Ally High-Yield Savings Account Review

GOBankingRates Score

GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Ally offers a high-yield savings account that stands out with low fees and a high annual percentage yield.
  • APY
  • Monthly Fees
  • Perks
  • Ease of Use
How did we calculate this?


  • No monthly maintenance fees
  • Savings buckets to visualize different goals
  • Competitive APY


  • Doesn't allow cash deposits
  • No branch locations

Ally High-Yield Savings Account Overview

A high-yield savings account is a helpful tool for any saver. Savers can tuck their hard-earned funds into this type of savings account to put their money to work for them without giving up easy access to the funds. If you are scoping out your savings account options, Ally’s high-yield savings account is a worthwhile choice to consider.

The Ally high-yield savings account stands out by offering a relatively high APY paired with low fees.

But the value doesn’t stop there. This isn’t a bare-bones savings account. Instead, you’ll find extensive functionality embedded in the account to make your life easier. For example, you can set up savings buckets to visualize your progress toward different goals within a single savings account. Plus, the Surprise Savings feature can help you find new opportunities to save. Over time, this Surprise Savings feature could propel you closer to your goals.

Key Features

Let’s take a closer look at what makes this high-yield savings account stand out.


When it comes to picking out a high-yield savings account, the APY is a critical component. After all, savers want to maximize their earnings with the highest APY possible. Luckily, Ally’s high yield doesn’t disappoint. The APY on this account is . That’s a relatively high APY, especially when compared to the national average of 0.33% APY.

Monthly Fees

A savings account with fees is like a vampire that leeches away your hard-earned dollars. When you open this savings account, you won’t have to deal with any monthly maintenance fees. If you want to enjoy banking without an annoying monthly fee dragging your balance down, this savings account could be the right fit.


Ally’s high-yield savings account comes with several perks. But the two most exciting perks include savings buckets and its Surprise Savings feature.

The savings bucket tool allows you to designate different savings amounts for different goals. Since most of us have multiple savings goals, this is a helpful perk. When you set up savings buckets, you’ll have the ability to easily visualize your progress toward multiple savings goals at once. For example, you can see your progress toward an emergency fund, home down payment and vacation splurge in a single place.

The Surprise Savings tool is designed to help you build savings faster. It works by analyzing a linked checking account for opportunities to save money. When the tool finds “safe-to-save” money, it will automatically transfer the funds into your savings account. These transfers can add up to big savings over time.

Ease of Use

Ally makes it easy to stay on top of your savings goals. You can manage the account entirely online through a solid mobile app and desktop platform. While you won’t have access to in-person banking options, those comfortable with online-only banking will find plenty to love.

Comparable High-Yield Savings Account Options

Ally isn’t the only place to find a high-yield savings account. Here’s a look at some comparable options.

CIT Bank Savings Connect

If you are looking for a high-yield savings account with one of the best rates on the market, the CIT Bank Savings Connect account offers a great opportunity. You can earn APY on your savings in this account. That’s a relatively high APY. But you’ll also enjoy the lack of monthly maintenance fees.

American Express® High Yield Savings Account

American Express National Bank, Member FDIC, offers a comparable annual percentage yield (APY) of on its High Yield Savings account. But with the American Express option, you’ll have the ability to make nine withdrawals or transfers per statement cycle. The limit of nine is higher than the traditional limit of six withdrawals or transfers per month through most banks. If you want extra liquidity, then this account might be the right fit.

How To Open an Account

If you want to move forward with an Ally high-yield savings account, it’s as easy as selecting “Open New Account” from the main page on the savings account on the Ally website. From there, you’ll need to provide some information about yourself. Be prepared to provide your Social Security number, street address, name, birthdate and funding account information. It shouldn’t take more than a few minutes to finalize this application.

Who the Ally High-Yield Savings Account Is Best For

Savers who want access to easy visuals will find a lot of value in the Ally high-yield saving account. Specifically, the savings buckets are a useful way to build your savings toward your goals without having to set up separate accounts. But even savers who can do without the visuals will enjoy the lack of monthly fees and solid mobile app to manage their funds on the go.

Final Take

The Ally high-yield savings account offers a respectable APY that most savers would be happy with. The account can be a real tool to help you visualize your progress toward multiple savings goals. Although you won’t have access to branches for in-person banking, you can manage your money from anywhere in the world through Ally’s mobile app and online banking platform.

More on Ally Bank


  • Is Ally's Online Savings account a good high-yield savings account?
    • Yes. Ally offers a good high-yield savings account. While every saver has different needs, the low fees and high APY set it apart from the crowd.
  • Which bank gives 7% interest on a savings account?
    • Interest rates tied to savings accounts change regularly. At the time of writing this piece, no bank is offering 7% interest on a savings account. However, one credit union is offering a rate over 7% on its checking account. Landmark Credit Union is offering 7.50% APY on Premium Checking account balances of up to $500. Of course, rates are subject to change. If rates keep rising, other banks might offer similar deals. 
  • Which bank gives 6% interest on a savings account?
    • It would be great to score a 6% interest rate on a savings account. Unfortunately, at the time of writing this piece, no bank is offering 6% interest on a savings account. However, a handful of credit unions are offering over 6%. For example, Digital Federal Credit Union is offering a 6.17% APY on the first $1,000 in its Primary Savings account. 

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 20, 2023.

All information about American Express High Yield Savings has been collected independently by GOBankingRates. American Express High Yield Savings is not available through GOBankingRates.

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.

Editorial Note: This content is not provided by American Express. 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 American Express. American Express credit card products are not available through

About the Author

Sarah Sharkey is a personal finance writer with a desire to help readers improve their own financial balance sheets. After earning a bachelor’s degree in biology, she went on to business school. With a master’s degree in Management from the Hough School of Business at the University of Florida, she loves diving into the details of personal finance. With years of experience as a personal finance writer, she helps readers grasp the concept and take control by breaking down complex topics filled with jargon down to their basic components. After all, a little bit of knowledge can go a long way in the world of personal finance.

Learn More


See Today's Best
Banking Offers