Offer value details
Ally describes its Online Savings Account as a variable-rate savings account with buckets, boosters, daily compounding, 24/7 support, and FDIC-insured deposits up to applicable limits.
Qualification requirements
Provider terms list a $0 minimum opening deposit, no monthly maintenance fee, no minimum balance requirement, and funding methods including online transfer, mobile check deposit, wire, mail, direct deposit, and cash added through an Ally Spending Account.
Fees and costs
Ally lists $0 monthly maintenance fees, $0 overdraft item fees, $0 standard or expedited ACH transfers, $0 incoming wires, $0 official/cashier's checks, and $0 excessive transaction fee. The reviewed page still lists possible fees for expedited delivery and outgoing domestic wires.
Availability
The official page says account opening requires personal information such as address and Social Security number. Ally Bank is listed as Member FDIC and Equal Housing Lender, and credit products, programs, rates, and terms can be subject to approval or change.
What to verify
- APY is variable and subject to change after account opening.
- Because the APY is variable, confirm the current rate and effective date on Ally's page before opening.
- The account has a 10-limited-withdrawal-or-transfer statement-cycle rule, and Ally says repeated excess activity can lead to account closure.
- Outgoing domestic wires, expedited delivery, and other services can create fees even though the monthly maintenance fee is listed as $0.
- Funding, account-opening, identity, Social Security number, and approval requirements can affect whether the account opens and when funds start earning interest.
Confirm current provider terms
Rates, rewards, fees, qualification rules, eligibility, and deadlines can change. Review the provider terms before applying.