Ally Bank Savings Accounts Now Offering 2.20% APY

It’s not 3%, but it might be worth noting that Ally Bank now offers a 2.20% APY for their Online Savings Account. I think this updated happened a couple of days ago.

Unlike robinhood, ally’s savings account is FDIC insured.

Personally, I’ve used Ally for my savings account for about two years. Originally I was hesitant about joining an online bank—I’ve been with BOA for as long as I can remember. But putting a couple grand in a savings account that gets 0.05% is a poor move.

After talking to a few co-workers about their finances, I began researching savings accounts on reddit, nerdwallet and other blogs. I can’t comment on their other products, but I’m a big fan of their savings account.

Figured this might make a good discussion on it’s own. So I’ve moved it to it’s own topic.

FWIW, I recently opened an Ally savings account. I don’t know enough to comment on it, but it seems fine. Like you said, it came highly recommended from friends. Oh and the high interest rate certainly helps!

Appreciate the comment!