Would you like to learn about all the features of the Ally savings account? Responsible Economy has analyzed the fees, requirements, yields, and conditions offered by Ally in their savings account. We have also included a comparison with the top savings accounts available in the United States, along with an explanatory video.
Explanatory video
We’ve created a video that provides a simple summary of all the features of the Ally savings account. If you enjoy our content, please consider supporting us by subscribing to receive daily videos:
Features
In this section, you will find a comprehensive overview of the features of the Ally savings account.
Interest rate
The interest rate is a crucial aspect of any savings account. Ally offers an impressive APY (Annual Percentage Yield) of 4.25%, which is one of the highest rates available for savings accounts in the United States.
Fees
Understanding the fees is essential, as they can impact your overall returns. Ally offers an online savings account with no opening fees and no monthly maintenance fees.
Minimum deposit
There is no minimum deposit required to open the savings account.
ATMs
Ally does not have ATMs or branches in the United States.
Deposit funds
You can deposit funds into the Ally savings account by making bank transfers or you can also mail a check.
Best savings accounts 2023
We have compared the Ally savings account with the best savings accounts available in the United States in 2023. We highlight the key characteristics of each savings account.
- 4.05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.50% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 4.35% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 4.30% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 4.30 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Now that we’ve covered all the features of the Ally savings account and analyzed the main characteristics of the top savings accounts, let’s take a look at a table summarizing the advantages and disadvantages:
| Pros | Cons |
|---|---|
| High yields (4.25% APY) | No branches in the United States |
| No fees | |
| No minimum balance |
Requirements
Opening a savings account is simple, as long as you meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
Documentation
You may also be asked to provide the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
Based on our thorough review, we have concluded that Ally offers one of the top savings accounts available in the United States. With its competitive interest rate, absence of fees, and no minimum deposit requirement, Ally provides exceptional advantages for savers. However, it is important to mention that Ally does not have physical branches or ATMs. Despite this limitation, Ally’s robust online banking platform compensates for the lack of traditional brick-and-mortar services.
More information about Ally
Here you have interest information about Ally:
| Information | Description |
|---|---|
| Website | https://www.ally.com/ |
| https://www.facebook.com/ally | |
| https://twitter.com/ally | |
| YouTube | https://www.youtube.com/c/ally |
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Updated the day 1 September, 2023 by Alfredo Barandiarán
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