Here's the best high-yield savings account for doing all your banking in one place

Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate (up or down) as the Fed rate changes. CNBC Select will update as changes are made public.

For many, the first step to getting their finances in order is opening a checking and savings account. While the former holds your spending money, the latter helps you build up a cushion of cash for whenever you need it.

Since both checking and savings accounts have different, but essential, purposes, you want to make sure you can easily transfer money from one to the other — and in as little time as possible. Doing all your banking in one place makes a big difference.

With online bank Ally, customers can sign up for a high-yield savings while also taking advantage of extra benefits when linked to an Ally checking account. The Ally Online Savings Account ranked as the "best for checking/savings combo" on CNBC Select's top high-yield savings account list.

Below, we take a close look at the Ally Online Savings Account by breaking down its annual percentage yield (APY), access to your cash, perks and fees so you can decide if this high-yield savings account is right for you.

• APY
• Access to your cash
• Perks
• Fees
• Bottom line

The current APY is 4.25%. Users of the Ally Online Savings Account can start earning interest right away, with no minimum balances required in their account.

Ally Bank compounds interest on your savings daily, like the best high-yield savings accounts mostly do. The APY offer reflects the total amount of interest that the account would earn for the year.

This is where having both an Ally savings and an online-only Ally Bank Spending Account (Ally's checking product) comes in handy. With the two accounts, users are given an ATM card and have access to over 43,000 free Allpoint^® ATMs — making it easy to withdraw cash whenever they need to. With only the online savings account, savers won't have access to a debit card.

Not all online banks offer both a high-yield savings and checking account option, so this is a huge plus for consolidating your banking. Saving your money with a bank that doesn't offer a checking account means you would have to transfer your money between banks, which could take a couple days.

Ally has waived the six-transaction limit so users can withdraw or transfer money online unlimited times per statement cycle with no penalty. Plus, users can't deposit cash in their Ally savings account, which is standard for many online banks, but they can deposit checks remotely with eCheck Deposit on the mobile app.

Ally is a consumer favorite for a couple of reasons: It has an easy-to-use mobile app and 24/7 live customer service that is available over the phone, through online chat or on the Ally mobile app.

The bank also makes it fun to outline and organize your saving goals. Account holders can create up to 10 different "buckets" within the same savings account that represent designated funds for certain things, such as naming one a "Future Vacation" and another "Emergency Savings."

In addition to having no minimum account balances, Ally also has zero monthly maintenance fees.

There's also an extra perk: If you use an out-of-network ATM, Ally doesn't charge a fee. If the ATM provider does, Ally will reimburse those fees up to $10 per month.

Currently, Ally does not have overdraft fees or excessive transaction fees.

The Ally Online Savings Account is a great option for savers who also want to open a checking account in tandem.

You can count on simply transferring your cash from one account to the other and create specific savings buckets to stay on track.

If you're not looking for a checking/savings combo and want something more straightforward, consider instead the Marcus by Goldman Sachs High Yield Online Savings. And if you don't care about having a checking account at the same bank but would like a high-yield savings that also provides ATM access, the Synchrony Bank High Yield Savings offers that.

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To determine which high-yield savings accounts offer the best return on your money, CNBC Select analyzed dozens of U.S. savings accounts offered by online and brick-and-mortar banks, including large credit unions. We narrowed down our ranking by only considering those savings accounts that offer an APY around 1%, no monthly maintenance fees and low (or no) minimum balance requirements.

While the accounts we chose in this article consistently rank as having some of the highest APY rates, we also compared each savings account on a range of features, including ease of use and account accessibility, as well as factors such as insurance policies and customer reviews when available. We also considered users' deposit options and each account's compound frequency.

All of the accounts included on this list are FDIC-insured up to $250,000. Note that the rates and fee structures for high-yield savings accounts are not guaranteed forever; they are subject to change without notice and they often fluctuate in accordance with the Fed rate. Your earnings depend on any associated fees and the balance you have in your high-yield savings account. To open an account, most banks and institutions require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.

Information about Ally Bank, Ally Bank Spending Account (Ally's checking product), Marcus by Goldman Sachs High Yield Online Savings and Synchrony Bank High Yield Savings has been collected independently by CNBC Select and has not been reviewed or provided by the banks prior to publication.

Ally Bank and Goldman Sachs Bank USA is a Member FDIC.