ING Direct and Ally Bank are two of the biggest names in online banking. In fact, both of them ranked 5 out of 5 stars in our online savings account comparison. Both ING and Ally have no monthly fees, no minmum deposit requirements, and no ATM fees at hundreds of specified locations. That being said, the two online savings accounts do have some minor differences:
1. APY (annual percentage yield). ING is currently offering a .80% APY on their savings account, while Ally's is slightly higher at .89%. Another factor to note is that ING compounds interest monthly and Ally compounds interest daily.
2. Customer Service. ING's phone support is available 7 days a week from 8 a.m. to 8 p.m. You can also send them an email, which will be answered within 24 hours. Though Ally's customer service is less available (Monday to Friday from 7 a.m. to 7 p.m., Saturday from 9 a.m. to 4 p.m. and closed on Sundays) they do have a live chat feature at those times, which customers may find more conveniant.
If you are looking for the savings account that offers the most interest, Ally is the one for you. On the other hand, if you are looking for the most reputable option, ING Direct is the perfect choice. Read full reviews of online savings accounts and check out the full comparison chart here.Online Savings Accounts, Small Business