1/30/2016 Update: Ally’s Savings Rate is steady 1.00% APY
3/21/2011 Update: Ally’s Savings Rate is now 1.00% APY
1/31/2011 Update: Ally’s Savings Rate rate is now 1.09% APY
Are you looking for an online saving account that earns a higher rate than traditional savings and provides free online banking? If so, then Ally Bank’s online savings account is the one for you. Ally Bank is a Utah headquartered FDIC insured bank and is a unit of GMAC Financial Services (GMAC), which became a bank holding company in December 2008. GMAC’s banking unit officially changed its name to Ally Bank on May 15, 2009.
An online savings account is different than a regular savings account or even a money market account. The interest rate online is usually much higher than a regular savings account. If you are going to hold money in your account, you might as well put it into an account where you actually earn some substantial interest. So sit back, stay at home and conveniently do all your transactions online or over the phone.
To open an account, just call 1-877-247-2559 or you can sign up online. Just visit Ally Bank’s website. The entire process takes less than 7 minutes. You will be asked for your name, address, contact details and social security number. Once you provide the details, you will now have an opened online account.
Best yet, you can start now. There is no minimum deposit or balance required so you can open the account with $0. You can fund the account anytime by transferring money from your current checking account.
All you do to setup the transfer is put in the routing number and checking account number into the form. Then Ally will make two small deposits into your checking account within three to four days. You need to find these deposits in your checking account transaction history, and enter them in a form in your Ally account. This will verify you are the account holder and Ally will then allow you to transfer money for free anytime you want from your checking account to your Ally savings account.
Ally Bank does not charge any monthly fees for their online savings account. You will quickly see your money grow as interest is compounded daily. Ally Bank is a member of the FDIC. So your account is insured up to $250,000. Rest assured your investments are protected. Presently the Ally online saving account has an APY of 1.00%. Your actual variable rate will go into effect when you make your opening deposit.
You can only make up to six withdrawals from your Ally savings account per statement cycle free of cost. You will be charged a $10 fee for each transaction that exceeds these limits. However, you can make unlimited number of deposits in the account during a statement cycle.
You have access to Ally Bank’s toll free customer service number 24/7 or you can go Ally.com to chat with a representative. I have personally chatted several times with Ally Bank’s agents and they have been knowledgeable and helpful.
Cashier’s checks are free. Domestic and international wire transfers cost $20 which is comparable to other banks. If a check you send bounces or if you don’t have funds in an external account to cover a transfer, you’ll incur a $7.50 fee. Overall Ally’s fees are low and reasonable.
Ally makes banking safe and secure. Open an online savings account with Ally Bank today.