I’ve been wanting to open a new online high yield savings account for some time now, and it seems that I would write a review about Ally Bank Savings Account. Finding a savings account with a higher interest rate means hundreds of dollars in interest per year with Ally Bank 1.75% APY with 0 minimum balance and no monthly fees. If you are interested, click on the offer banner below and open your savings account today.
A little history about Ally Bank; they came from GMAC bank as of May 2009 to give the new bank a facelift. You can almost be certain your money will be safe since they are FDIC insured for up to $250,000 per depositor.
Top Features Of An Ally High Yield Savings Account
-Open with $0
-No minimum balance
-No monthly fees
-Daily compounded interest for maximum earnings
-FDIC insured to the maximum allowed by law. Maximize your coverage
-Six transactions per statement cycle with no fees.
-Your actual variable rate will go into effect when you make your opening deposit
-Create sub-accounts with different names and account numbers.
-Daily compounded interest for maximum earnings
-24 hours a day, 7 days a week customer service at 1-877-247-ALLY (2559) for 24/7 assistance
-FDIC insured up to $250,000
-High level of online security
Opening Process for An Account With Ally Bank
You will need:
-Social Security Number
Opening an Ally Bank account is an easy 5-step process. They will need to verify your identity and will do a hard pull on your credit report. The opening process took less than 5 seconds after submitting your application to see if your application is approved or not. Then create your security settings for viewing your account information and activity online. You could also choose electronic statements to save paper.
With Ally Bank being FDIC insured and one of the highest rates in the country, you can be sure your money is safe with excellent 24/7 customer service. You can log into your bank account and download everything via Intuit Quicken and Microsoft Money through Web Connect. It offers solid banking with no fees or minimums and a super clean account interface that is easy to use.
Those who are current Ally Bank customers, could you share your experience with them? What are the pros and cons so far?
The best thing about Ally is their customer service. I can speak to a representative 24 hours a day, and they are always courteous and find answers fast.
But the website is TERRIBLE. I’m actively searching for a bank with an attractive and functional website, especially Bill Pay. The Bill Pay section is particularly awful.
I’ve been using them for a while (after switching from discoverbank.com) and it’s amazing the customer service difference! i think i literally went from the worst customer service to the best.
i have my ‘cd ladder’ there and they make it very very easy to open new cds (i do it on the phone so that i don’t have to type, but it only takes minutes)… i like the fact that i can use any ATM and they put the “fees” charged by the atm’s bank back in my account at the end of the month!
my biggest problem with discover bank is they aren’t oriented for web, their website sucks, they wouldn’t do paperless statements (they will now) and Ally is almost the opposite, they seem to prefer to do things online, which is fine by me. Sometimes you can do certain things even by just using their “chat” feature…..
I have had NO problems at all using Ally and highly recommend them!
Thanks! Good to know! Love your site!
I’d also point out that Ally has a “No Penalty” 11 month CD thats paying a slightly higher 1.20% APY. The “No Penalty” part means they’ll “hand over your full balance and interest any time after the first 6 days of funding your CD”. You can’t make additional deposits or partial withdrawals, but even if half of your money will be sitting for a month, it might be worth the extra interest.
No, I don’t work for Ally. I just like taking banks for all I can legally get. Same applies to the IRS.
Positive experience. Opened a 5-yr CD online last April and mistakenly sent a invalid check from an account (ironically GMAC (now Ally) demand notes) to transfer the funds. It took about 3 weeks to understand the check was from an old clearing house. Even after 4 weeks and a drop in rates, Ally still let me fund the CD at the higher rate AND even let me start it with more money than I had originally intended.
Their website is clear and easy to use. I like that they display your customized picture and ID phrase before you type in your password. Extra verification that you’re really connected to their site. If the uninsured demand notes (for GM employees and retirees) weren’t paying 2.25%, their savings account would be at the top of my list.