Review: Ally Bank’s Online Savings Account

The team behind Ally banking recognizes that your time is just as valuable as your money; so why waste your time and money in hectic branches with long lines and poor savings account rates? Ally is an online financial institution that is committed to improving and simplifying money management. An online Ally savings account makes saving money a burden of the past and provides new and existing customers with an easy-to-set-up savings account that is also convenient to manage.

Tyler of Phoenix shared how “perfect” Ally savings is:

“Online setup was perfect. No hidden fees. Attach AS MANY bank accounts as you want. [Its] very helpful chat-reps [are] ALWAYS available. Can’t rave enough!”

In truth, there are thousands of Ally customers nationwide who share the same sentiments, due to the savings account’s plethora of benefits that help depositors save without any hiccups along the way.

Related: 5 Best Online Savings Accounts of 2014

Ally Savings Account Benefits

The Ally savings account has a lot to offer depositors with short- and long-terms goals. The most notable difference that this savings account provides in comparison to traditional financial establishments is its high-yield interest rate, which is presently 1.00% APY.

This interest rate is among the highest savings account rates available. Most other online financial institutions and national banks fall considerably below Ally’s savings rate:



With the greater gains depositors receive from an Ally savings account and its daily compounding interest, account holders can accomplish financial milestones in less time.

Regardless of a customer’s savings — whether he already has thousands on deposit or is starting with $1 — customers can get proactive with their savings sooner rather than later, as Ally does not have restrictive minimum deposit requirements. This no-minimum freedom allows depositors to save money at a pace that fits their budgets. Additionally, Ally savings accounts are free of maintenance charges, meaning depositors can keep more of their hard-earned money, rather than losing it to hidden fees.

The advantages to the Ally savings account are clear, but those who are not accustomed to online banking might have reservations. Ally Bank puts these customers at ease with a user-friendly website and simple savings process from start to finish.

How to Open an Ally Bank Savings Account

Applying for an Ally savings account is straightforward. New customers can simply visit its website to open the account. After standard verification measures, customers can begin depositing funds.

Ally Bank deposits, transactions and withdrawals can be conducted online so customers can handle financial obligations from the convenience of their own homes and on their own time. Due to federal regulation, a maximum of six transactions are permitted each statement cycle at no cost. Additional transactions beyond six occurrences will result in a $10 fee each. However, there is no restriction on the number of deposits customers can make into their accounts.

Customers who need to deposit funds into their Ally savings with a check can use the Ally eCheck Deposit option to scan the check and submit it electronically. They can also reach Ally Bank service representatives 24/7 by calling 1-877-247-ALLY (2559) or through live chat.

Get Faster Returns With Ally Bank

In summation, the Ally savings account is a top contender among online savings products. Its always-competitive rates coupled with hassle-free processes for account opening, linking of external bank accounts, and available money-saving resources give depositors tangible results they can rely on when building their emergency savings or other financial goals.

Since opening an Ally savings account involves no minimum deposit requirement, no maintenance fees and no Ally checking account obligation, depositors have nothing to lose when opening an account with Ally Bank.

Photo credit: Aurimas

  • nik

    Ally still makes excuses why they don’t have features they promised – just teasers, while not delivering anything. On top of that I just had an experience where their loss prevention/ fraud department gave me a major attitude with the “I don’t care” attitude about them taking my money hostage. They froze my account without any warning. I lost access to my bank account, bills weren’t getting paid, couldn’t access to set up bills, couldn’t get cash out from ATM, etc. all b/c I had called in the general customer service dept raising my concerns about the billpay not working correctly (payee information was being altered without me doing it – such as payee address and acct number – which resulted in some of my bills not getting paid. Was able to find multiple case of similar glitches once I started investigating). The general customer service dept’s hands were tied as they also didn’t know what was going on and couldn’t get access to my account. Turns out that the fraud department started looking into the issues I reported, froze my account without notice, and left for the weekend as their FRAUD department only works 8am~5pm ET. I was left without access to my account all weekend without notice. Again, no bill pay, no access, no ATM use. When I finally got a human being from the fraud department on the phone on Monday, the gal who was handling the case took a tone with me (defensive). So I asked to speak with the supervisor – who all he did was try to get rid of me and totally had the “I don’t really care” attitude while giving me excuses. No sincerity for what they put me through what so ever. The general service department was clearly trained much better to be professional and be polite and apologetic when they couldn’t help. However the fraud department was unprofessional, insincere, and just a 8-to5′er who didn’t care.
    I am leaving Ally not only because they promised features they can’t deliver but because of the billpay issues I’ve experienced, along with the most terrible customer service I received from the fraud department. They took my account hostage without notice and they didn’t even apologize, just saying “that’s our process” – what a cop out to blame the “process”. I’ve spoken to other friends who recently also joined Ally. They told me their nightmare stories and we’re all leaving. I can’t stay with a bank I cannot trust. No way I can trust my money with this bank – I’m just so shocked they get away with this. They spend all their money on advertising and promising features they don’t have. Now I learned that their “process” is messed up and they don’t have respect for their customer and their money. I am baffled they can get away with this.

    • DontBankwithally

      This happened to me as well. It has been a month and they have had my money tied up in the fraud department . The Loss department hung up on me . This is the worst bank i have ever dealt with . Do not bank with them , they will hold your money , not call you back and not give you access . They are claiming they can not identify me but now I just want to close my account and get my money back . I even told them they can cancel the check deposited if they think it is fraudulent but they wont even do that! It has been one month and i have over 9,000 sitting that I can not touch . LOSS PREVENTION DEPT IS A JOKE! AVOID THIS BANK AT ALL COSTS.

  • I’ve been a big fan and customer since their GMAC days. My only gripe is that transfers are not instantaneous. But they’ve got to make their money somehow (on the float) to offer accounts with no minimums and great rates. Small price to pay, IMHO.