Ally Bank No Penalty CD

(Note: all rates are as of 03/09/12)

If you want the easy access to your money like an online savings account but want the high interest yield of a CD, then you may want to take a look at the new Ally Bank No Penalty CD. The No Penalty CD offers a locked interest rate of .93% for 11 months, but stills allow you to accesss your money if you need it without any early withdrawl fees.

This is pretty cool in that you get a high rate locked for 11 months, but if you really need the money you can close the CD get all your principal investment back including interest with no fees at all. Most banks can offer high CD rate since they charge high fees when you have to close out a CD early, which is what makes the No Penalty CD such a great savings option.

What else is interesting is that Ally Bank’s Online savings account rate is at .84%, so it makes the No Penalty CD a very attractive deal.

Ally bank is the rebranded GMAC bank which is FDIC insured. I have had an account with them for over 2 years and love their services. High yields, no fees and great customer service. I still don’t get why people give their money to banks that don’t pay any interest! Check out my best savings account review of Ally Bank.

Ally Bank Increases Savings Rates

(Note: all rates are as of 03/09/12)

After watching banks lower their interest rates for the past year, it is refreshing to see that Ally Bank has increased their rates. Their Online Savings Account has increased to .84%. Ok, sure that isn’t a huge jump, but it is a jump in the right direction! I haven’t seen an increase from any other bank yet.

Hopefully Ally Savings Bank will continue to raise their rates and be a leader. They have maintained the highest rates for a no fee and no minimum balance saving account. I still think that Ally is the best savings account out there when you take into consideration their rates and account features.

Check out my Ally Bank Review for more details.

Ally Bank – Best Savings Account

(Note: all rates are as of 03/09/12)

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 .84% 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 1.00% 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 .84% 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 1.02%. 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!