This HYSA is most popular among Millennials in 2024

If you’re a millennial struggling to save, you’re not alone. But don’t miss out on the opportunity to earn interest while putting aside extra cash. The right bank account can help you reach your savings goals faster.

A high-yield savings account (HYSA) is a great way to put money aside. These accounts typically offer a higher annual yield than traditional savings accounts offered by banks. A higher annual yield can help you grow your bank account balance while your money sits in the bank.

If you’re looking to open a HYSA account with a bank that offers a more modern website and mobile app, as well as a variety of savings tools, consider Ally. Learn why Ally’s savings account is a popular HYSA option for millennials.

Four Features Millennials Love About Ally’s Online Savings Account

Not all bank accounts are the same. The features of each account may vary.

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

1. Digital banking experience

Many millennials prefer to avoid setting foot in a physical bank. They are busy and use digital resources to save time and reduce stress. Ally Savings is an online-only bank. You don’t have to worry about having a branch near your home or work. Plus, opening an account from the comfort of your home only takes 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 a minimal fee.

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

3. Competitive interest rate

As of this writing, Ally’s online savings account has an APR of 4.20%. How much interest can you earn with this rate? If you have $5,000 in a bank with this APR and hold it for a year, you could earn $210 in interest.

Keep in mind that banks can adjust APYs at any time and it’s common for rates to fluctuate. Even if the APR on this account drops in the near future, the rate Ally offers for its savings accounts will likely be more substantial than what a traditional bank offers, which could mean more money for you.

4. Tools to help you achieve your savings goals

Ally also offers feature-rich savings tools built into its website and mobile app. Saving for multiple goals? Whether you’re building a travel fund, saving for a down payment on a house, or saving for a new vehicle, Ally makes it easy to organize different goals with savings buckets.

Other tools Ally provides can help millennials save more money. Roundup, for example, rounds up purchases to the nearest dollar. Once you accumulate at least $5 through rounding, that money is transferred to your savings.

Recurring savings is another option that allows 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 in my savings routine. I’m saving more money than I did before using automation tools like this.

Choose a savings account that meets your needs

Before you open a new checking or savings account, think about your goals and what features matter most to you. Ally’s savings account may be a great option to explore. Choosing to open an account with features you value could help you save more money.