This Ally Bank Online Savings review focuses on Ally’s online savings account. Learn about the rates & fees associated with Ally online savings, as well as a review of pros and cons, customer service and general terms related to Ally Bank.  Note that this Ally Bank Online Savings review is unbiased.  We have no partnership with Ally Bank other than the fact that we’re customers.  This review represents our honest opinion of Ally’s online banking service as a whole.

The Ally Bank Online Savings Account Offers One of the Best Online Savings Account Rates on the Market

But there’s more to Ally than just a really great rate.  Their online savings account doesn’t nickel and dime you and just makes the online banking experience more simplistic all around.  Experience flexibility by opening an account with no minimum deposit required and no minimum monthly balance that needs to be maintained.  Ally Bank also lets you open sub-accounts at no additional cost to you.  Allowing consumers the ability to set aside and allocate their funds in separate accounts for different aspects of life.  The online interface, as well as the interface on their mobile app (available on iOS, Android and even Kindle Fire), are both comprehensive, easy to understand and navigate.

Ally Bank Online Savings Account Review - Ally BankGet a 1.00% Interest Rate with Ally in 2017

The current interest rate for Ally’s online savings account in 2017 is 1.00%.  How great is that rate?  If you were to deposit $50,000 and maintain that balance for one year with Ally online savings, you’d net yourself $497.45.  Keep in mind that Ally’s online savings account rate is variable, meaning it may change over the life of the account.  I personally have not seen it go below .99%, which is still within the top tier of online savings account rates.

While this may not be the highest on the market, it’s incredibly competitive.  So how is Ally able to offer such a high rate?  For starters, they are strictly an online bank.  There is no brick and mortar location, which allows them to keep their costs significantly lower than many traditional banks.  Despite not having a physical building, the Ally savings account still offers you up to FDIC insured funds on up to $250,000.

Note that the Ally online savings account is NOT the same as having an Ally money market account.  An Ally Bank online savings account does not provide the customer with checks, and does not come with a debit card.  I look at this being a pro — since it removes the temptation to remove funds from your savings account.  The Ally online savings is best utilized as an account that simply grows your money.

Ally Bank Online Savings Pros and Cons | Ally Savings Rates Compared Against Other Banks

Currently, the Ally Online Savings Account offers one of the most competitive rates on the market.

Related: Check out our top picks for Best Online Savings Accounts

The Pros of Having an Ally Online Savings AccountAlly Bank Online Savings Account Review | Ally Savings Rate 2017

No Minimum Deposits & Transfer Funds up to 6 Times Per Month

  • You’ll be able to deposit money via transfer from your linked up checking account, or via eCheck deposit directly from your mobile device.  Deposits have no monthly limit.  Note that due to federal regulations, Ally Bank adheres to the mandatory maximum of no more than 6 account transfers per month.  This in part is to help protect against fraudulent and or suspicious activity.  It also makes it easier for the consumer to save simply by leaving money alone.

No Ridiculous Fees, No Minimum Balance

  • Opening an Ally online savings account is easy, since you don’t need to deposit any money on account opening.  Simultaneously, you don’t need to maintain ANY monthly balance in your account.  This essentially allows you to ‘set it and forget it,’ without getting nickel and dimed by unnecessary service fees.  In fact, Ally doesn’t really charge many fees at all.  The only ones you’ll encounter are related to account usage and services that most individuals will never do or need.  These include returned deposit items, overdraft fees, excessive transactions, expedited delivery, outgoing domestic wires and account research fees.

Ally Bank Online Savings Account Review - Ally Bank Savings Account Rates FDIC Insured Funds up to $250,000 per Individual

  • Take comfort in knowing that your saved funds are well protected on up to $250,000.  Note that this is the maximum allowed by federal law per individual.  You can increase your FDIC insured coverage by setting up a joint account with a spouse.  Click on the chart to the right for a breakdown on Ally’s FDIC coverage.

Ally Bank Online Savings Account Review, Ally Bank Sub AccountsCreate Multiple Sub Accounts

  • Ally Bank online savings lets to create multiple sub-accounts within your main account interface.  This is incredibly convenient if you’re looking to partition or “divvy-up” your saved funds.  You can create savings account “nicknames” and disperse your funds accordingly. I personally use this feature extensively, and have created 5 sub-accounts.  These include emergency savings, investment savings, travel savings, casual spend and mortgage savings.  Divide your money up your way!

Deposit Checks Remotely

  • Ally allows customers to deposit their checks remotely via Ally eCheck deposit.  If you have a the ability to scan a check on your phone, you can make a deposit to your account 24 hours a day.  You can also do this via a scanner and computer.  Other simple deposit methods include direct deposit and wire transfers between US based banks.

Scheduled Transfers

  • Ally allows you to transfer instantly between your Ally savings accounts.  Transferring between an Ally and non-Ally account takes two business days.  Separately, you can schedule any of these transfers up to a year in advance if need be.

The Cons of Having an Ally Online Savings Account

Customer Service 

  • While the Ally Bank online savings account does come with 24/7 customer support service, we’ve heard from a number of Ally customers that it can be relatively poor from time to time.  While I personally have yet to have a bad customer service experience, it’s worth mentioning that we have seen other Ally customers complain, so it’s something to be wary of.  Examples of bad customer service with Ally range from poor, almost “scripted” responses, to un-returned messages, to being redirected and never speaking with a customer service rep.

Mobile App Downtime

  • Their mobile app is easy to use, quick and efficient — when it’s working.  I have personally experienced some downtown with their app over periods of time.  On an iOS (iPhone 6), it’s happened on several occasions.  However this can sometimes be averted by restarting the phone.  Will continue to keep an eye on the mobile experience and update this review should anything change.

Ally Bank Online Savings Does Not Come with a Signup Bonus

  • We get asked this a lot, but the Ally Bank Online Savings account does not currently come with a signup bonus.  In fact, it’s relatively rare for any online savings account, especially one with as high an interest rate as Ally’s, to come with a signup bonus.  However, if you’re looking for a savings account with a signup bonus, you might consider Chase Bank — who currently offers up to $ 200 for opening a Chase savings account with special coupon codes.

Our Thoughts on Ally Bank Online Savings

If you want simplicity, a competitive rate, and a place to watch your money grow in a secure fashion, an Ally online savings account may be worth your while.  While there are higher interest rates out there, they aren’t dramatically higher, and very often come from less-reputable and less-reliable online banks.  I’ve been an Ally customer now for over 6 years, and have yet to have an issue worth complaining about.  I’ve also earned hundreds through Ally with this basic savings account.

Ally Savings Account Pros and ConsWant to open an Ally online savings account? Click the button to the right to be taken to their secure site and online application.  The process takes just a few minutes.

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