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

Capital One 360 Performance Savings APY 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 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 OnCapital One'sSecure Website. Member FDIC.	APY 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.	Min. to earn $0
CIT Platinum Savings APY 4.85% APY for balances of $5,000 or more Rate info4.85% APY for balances of $5,000 or more; otherwise, 0.25% APY Min. to earn $100 to open account, $5,000 for max APY Open Account for CIT Platinum Savings OnCIT'sSecure Website. Member FDIC.	APY 4.85% APY for balances of $5,000 or more Rate info4.85% APY for balances of $5,000 or more; otherwise, 0.25% APY	Min. to earn $100 to open account, $5,000 for max APY
American Express® High Yield Savings APY 4.25% Rate info4.25% annual percentage yield as of September 16, 2024 Min. to earn $0 Open Account for American Express® High Yield Savings OnAmerican Express'sSecure Website. Member FDIC.	APY 4.25% Rate info4.25% annual percentage yield as of September 16, 2024	Min. to earn $0

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 4.20%. 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.