Opening an Ally Savings Account Costs Nothing
Ally Bank does not charge an opening fee, a monthly maintenance fee, or a minimum deposit to open a savings account. You can start with any amount—$1, $100, or more—and there are no hidden charges that appear later in the statement.
The account itself is free. What you pay for, if anything, depends on how you use it and what happens if you break the rules.
Key Takeaways
- There is no fee to open an Ally savings account and no monthly charge to keep it open.
- You do not need a minimum balance to open the account, though some features may require one.
- Overdraft fees, wire transfer fees, and early withdrawal penalties on certain products are the main costs you might face.
- Interest earned on your balance is paid to you, not charged against you.
- You can open an account online in minutes using your Social Security number and a valid ID.
Fees That Do Not Exist at Ally
Ally does not charge:
- Account opening fees
- Monthly maintenance or service fees
- Minimum balance fees
- Inactivity fees if you stop using the account
- Fees to close the account
This is different from many traditional banks, which charge $5 to $15 per month if you do not maintain a certain balance. Ally's savings account has no such requirement.
Fees You Might Actually Pay
While the account itself is free, certain actions can trigger charges. An overdraft fee applies if you withdraw more money than you have in the account—typically $25 to $35 per overdraft, depending on your account type. Ally also charges for outgoing wire transfers (usually $15 to $25) and for stopping a check you have written ($15).
If you open a Money Market Account instead of a basic savings account, Ally allows six withdrawals per month before charging $10 for each withdrawal beyond that limit. This is a federal rule that applies to most banks, not an Ally-specific policy. A regular savings account has no withdrawal limit.
Some savings products, like Ally CDs (certificates of deposit), charge an early withdrawal penalty if you take your money out before the term ends. The penalty varies by the length of the CD—a shorter term has a smaller penalty. Ally discloses this penalty upfront when you open the CD.
How to Open an Account Without Spending Money
You can open an Ally savings account online through their website or mobile app in about five minutes. You will need:
- A valid government-issued ID (driver's license, passport, or state ID)
- Your Social Security number
- Your date of birth
- A current email address and phone number
- An existing bank account to fund the new Ally account (optional—you can fund it later)
There is no process fee, no credit check, and no approval process that delays you. The account opens when ready, and you can begin depositing money right away.
What You Earn Instead of Pay
Ally's savings accounts pay interest on your balance. This is money Ally pays you, not money you pay Ally. The interest rate changes based on market conditions and is the same for all customers—Ally does not offer higher rates to people with larger balances.
Interest is calculated daily and deposited monthly. If you have $5,000 in the account and the rate is 4.0% annual percentage yield (APY), you earn roughly $16.67 that month. The exact amount depends on the current rate, which you can check on Ally's website before you open the account.
Comparing Ally to Banks That Charge
| Fee Type | Ally | Traditional Banks (Typical) |
|---|---|---|
| Opening fee | $0 | $0 to $25 |
| Monthly maintenance | $0 | $5 to $15 |
| Minimum balance requirement | $0 | $500 to $2,500 |
| Overdraft fee | $25 to $35 | $25 to $38 |
| Wire transfer (outgoing) | $15 to $25 | $15 to $30 |
The main savings come from not paying monthly fees. Over a year, avoiding a $10 monthly maintenance fee saves you $120—money that stays in your account and earns interest instead.
Frequently Asked Questions
Do I need to keep a minimum balance in an Ally savings account?
No. You can open the account with $1 and keep it open with any balance, including $0. Some banks require $500 or $1,000 to avoid monthly fees; Ally has no such requirement.
Will Ally charge me if I do not use the account?
No. If you open an account and never touch it, Ally will not charge you an inactivity fee. The account remains open and continues to earn interest on any balance you have.
What happens if I overdraft my Ally savings account?
Ally will charge an overdraft fee (typically $25 to $35) if you try to withdraw more than your balance. The overdraft is usually declined, so the transaction does not go through and you do not lose the money—you just lose the fee. Check your account settings to see if overdraft protection is turned on.
Can I move money from another bank into Ally for free?
Yes. You can transfer money from another bank account into Ally using an ACH transfer (automated clearing house), which is free and takes one to three business days. You can also deposit checks using Ally's mobile app at no cost.
Is there a fee to close my Ally account?
No. You can close the account anytime without a penalty or fee. If you have a balance, Ally will send it to you by check or transfer it to another bank account you specify.