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Ally Savings Account Reviews

Advertiser Disclosure
3rd
  • APY1%
  • Required Balance$1
  • Pros
  • Interest accrued daily and paid monthly
  • FDIC insured
  • No minimum amount required to open or maintain the account
  • $0 monthly fee
  • $0 ATM fee (for Ally-owned or non-Ally-owned ATM transactions)
  • Cons
  • Overdraft fee
  • Excessive transaction fee
  • Returned Deposit fee

Ally Online Savings Account

Ally Bank's savings accounts offer a very competitive rate, especially when you consider how low interest rates are currently. With a basic rate set at 1.00 percent, you can enjoy one of the highest rates in the industry as others are significantly lower, in fact much lower. This is truly where Ally Bank shines as the rate allows you to make more money than with the competition with no monthly fees, an easy to use interface and great customer service, and Ally Bank stands out from others. Not only that, you don't have to meet high daily balances just to get a decent rate, something that other banks often do.

Easy Set-up and Good Customer Service

To get started, you will want to navigate to Ally Bank to choose the product you want. By navigating up the top of the front page, you can select, open an account. From here, you can choose your product including savings accounts, certificate of deposits and more. After opening the product information page, you can start the process by providing your financial information. If, at any point, you need to call the toll-free number, you are in luck as it is listed at the top of the page. Luckily, Ally Bank puts the estimated wait time at the top of the page, which means you will know how long you will have to wait, though it's not usually long.

Once signed up, Ally Bank will send you, securely, your account information. At this point, you can sign up to enroll in online banking services, where you can access everything you need. You will only have to provide your name, social security number and date of birth. Once enrolled, the system will ask you more questions about your account, that way someone doesn't access your information or hack your account. The entire process should only take a few minutes, and you can call the toll-free number at any point if you are experiencing any issues, though it's pretty simple to use and straightforward.

Once signed up and logged in, you will see how well Ally Bank shines. The company has gone out of its way to make the Internet experience a good one as it knows that a lot of clients will never set foot in a brick and mortar location. Whether you want to transfer money, check your balance, inquire about something or check out new products, Ally Bank lets you do it all from your computer, all with ease.

The Ally Bank app doesn't stand out as being amazing, but it's functional and you can do it all with the app. With Ally eCheck Deposit, you can deposit a check with your smartphone if you know how to take a picture. In testing the app, it works very well and only takes a minute, which is much faster than other time-consuming methods such as sending in the check or going to a branch. You can also check your balance, transfer money or open up a customer service inquiry, all from your Android or iPhone smartphone.

Ally Bank has Multiple Levels of Security

Without a doubt, if you have money in a savings account, especially if you open the account online, you will have some fears and trepidation, and this is natural. From the moment you land on the website to the moment you sign up for an account, you will notice that the site is streamlined, secure and easy to use. With multiple levels of security, Ally Bank goes out of its way to protect its clients.

Ally Bank offers SSL login, which is a must if you are dealing with money or important information. The company even offers an explanation of its security on the site, which should put anyone at ease as security is often an afterthought to online financial services providers. Simply put, Ally Bank, like most other banks, fortunately, offers multiple levels of security, and any user should not have fear using the site or provided app.

Doesn't Nickel and Dime its Clients

It's one thing to find a seemingly great bank with decent customer service and a high rate, but it's not usually easy to find a provider that doesn't nickel and dime clients, and Ally Bank is one of those companies that doesn't tack on fees. For starters, if you use your ATM card, you can use any Allpoint ATM in the United States for free. Also, Ally Bank reimburses up to $10 a month if you use out-of-network ATMs in the United States. This is a huge benefit if you find yourself traveling often or have a hard time finding an ATM, though Ally Bank has plenty to choose from. Yes, whether you want to use an ATM, transfer money, call into the bank or use the app, it's all free, and this is a huge advantage if you are looking for a solid savings account.

Some of the Best Rates

Let's face it, if you want a savings account, you want a high interest rate, and Ally Bank delivers. The company routinely offers one of the highest interest rates, though they constantly change. With rates histrionically still very low, every percentage point counts, and Ally Bank is one of the best.

Coupled with low fees, it's hard to find a bank that is more competitive. Furthermore, while other banks offer rates that are similar, it's usually harder to qualify as other banks often have higher rates for customers who deposit a lot of money. Other times, a bank will offer an initially high rate and then drop it after a few months. This is not the case with Ally Bank as it pays a decent rate, all without any hoops to jump through.

Verdict - Very Good

If you like great customer service, a secure website and app and stellar rates, you should consider Ally Bank. The site is easy to navigate and use, and the provided app for the iPhone, iPad, Android and Kindle are all easy to use. Ally Bank has a great ATM fee reimbursement program, and the company does not tack on fees, which is a problem with other banks in the industry.

Last Updated:

Ally Savings Account Consumer Reviews

Average Customer Rating

4 out of 10 rating 4 2 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 0
Ratings: 6 - 5 1
Ratings: 4 - 3 1
Ratings: 2 - 1 0
6 out of 10 rating 6 Great rates None

Ally offer some great products and I am pleased with the was of use for the online service, but if you ever need to speak to someone it is hard work as all their call centres are abroad.

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3 out of 10 rating 3 Good options Sign up process

I tried to apply for a savings account and having just got married it would not acknowledge my details, so I tried applying through my maiden name and they still could not verify me. Useless!! So I signed up for a savings account elsewhere, but with no issues!

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Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.