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Ally Review: Savings Accounts |
| Sign up for Ally | |
Rating: |
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| Good, high-yield option with $0 minimum balance and $0 start up deposit | |
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While annual percentage yields vary, Ally tends to offer one of the highest APYs available at any given time. Voted as "Best Savings Account" by Money Magazine, currently an Ally online savings account earns an APY of 0.84% (as of 1/12/12). Ally compounds interest daily, which maximizes your earnings. You can open an Ally online savings account with $0. There are no monthly fees and no minimum balances, and customers have access to phone support 24 hours a day, seven days a week.
Once you have opened a savings account, you can use Ally's free online banking interface to view your statements, transfer funds or set up scheduled transfers, request checks and deposit slips, open additional accounts, and download activity to Quicken or Microsoft Money. While online banking is free, there are fees for cashier's checks and for wire transfers. As mandated by federal law, you will only be able to make six withdrawals or transfers per month, after which you'll be charged $10 per withdrawal. If you are looking for a high-yield online savings account with no strings attached, Ally is an excellent choice. |
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| APY: | 0.84% (as of 1/12/12) |
| Monthly Fees: | None |
| Minimum Balance to Maintain: | $0 |
| Minimum to Open Account: | $0 |
| Maximum Withdrawals Per Month: | 6 |
| Deposit and Withdrawal Methods: | Electronic transfer, wire, check |
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