Ally Bank savings account rates

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 5 out of 5 stars in Bankrate’s review across its deposit products and 4.9 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	3.40%	No minimum deposit

Note: Annual percentage yield (APY) shown is as of March 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.

If you already bank with Ally, or value the access to Ally’s other services, such as checking, lending or investing, it’s probably not 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 nearly the same interest rate, as well as certificates of deposit with a range of terms and competitive rates.