This HYSA Is the Most Popular Among Millennials in 2024

If you're a millennial tackling savings goals, you're not alone. But don't miss out on the opportunity to earn interest while you stash away extra cash. The right bank account can help you reach your savings goals sooner.

A high-yield savings account (HYSA) is a great place to stash extra cash. These accounts typically offer a higher APY than traditional savings accounts offered by banks. A higher APY can help you boost your bank account balance while your money sits in the bank.

If you're looking to open a HYSA with a bank that offers a more modern website and mobile app experience and plentiful savings tools, consider banking with Ally. Find out why Ally's savings account is a popular HYSA option among millennials.

Four features millennials love about Ally's online savings account

Not all bank accounts are created equal. The features of each account can vary.

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.

Here are some of the top features millennials appreciate about Ally Savings:

1. Digital banking experience

Many millennials want to avoid stepping foot in a physical bank. They're busy and utilize digital resources to save time and reduce their stress. Ally Savings is an online-only bank. You don't need to worry about having a branch near your home or work. Plus, opening an account from the comfort of your home takes only a few moments.

2. Minimal fees

If you hate extra bank fees, you're not alone. Account maintenance fees and overdraft fees can add up quickly and cause financial stress. Ally is transparent about the fees it charges, and its online savings account charges minimal fees.

There are no maintenance, overdraft, cashier's check, incoming domestic or international wire, and standard or expedited ACH transfer fees. The only fees that Ally charges for this account (when applicable) are a $15 expedited delivery fee and a $20 outgoing domestic wire fee.

3. Competitive interest rate

At the time of writing, Ally's online savings account has an APY of 3.80%. How much interest can you earn with this rate? If you have $5,000 in a bank with this APY and keep it there for one year, you could earn $210 in interest.

Remember, banks can adjust APYs at any time, and it's common for rates to fluctuate. Even if the APY for this account lowers in the near future, the rate Ally offers for its savings accounts will likely be more substantial than what the typical brick-and-mortar bank offers -- which can mean more money for you.

4. Tools to help meet your savings goals

Ally also has feature-packed savings tools built into its website and mobile app. Are you saving up for multiple goals? Whether you're building a travel fund, saving for a home down payment, or a new vehicle, Ally makes it easy to organize various goals with savings buckets.

Other tools provided by Ally can help millennials save more money. One example is round-ups, which rounds up purchases to the nearest dollar. Once you've accrued at least $5 through round-ups, it's transferred to your savings.

Another is recurring savings, allowing you to automate the savings process so you don't forget to set aside money regularly. As a busy millennial, this feature has been a game-changer for my savings routine. I'm saving more money than I did before I used automation tools like this.

Choose a savings account that meets your needs

Before opening a new checking account or savings account, consider your goals and what features matter most to you. Ally's savings account may be a worthwhile option to explore. Choosing to open an account with features that you value could help you save more money.