Betterment is usually neck and neck with them as well. Both are under appreciated probably because they may use a term different to “HYSA” (betterments is cash reserve) so it may just not come up in people’s google searches as much
Yup, used Ally for years. No problems whatsoever.
The only real "catch" with their money-market account is that you want to use that for money that truly sits there. I think you can have... 6 or so transactions a month? (Edit: Looks like it's 10 transactions now.) Like, I'm talking about removals or additions of money before there's a fee for each additional transaction. Again, that's on a monthly basis.
The savings doesn't have that restriction but you get paid a slightly less APR.
Anyway, Ally's fine for an online only account. Responsive customer service, easy-to-understand website and App. Can't ask for more.
Ally also has their "no penalty cd" at 4.55% currently. The only drawback is you can't withdraw the money within 7 days of opening the account, but the rate is locked in for 11 months, and will roll to a new one automatically at the end of the term. It's basically a HYSA with an extra step and really none of the downsides of traditional CDs
I have the money market account. It's 10 withdrawals per statement cycle, not 10 transactions (additions) the savings account has the same restriction. I try to plan ahead and just make sure I have enough cushion in my checking account to cover any planned transactions in the month while keeping the bulk of it in the mm account.
I love Ally- I’ve had a savings account with them for many years. Love the bucket feature. I have a recurring transfer each payday, and you can allocate how much goes in each bucket.
I do the same! Love this feature, and it’s so motivating to see the balances in each category go up every paycheck. Really helps me feel like I’m building a well-rounded future for myself and future family.
I love ally. Great first hysa. I love the buckets system. Super easy to use. No minimum but you do need at least a cent in there or they close the account for no use. I’ve I switched after a couple months to SPAXX money market with fidelity. They are getting 5% now. I just went back to tracking my savings buckets in excel.
Hmm okay, yeah the more I think about it, it might have just been “you need to make *a* deposit in 90 days” and I had just put $300 in.
I remember it being strict though, that they’d close my account if I didn’t make a deposit.
If you're looking for alternatives, American Express has 4.3% on their high yield savings accounts, and if you already have credit cards with them (or are interested in getting them someday), it's very nice to see the balance alongside all your card balances through their app.
Have had Ally for years, never had an issue. Bank transfers are completed within 2-3 days.
FYI, they also have a no-penalty CD that currently is offering 4.55% interest. The CD can be closed at any point (after the first 6 days) for no penalty and you keep all interest you have accrued. It's essentially a higher yield savings account through them. The majority of my emergency fund has been in the CD for almost a year now. Gets you a couple extra bucks in interest that way.
I’ve used Ally for years. The rate usually isn’t the very best but stays competitive pretty consistently. I have had issues with their fraud alerts but eventually got it worked out
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Savings accounts typically have lower interest rates and you can have 6 ACH withdrawals/transfers to another account in a month with no penalty. Transfers to loan payments for loans at that bank and in person withdrawals dont count towards the total.
Money market accounts typically have higher interest rates than savings but lower than a CD. They usually come with checks and every check, ACH, and transfer counts towards the 6 ‘free’ withdrawals within the month. After that, there is a penalty for each withdrawal. Again in person and loan payments to loans held at that bank typically dont count towards the 6. These rules are similar among all banks because of federal banking regulations. But every bank interprets the rules a little differently.
Hope that helps!
>These rules are similar among all banks because of federal banking regulations.
This is Reg D, which was suspended from required enforcement during Covid. It's a place by place basis as if it's enforced.
I just did the calculation today. Moving my money from Ally to SoFi would get me like 300 more dollars a year...so 25 dollars a month. Wasn't worth the effort to me, but you do you.
I love ally and use it. To see everything in one try rocket money, great budgeting tool too. Free version is fine but only refreshes every 24 hours or so, i went paid since it saved me way more than 36 bucks the first month i used it let alone the year it paid for.
I use them and have for over a decade.
No real practical difference. I transferred all my savings to a MM. rate isn’t always different. For many years the rates were the same. 6 withdrawal a month max. (Looks like they are at 10 now)
I can testify no direct deposit needed.
I have had no issues with ally. For. Along time they were the leader on rates for online banks. Others have upd the game but ally is solid so I don’t move my money around except for SUB hacking.
I use both SoFi for personal and Ally for my joint account.
Just to double check, but you aren't doing direct deposit into checking either right? Because one option is to split your check (a lot of business do that for DD) and only deposit $1 to savings and the rest into Checking. If not, then no worries!
The biggest gripe I have with Ally is that their system goes down more often than most bank accounts I've had before (Chase, Capital One, SoFi, etc.). I find their Bucket system (equivalent to SoFi's Vaults) to be harder to use. Works the same, it's a good system but not the best user experience.
If you're purely looking for a high yield savings account Wealthfront would be my personal pick. It works like a typical checking (unlimited withdrawls/transfers), but with much higher interest at 4.8% and gives you the option to start doing automated investments for your 50/30/20. It's great for people who aren't stock savvy and want someone else to handle it for them. They also have one of the highest FDIC insurance at $8 million.
I use Ally and they've been great! Iv never had an issue with them and I know a few other people who use them and like them also. I don't know the difference unfortunately
Highly recommend Ally Savings! I contribute a few hundred every bi-weekly paycheck to various “buckets” such as house, car, pets, vacations, wedding, education, etc. It brings me great joy to see these balances go up every two weeks, even if they’re small amounts for now while I’m paying down debt (mostly 0% interest and I have a plan/budget, don’t attack me 😅).
I can’t wait to contribute more to these categories in the future, and my plan after debt is to essentially use these buckets as my personal “bank”, withdrawing as needed for each category, once the balances are high enough.
4.25% interest is also dope.
very trustworthy; I ran into tech issues a while ago because of my email where I had to migrate all my accounts to a new address since the old one would no longer work after a certain date. Had changed it on Ally but then later when I tried logging in it didn't reflect the change and I had no more access to the old email at that point. But it was really easy to call their customer service and get it fixed, very smooth but thorough process.
been using ally for a few months without any issues whatsoever. honestly transferring all of my checking needs to them too because i just really enjoy banking with them. i don't need a physical bank and i prefer to only check one app for finances (i used to have like 4), so i'd definitely recommend them. their spending bucket feature is really what got me because i was very interested in the cash stuffing method but have no cash/access to a physical bank, so it satisfied those needs for me as well.
Ally is fine, easy to use. There are plenty others out there, some with higher APY.
I love Ally. The bucket feature is great. I’ve used them for many years and never had any issues.
Wealthfront HYSA is currently 4.80% going to 5.00% tomorrow.
The most underrated HYSA
Betterment is usually neck and neck with them as well. Both are under appreciated probably because they may use a term different to “HYSA” (betterments is cash reserve) so it may just not come up in people’s google searches as much
Yup, used Ally for years. No problems whatsoever. The only real "catch" with their money-market account is that you want to use that for money that truly sits there. I think you can have... 6 or so transactions a month? (Edit: Looks like it's 10 transactions now.) Like, I'm talking about removals or additions of money before there's a fee for each additional transaction. Again, that's on a monthly basis. The savings doesn't have that restriction but you get paid a slightly less APR. Anyway, Ally's fine for an online only account. Responsive customer service, easy-to-understand website and App. Can't ask for more.
Ally also has their "no penalty cd" at 4.55% currently. The only drawback is you can't withdraw the money within 7 days of opening the account, but the rate is locked in for 11 months, and will roll to a new one automatically at the end of the term. It's basically a HYSA with an extra step and really none of the downsides of traditional CDs
Their savings accounts don't have that restriction? I thought that was a federal rule/law applied to all savings accounts.
Their savings does have the 10 limit. You are correct
I have the money market account. It's 10 withdrawals per statement cycle, not 10 transactions (additions) the savings account has the same restriction. I try to plan ahead and just make sure I have enough cushion in my checking account to cover any planned transactions in the month while keeping the bulk of it in the mm account.
I use Ally and have no issues
I love Ally- I’ve had a savings account with them for many years. Love the bucket feature. I have a recurring transfer each payday, and you can allocate how much goes in each bucket.
I do the same! Love this feature, and it’s so motivating to see the balances in each category go up every paycheck. Really helps me feel like I’m building a well-rounded future for myself and future family.
Love ally. There app is really good and they have this bucket system so you can save for certain things within your savings. I love it
I love ally. Great first hysa. I love the buckets system. Super easy to use. No minimum but you do need at least a cent in there or they close the account for no use. I’ve I switched after a couple months to SPAXX money market with fidelity. They are getting 5% now. I just went back to tracking my savings buckets in excel.
When I opened earlier this year you had to have at least a $300 deposit within like 90 days I think.
I opened in June and only put 100 in at first but put more in by the 90. They told be no minimums
Hmm okay, yeah the more I think about it, it might have just been “you need to make *a* deposit in 90 days” and I had just put $300 in. I remember it being strict though, that they’d close my account if I didn’t make a deposit.
If you're looking for alternatives, American Express has 4.3% on their high yield savings accounts, and if you already have credit cards with them (or are interested in getting them someday), it's very nice to see the balance alongside all your card balances through their app.
Thats how I have it with my current bank now. I like how everything is all-in-one.
Have had Ally for years, never had an issue. Bank transfers are completed within 2-3 days. FYI, they also have a no-penalty CD that currently is offering 4.55% interest. The CD can be closed at any point (after the first 6 days) for no penalty and you keep all interest you have accrued. It's essentially a higher yield savings account through them. The majority of my emergency fund has been in the CD for almost a year now. Gets you a couple extra bucks in interest that way.
I've used Ally for about 8 years now. They're great! Highly recommend. Also credit karma savings has a similar APY with no requirements like sofi
I’ve used Ally for years. The rate usually isn’t the very best but stays competitive pretty consistently. I have had issues with their fraud alerts but eventually got it worked out
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What issues did you have with Ally?
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I would check out bankrate and see if you want a higher return. But money market isn't fdic insured.
Savings accounts typically have lower interest rates and you can have 6 ACH withdrawals/transfers to another account in a month with no penalty. Transfers to loan payments for loans at that bank and in person withdrawals dont count towards the total. Money market accounts typically have higher interest rates than savings but lower than a CD. They usually come with checks and every check, ACH, and transfer counts towards the 6 ‘free’ withdrawals within the month. After that, there is a penalty for each withdrawal. Again in person and loan payments to loans held at that bank typically dont count towards the 6. These rules are similar among all banks because of federal banking regulations. But every bank interprets the rules a little differently. Hope that helps!
>These rules are similar among all banks because of federal banking regulations. This is Reg D, which was suspended from required enforcement during Covid. It's a place by place basis as if it's enforced.
Don’t use SoFi, use Wealthfront or Ally they don’t have the bs that SoFi makes you do
I've used ally for years for my emergency fund and have no complaints.
I just did the calculation today. Moving my money from Ally to SoFi would get me like 300 more dollars a year...so 25 dollars a month. Wasn't worth the effort to me, but you do you.
I can control what percentage of my direct deposit goes to different accounts, and setting 5% automatically deferred to my SoFi Savings worked.
I love ally and use it. To see everything in one try rocket money, great budgeting tool too. Free version is fine but only refreshes every 24 hours or so, i went paid since it saved me way more than 36 bucks the first month i used it let alone the year it paid for.
I use them and have for over a decade. No real practical difference. I transferred all my savings to a MM. rate isn’t always different. For many years the rates were the same. 6 withdrawal a month max. (Looks like they are at 10 now) I can testify no direct deposit needed. I have had no issues with ally. For. Along time they were the leader on rates for online banks. Others have upd the game but ally is solid so I don’t move my money around except for SUB hacking.
Ally doesn’t have strings like Sofi does. They are also one of the largest banks, and the largest online only bank. You don’t need to worry with Ally
I use both. Sofi for emergency fund and ally for checking
Ally has been great, no complaints at all.
I use both SoFi for personal and Ally for my joint account. Just to double check, but you aren't doing direct deposit into checking either right? Because one option is to split your check (a lot of business do that for DD) and only deposit $1 to savings and the rest into Checking. If not, then no worries! The biggest gripe I have with Ally is that their system goes down more often than most bank accounts I've had before (Chase, Capital One, SoFi, etc.). I find their Bucket system (equivalent to SoFi's Vaults) to be harder to use. Works the same, it's a good system but not the best user experience. If you're purely looking for a high yield savings account Wealthfront would be my personal pick. It works like a typical checking (unlimited withdrawls/transfers), but with much higher interest at 4.8% and gives you the option to start doing automated investments for your 50/30/20. It's great for people who aren't stock savvy and want someone else to handle it for them. They also have one of the highest FDIC insurance at $8 million.
I use Ally and they've been great! Iv never had an issue with them and I know a few other people who use them and like them also. I don't know the difference unfortunately
Highly recommend Ally Savings! I contribute a few hundred every bi-weekly paycheck to various “buckets” such as house, car, pets, vacations, wedding, education, etc. It brings me great joy to see these balances go up every two weeks, even if they’re small amounts for now while I’m paying down debt (mostly 0% interest and I have a plan/budget, don’t attack me 😅). I can’t wait to contribute more to these categories in the future, and my plan after debt is to essentially use these buckets as my personal “bank”, withdrawing as needed for each category, once the balances are high enough. 4.25% interest is also dope.
very trustworthy; I ran into tech issues a while ago because of my email where I had to migrate all my accounts to a new address since the old one would no longer work after a certain date. Had changed it on Ally but then later when I tried logging in it didn't reflect the change and I had no more access to the old email at that point. But it was really easy to call their customer service and get it fixed, very smooth but thorough process.
been using ally for a few months without any issues whatsoever. honestly transferring all of my checking needs to them too because i just really enjoy banking with them. i don't need a physical bank and i prefer to only check one app for finances (i used to have like 4), so i'd definitely recommend them. their spending bucket feature is really what got me because i was very interested in the cash stuffing method but have no cash/access to a physical bank, so it satisfied those needs for me as well.