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Top 3 Benefits Of Using An Ally Savings Account

Written by Banks Editorial Team

Updated April 21, 2021​

3 min. read​

Ally Bank is an online bank account which can help you grow your saving faster than other online accounts. This company offers “no-hassle” banking options and has several different types of accounts designed to meet the needs of busy people. Like most online banks, Ally offers digital banking tools, deposits insured by the FDIC, and outstanding customer service. However, these do not begin to tell you the whole story of why an Ally savings account is right for you. Here are the top three benefits of using an Ally Bank savings account.

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Top Benefits Of Ally Savings Account

1. No Minimum to Open Account

One of the first things you will learn about Ally is you do not need a minimum amount to open your online savings account. Ally savings accounts may be opened, and you can make deposits days later, provided it is funded within 30 days, should you elect to wait. You also have the option of funding your account through automatic deposits from another bank account, your payroll direct deposit option, or you can simply make a deposit from your smart phone.

Ally savings accounts also do not require you to maintain a minimum balance making them the ideal savings account to tap into should you run into an emergency which requires you to withdraw a large portion of your savings. This is a bonus for anyone who is living on a tight budget — you get the benefit of having a savings account while not feeling the typical restraints of many brick-and-mortar savings.

2. Higher Than Customary Interest Earnings

Perhaps the most attractive feature of an Ally savings account is the interest paid. First, there is no minimum amount of money in the account required to earn the interest, and it is higher than most banks in our communities. Currently, an Ally savings account is paying 1.9 percent interest on all savings. This is great news because Ally savings accounts also offer you features not offered by many other online banks including:

  • Mail in deposits – the bank will supply with prepaid envelopes and deposit slips at no charge
  • ACH deposits – Ally savings account holders have the option of depositing or withdrawing funds via ACH (unless you exceed six withdrawals).
  • Fast deposit access – when you make a deposit to your Ally savings account, funds are credited to your account quickly. In most cases, deposits are available within 24 hours and begin earning interest. When you deposit checks to your Ally savings account, you can expect $200 will be available the next business day and the balance of the check will always be available within five business days.
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3. No Fees Make Ally Savings Accounts Perfect

Unlike some online savings accounts which may require you to pay an ongoing maintenance fee, Ally savings accounts are maintenance fee free. Additionally, there are many other fees which can be avoided using an Ally savings account. For example, you can transfer funds from other Ally accounts with no fee, your online statements are free, you can get wire transfers into your account from domestic or international source without paying a fee and you can also request a cashier’s check from your account without paying a fee.

Additional Benefits Of The Ally Savings Accounts

If you simply need a bank account, an Ally savings account is easy to set up and hassle free. First, make sure you do not have a credit freeze on your account because this is how your identity will be verified. You should have your legal name, social security number, residential street address and your date of birth before trying to open an account online. Should you prefer to do so, you can also print an application out, fill in the necessary information, and mail it to the bank. You also have the option of working with a phone representative to set up your Ally savings account.

Keep in mind, if you have other Ally accounts, including a checking account, you can simply login and set up your Ally savings account. This account, once funded, can also serve as a backup in the event you accidentally overdraw your checking account.

Ally savings accounts also offer you the option of up to four co-owners of the account, or you can designate the account as a trust account, or a Uniform Gift to Minors account (UGMA) or Uniform Transfers to Minors Account (UTMA) based on your individual state rules. This makes an Ally savings account one of the most flexible types of online bank accounts around.

When you are considering your options for opening an online account, an Ally savings account should be considered an excellent option. With no fees, high-interest rates, and a variety of free services including prepaid envelopes, cashier’s checks, and more, you have nothing to lose, and you stand to gain more interest from your savings than you would with a brick and mortar bank.

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