Ally Bank – Best Savings Account

(Note: all rates are as of 05/07/2010)

In my quest to find the best savings account, I think I can finally give the crown to Ally Bank’s High Yield Savings. For those of you that haven’t heard, Ally Bank is the new name for GMAC Bank. GMAC Bank always had competitive rates on its savings account, but now that all other banks have lowered their rates, Ally Bank is one of the highest out there.

Ally Bank’s High Yield Savings currently offers 1.29% APY for any balance in the account. There is no minimum balance or any fees associated with this account. Ally Bank has a very fast ACH transfer system which allows you to link your checking account to your Ally savings account to move money in and out quickly and easily. You can link multiple accounts. I am not sure if there is a max, but I have 5 different bank accounts linked at the moment. The transfer feature also allows you to set up automated withdrawals to your account which makes saving over time easy. You can also open multiple savings account so that you can keep your savings separate. I currently have 3 open. One holds my savings, one holds the savings for my property taxes and the third holds my vacation fund. I have all three accounts automatically deduct money from my checking account each month.

One thing to note that since the High Yield Savings is a savings account, you are limited to 6 withdrawls per month which is based on a federal law governing savings accounts. Deposits are unlimited.

You can compare Ally bank to the likes of ING Direct. It has all the same features but compared to the 1.2% rate they ING is offering, Ally Bank is definitely the clear winner. Ally Bank deposits are FDIC insured up to $250,000 per account, so you can feel safe in the fact that your money is protected.

Ally Bank also has other high yield products. They have a money market product which allows check writing and has a debit card with ATM rebates. The current rate on this account is 1.29% APY. This account is great if you want access to your savings via writing a check or going to an ATM. The money market account has no fees as well, you just need to make sure you stay under the 6 withdrawals per month.

They also offer an extremely high one year CD Rate of 1.49%. Again, no fees and no cost to open.

So you can see with banks dropping interest rates everyday, Ally Bank has an impressive suite of products that can help your savings grow. Definitely take a look at the best high yield savings account out there if you are earning a mediocre rate at your current bank!

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NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.

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