Ally Savings Interest Rate and Features for 2025
Written by
Dawn Allcot
Edited by
Elizabeth Constantineau
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Ally Bank offers a APY on its high-yield savings account — more than eight times the national average of 0.38%, according to the FDIC. That’s also far higher than rates at traditional banks like Chase, which often offer less than 1.00%.
Here’s a snapshot of Ally’s savings interest rates and account details:
| Account | APY | Minimum Deposit | Monthly Fees |
|---|---|---|---|
| Ally Bank Savings Account | $0 | $0 |
How Ally Bank Compares to Other Online Banks
As an online banking option in the United States, Ally has more competitive rates than many big banks. However, it’s always good to comparison shop before picking the account that best suits your needs.
| Bank | Savings APY | Minimum Deposit |
|---|---|---|
| Ally Bank | $0 | |
| Salem Five Direct | $10 | |
| Marcus by Goldman Sachs | $0 | |
| Discover | $0 |
Ally Bank vs. Salem Five Direct
Salem Five Direct is the online banking division of Salem Five. It offers a high-yield savings account called eOne Savings that pays APY.
In addition, Salem Five Direct also offers checking accounts and certificates of deposit (CDs), so you can have all your accounts in one place and use the mobile app to easily handle your daily banking tasks. The checking account is interest-bearing, with a APY. Neither the checking account or savings account comes with a monthly fee.
Ally Bank vs. Marcus by Goldman Sachs
The Marcus Online Savings account offered by Marcus by Goldman Sachs pays an APY of , and there are no fees or minimum deposit requirements. There is also a user-friendly banking app to make your transactions easier.
If you prefer to tuck your funds into a CD, Marcus by Goldman Sachs offers high-yield CDs, no-penalty CDs and Rate Bump CDs. Each CD requires a minimum balance of $500. And you should expect an early withdrawal penalty if you want to tap into the funds early.
Ally Bank vs. Discover
While Discover is best known for its cash-back credit cards, the financial services company also offers a high-yield online savings account with an APY of . Like Ally, there is no minimum deposit, no minimum balance requirements and no monthly fees.
Discover also has an online money market account and CDs with yields as high as APY and no minimum deposit.
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Key Features of Ally Bank’s Savings Accounts
The Ally savings interest rate is attractive. But that’s not all this account has to offer.
Competitive Rates With No Minimum Balance
Ally Bank’s savings account is straightforward, with the same consistently high APY on all balances. There are no complicated tiers to track and you don’t need to maintain a minimum balance in savings to earn a high APY. You don’t even need a minimum opening deposit.
User-Friendly Tools
Ally Bank makes it easy to save with a suite of digital tools that can help you automate your savings and even develop good financial habits. Organize money into savings buckets so you can plan a vacation, save for a big event or build an emergency account — and know exactly where your money is being allocated.
Round Ups track spending in linked Ally Bank accounts and “round up” purchases to the nearest dollar. Once you’ve accumulated $5 in round-ups, that money gets transferred automatically to savings where it can earn a high interest rate. You can also set up recurring transfers to make saving a true “no-brainer.”
Ally’s Surprise Savings feature analyzes linked checking accounts to find “extra” money that’s safe to save and makes those transfers automatically, as well.
No Monthly Maintenance Fees
An Ally savings account has no monthly maintenance fees and no overdraft fees. However, the account limits you to 10 withdrawals per statement cycle.
Pros and Cons of Ally Bank Savings Accounts
As with any bank, there are pros and cons to opening a savings account with Ally.
Pros
- High interest rates: Ally’s savings rate is over eight times the national average and far higher than traditional banks.
- 24/7 digital access: As one of the first online banks, Ally offers full-service banking through its website and mobile app.
- Highly rated mobile app: The Ally Bank app has 4.7 stars in the Apple App Store and 4.4 stars in Google Play.
Cons
- No physical branches: If you prefer face-to-face service, Ally may not be the best fit.
- ATM withdrawal limits: Daily cash withdrawals are capped at $1,010, which may feel restrictive for large purchases.
- Limited in-person services: Banking with Ally is entirely digital, so you won’t be able to walk into a branch for assistance.
Did You Know?
Founded in 2009, in the height of an economic downturn and banking crisis, Ally Bank was one of the world’s first online banks. It rebranded from GMAC Bank, a name that reflected its history in the auto finance industry. Today, the bank serves roughly 11 million customers and holds total assets of $193 billion.
Other Ally Bank Savings Options
Ally offers options beyond a high-yield savings account that may provide tax advantages or higher APYs, depending on which product you choose.
Ally Individual Retirement Accounts (IRAs)
Ally Bank’s IRAs offer a yield of with tax-free or tax-deferred growth. Savings is automatic with payroll deductions, so you can watch your retirement fund grow without thinking about it.
Ally Bank CD Accounts
Ally also provides choices in CDs, with yields as high as on the 6-month term, for example.
Ally Money Market Accounts
Ally money market rates are also competitive, with a APY on all balances. With this account, you can use a debit card, checks and electronic transfers to manage your funds seamlessly.
The Ally money market account doesn’t come with any monthly maintenance fees or minimum balance requirements.
Final Take
Ally Bank was rated as the Best Online Bank for 2025 by GOBankingRates and achieved the Top 10 for several other categories, including Best Money Market Account and Best CD Account. The bank’s online savings offers several features you won’t find elsewhere, along with a relatively high APY.
Because it is an online bank, it can offer better rates, as it does not have to worry about the overhead of physical branch locations. If you prefer a brick-and-mortar location or personalized service from a local bank, Ally may not be your top choice. But for those who prefer digital banking, Ally interest rates make this online savings account a top contender.
Ally Savings Accounts: FAQ
Have questions about Ally’s savings account? Here are answers to some of the most common ones.- What is the current Ally Bank savings interest rate?
- As of July 16, 2025, Ally Bank's savings account offers an APY of 3.40%, significantly higher than the national average of 0.38%, according to the FDIC.
- Is Ally a good bank for savings?
- Yes, Ally is a great choice for savers. It offers a high interest rate, no monthly maintenance fees, digital tools and 24/7 access through its app and website.
- Does Ally Bank offer a high-yield savings account?
- Ally Bank's savings account is considered a high-yield savings account, as the APY is well above the national average.
- How often does Ally update its savings interest rate?
- Ally doesn't publish a fixed schedule for rate updates, but like most online banks, it adjusts its rates periodically based on market conditions and the Federal Reserve's rate policy.
- Can I earn more interest with an Ally CD?
- Yes. Ally offers CDs with competitive rates across various terms. Options include high-yield CDs, No Penalty CDs and IRA CDs.
Caitlyn Moorhead and Sarah Sharkey contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 16, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- FDIC. 2025. "National Rates and Rate Caps – June 2025."
