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The Ally High Yield Savings Account is one of the best high-yield savings accounts right now, with a competitive interest rate and solid savings tools.
Ally High-yield Savings Pros and Cons
ProsCons
High interest rate
No monthly fees
Savings buckets to save for separate goals
Surprise savings transfers to automatically save extra money
Have to be comfortable banking digitallyCan’t deposit cash
Ally High Yield Savings Account
Ally pays a high interest rate, doesn’t require any money to open an account, and doesn’t charge monthly service fees.
Ally has online tools to help you save smarter. Set up savings buckets to save for separate goals, such as “Emergency Savings” or “Travel Fund.” If you also have a Ally Interest Checking Account – Product Name Only, you can link it to savings and set up surprise savings transfers. Every Monday, Wednesday, and Friday, Ally assesses your checking balance and spending habits to determine whether you can afford to save more. If so, it transfers extra money into savings.
How Ally Works
Ally is an online bank with several strong accounts, including its high-yield savings account.
The mobile app has received 4.7 out of 5 stars in the Apple store, and 3.9 out of 5 stars in the Google Play store.
You can speak with a live customer service agent 24/7, either over the phone or online chat.
Individual Ally accounts are FDIC insured for up to $250,000, and joint accounts are insured for up to $500,000.
Ally Trustworthiness and BBB rating
The Better Business Bureau gives Ally an A rating. The highest BBB grade is an A+ but Ally has an A because it has four unresolved customer complaints on the BBB site.
The BBB measures trustworthiness by looking at how a company responds to customer complaints. It also checks whether a business is honest in its advertising and transparent in how it conducts business.
Ally doesn’t have any recent public scandals.
How does Ally Compare to Similar High-yield Savings Accounts?
We’ve compared the Ally High Yield Savings Account – Product Name Only with savings accounts at two other online banks: Discover and Marcus by Goldman Sachs.
Ally review vs. Discover Online Savings Account – Editorial Name Only review
Ally and Discover have competitive high-yield savings accounts — high interest rates, 24/7 live customer support, no minimum opening deposits, no monthly service fees. You’ll probably like Ally if you want to use its savings tools, like buckets or surprise savings transfers.
Your choice between the two could come down to whether you want to open other accounts, too. Discover is not currently accepting new applications for its checking account.
Ally review vs. Marcus by Goldman Sachs High Yield Online Savings Account – Editorial Name Only review
Marcus also has a strong high-yield savings account with a good APY, no minimum balance, and no monthly fees. It doesn’t offer automatic savings tools like Ally does, though.
If you’re just looking for a savings account (and maybe a CD), you might like Marcus. But the bank doesn’t have a checking account, so if you’re wanting to do all your banking with one institution, you’ll probably prefer Ally.
The bottom line: The Ally High Yield Savings Account – Product Name Only is one of the best high-yield savings accounts right now, with a competitive interest rate and solid savings tools.
See Insider’s list of the best savings accounts »