Headquartered in Detroit, MI and founded as GMAC in 1919, the company was renamed Ally Financial in 2010. Since then, the business has expanded to include insurance, online banking, mortgage operations and commercial finance. Today, Ally Bank offers some of the highest interest rates on many of its banking products: savings accounts, checking accounts, classic and no penalty CDs, and money market accounts are all offered at very competitive rates. Currently, their high yield online savings account is offering 0.84% APY(as of 4/29/2013) with no monthly fees, no minimum balances, and no minimum deposits. Why does Ally Bank offer such high yields compared to other commercial banks? Since its online savings account is an online entity, Ally Bank can offer their customers higher yields because of the decrease in overhead costs incurred by the typical brick and mortar banks. You can rest assure your investments are safe and insured as Ally Bank is a member of FDIC and is fully insured. In addition to their rates being constantly among the top, they are known for their live 24/7 customer care support. Ally Bank takes pride in their incredibly responsive customer service. You can speak with a customer representative live on the website, via telephone, or email.
Savings Account Features:
- Open with $0. Account funding can be mailed in or done electronically via another bank account.
- No minimum balance.
- No monthly maintenance fees.
- Daily compounded interestfor maximum earnings.
- Insured to the maximum allowed by law.
- Six transactions per statement cycle with no fees.
- Your actual variable rate will go into effect when you make your opening deposit.
There are no hidden fees, and Ally Bank doesn’t charge for the day-to-day management of your money. However, some things come with a small transaction fee. Each transaction exceeding six per statement cycle incurs a $10.00 fee. Overdraft Item Paid or Overdraft Item Returned (maximum 1 fee per day) charges $9.00, and Returned Deposit Item costs $7.50.
Ally Bank attracts customers by offering simple, transparent products at competitive interest rates. If you are ready to earn a higher rate than traditional savings and get free online banking transactions, open an Ally account in 10 minutes or less today.
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