5 Ways This Bank Account Helps You Save More Money

A high-yield savings account is an excellent place to keep your extra cash. Separating your everyday spending money and savings can allow you to stay organized while you save for future goals.

You can also benefit by earning interest while your money sits in the bank. That's a benefit that most checking accounts don't provide.

Are you looking to open a savings account? Ally's online savings account could help you save more money. Here are five reasons why.

1. Minimal fees

Ally Bank is transparent about the fees it charges. Once you open its Ally Savings account, you'll enjoy a nearly fee-free online banking experience. Choosing to open a bank account with minimal fees can save you money.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 7, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 7, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

The only fees that the bank may charge (when applicable) are expedited delivery fees and outgoing domestic wire fees. But with Ally Savings you won't pay the following bank fees:

• Monthly maintenance fees
• Overdraft fees
• Standard ACH transfer fees
• Expedited ACH transfer fees
• Incoming wire fees (domestic or international)
• Official cashier's checks
• Excessive transaction fees

2. Competitive APY

High-yield savings accounts like this one typically offer more competitive APYs than standard savings accounts offered by traditional banks. The higher the APY, the more you can earn in interest, which can help you boost your savings account balance and reach your goals sooner.

At the time of writing, the APY for the Ally Savings account is 3.80%. Keep in mind that banks can change their rates at any time. But for the time being, this is a competitive rate that can help you earn more interest and save more money.

3. Recurring transfers

Ally makes it easy to automate your savings. If you've ever gotten forgetful about setting aside money, this feature will be useful for you. You can set up automatic transfers from your checking account to your savings account to stay on track with your savings goals.

Doing this can eliminate forgetfulness. For many savers, this allows them to save more money in the long run.

4. Buckets

Another feature that many savers love is the savings buckets. Ally can help you stay more organized throughout your savings journey. If you're saving up for multiple goals, like a car or vacation, you can easily separate your savings into different buckets.

For visual people, this may make it easier to stay on top of multiple savings goals. Without buckets, it may be hard to know whether you're on target when saving up for different purchases.

5. Round ups

Another feature that you can use with this savings account that can result in you saving more money is round ups. To use this feature, you must also have an Ally Spending Account, which is what the bank calls a checking account.

If you link both bank accounts and enable this feature, Ally will round up your purchases to the nearest dollar. Once you've accumulated at least $5, money will be transferred to your savings account. This is an easy way to save more money without doing any extra work.

Make your money goals a reality

The right bank account with useful features can make all the difference. If you're working hard to reach your savings goals, congratulations! Choose a bank account that simplifies your life so you can reach your financial goals sooner.

If this isn't the right bank account for you, that's okay. Check out our list of the best high-yield savings accounts to learn more about other solutions.