You can compare Ally CDs to other banks' using, 0.50% APY (annual percentage yield) as of 12/17/2020, 0.50% APY (annual percentage yield) as of 11/17/2020. That kind of transparency isn't always so easy to come by with banks. The stars represent ratings from poor (one star) to excellent (five stars). How to Use a Personal Loan to Build Credit. Ally Bank is an industry leader in online banking and high yield savings accounts. Ally Bank’s Online Saving Account has similar features to its checking account: no monthly maintenance fees, no minimum balance or opening deposit, and offers one of the best online savings accounts with a higher-than-average interest rate (0.80% as of September 2020). Can a First-Time Home Buyer Get a Jumbo Loan? How to Get a Reverse Mortgage: 3 Steps to Getting an HECM. Interest rates aren’t always the highest. Our opinions are our own. How Prepaid Debit Cards Can Help You Budget, How Auto Insurance Works? The easy workaround is to link an Ally Bank checking, savings, or money market account to an Ally Invest account; which is probably what the company wants you to do. , much higher than the national average of. Read more. Does Refinancing Your Car Loan Hurt Your Credit Score? Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by SuperMoney or them of us. What Are The Different Types of Life Insurance? Ally Bank Online Savings Account does not charge a monthly maintenance fee. No matter how much you deposit or how much is in the account at any given time, the balance will earn 0.50% interest. Opening Ally Bank Checking Account Signing up for a bank checking account at Ally is straightforward and intuitive. Ally Bank offers a competitive online savings account. By Peter Anderson 27 Comments-The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Why Should You Get a Business Credit Card? Should You Use a HELOC to Pay Off Credit Card Debt? Ally Bank: Online Savings Why we like it: Ally is a perennial winner when it comes to its online savings account, boasting 24/7 customer service with a live person, no fees and high yields. The upside of the cash allocation at Ally is that it's close to the prevailing rate you'd get with a savings account though you can't get access it as easily as you would a savings account. Pre-qualified offers are not binding. Here is a list of our partners. Outgoing domestic bank transfers come with a $20 fee. Re-financed in 2018 with Ally Bank. It’s been a challenging year but Ally bank is helping parents-to-be celebrate the positives and look out for hope by offering every NYE babe a financial gift. Getting a Mortgage With a Smaller Down Payment and No PMI. NerdWallet's ratings are determined by our editorial team. When evaluating offers, please review the financial institution’s Terms and Conditions. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Ally Online Savings Account. Even if you don't have a savings or money market account with Ally, the bank's $25 fee is lower than some competing banks' overdraft charges. *SuperMoney is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. I've found that Ally is the best bank for opening a savings account or a CD account. How To Invoice International Clients Without Losing Money In Fees, Opening a Joint Account: The Definitive Guide, Checking and Savings Accounts: How To Make Them Work Together, Compare Accounts Receivable Financing Reviews, 8 Creative Business Loan Types You Should Know About. I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any other reason. Plus, you don’t have to pay any monthly maintenance fees. Is It Okay to Open and Close Bank Accounts? An Ally savings account can be used to save for short-term or long-term financial goals while earning a great rate on your money. Ally offers a higher-than-average APY for its savings account compared to a typical traditional savings account, making it a good option if one of your goals is to earn interest on the money you put away. Ally Bank account features Ally Bank makes it easy to access and grow your money across its range of account types, which include checking, savings, IRA savings, money market and CD accounts.The bank has seemingly given a lot of consideration to convenience when it comes to its digital banking tools, from displaying support wait times online to providing segmented savings accounts to … Ratings are rounded to the nearest half-star. Ally charges a $25 overdraft fee, but customers can't rack up more than one of those per day. American Express® High Yield Savings Account, Marcus by Goldman Sachs Online Savings Account, 0.50%0.50% APY (annual percentage yield) as of 12/17/2020, 0.50%0.50% APY (annual percentage yield) as of 11/17/2020. Disclaimer: NerdWallet strives to keep its information accurate and up to date. Yes, your Ally Financial Inc. savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57803). 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