Photo by Getty Images; Illustration by Tiffany Herring
Ally Bank is a popular online bank that offers a variety of financial products. Like many online banks, Ally’s high-yield savings account offers a competitive interest rate, making it a solid choice for consumers looking to earn a better return for an emergency fund.
Savers can also take advantage of Ally’s savings buckets, which lets them earmark portions of their savings account for different goals, like a new home or unexpected emergencies.
Ally Bank earned 4.8 out of 5 stars in Bankrate’s review across its deposit products and 4.4 out of 5 stars for its savings account.
Ally Bank savings account rates
Ally offers the same interest rate regardless of your balance. The account has no minimum deposit and no monthly fees.
| Account name | APY | Minimum deposit |
| Savings account | 4.00% | No minimum deposit |
Note: Annual percentage yield (APY) shown is as of July 7, 2023, and may vary by region.
How Ally savings accounts compare to top-yielding banks
Ally consistently offers solid rates on its savings account, but you can still find slightly higher APYs elsewhere if you’re looking for the absolute best rates on savings accounts. Banks such as BMO Alto and PNC Bank are currently offering yields exceeding 4 percent APY on their high-yield savings accounts.
If you already bank with Ally, or value the access to Ally’s other services, such as checking, lending or investing, it may not be worth switching to a different bank to earn a slightly higher rate.
Other savings options at Ally
Ally also offers a money market account, which pays a slightly higher interest rate, as well as certificates of deposit with a range of terms and competitive rates.
