a third party. If you go over the limit we charge $10 per transaction.

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  • No minimum to open