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!

ETRADE Promo $25 From Complete Savings Account

The $25 ETRADE new account bonus for it’s Complete Savings Account is back again. All you need to do is open a ETRADE Complete Savings Account and fund it with at least $1.

Within 30 days of funding the account $25 will be credited to your Complete Savings Account. This deal is good through Febuary 25th 2009.

Bouns Details and Account Sign up Page

Currnetly the APY for ETRADE’s Complete Savings Account is 3.01%. This is a respectable interest rate for your savings if you need a place to park your money.

I opened this account during a previous Etrade promo. I received the $25 as they described I would. I still use this account today for the high interest rate and ease of moving money in and out with their automated ACH transfer system.

HSBC Extends Rate For Online Savings Account

HSBC is extending the interest rate of their Online Savings account until September 15th. The current rate 3.5% was supposed to expire in August, but from the lack of interest rate cutting by the Fed’s recently, HSBC has decided to keep the rate for another month. Hopefully we will see a trend in rising savings account rates again.

This account has one of the highest interest rates out there for a $1 minimum balance savings account. HSBC’s Online Savings account is free to open and requires only $1 for a minimum balance. There are no fees with this account. There is also an ACH transfer system that allows you to move money to and from your current checking account for free.

I currently have this account and having my emergency fund in it. Since I want my emergency fund in cash for easy access to it if I need it, I want it earning the highest rate possible, and currently this is it.

ETrade Complete Savings Up To 3.30%

ETrader raised their interest rates on their complete savings account from 3.15% to 3.30% yesterday. This isn’t a huge increase, but it is good to see an upward trend in interest rates on high yield savings and checking accounts

I currently use this account for my emergency fund. I recommend it to those of you that need a place to store some cash at a good interest rate. The account links to your checking accounts via ACH and it is very easy to move money back and forth.

You can still get a $25 bonus for openening the account with one dollar. See my bonus post for details.

Free $25 From ETRADE’s Complete Savings Account

ETrade has brought back its $25 bonus for it’s Complete Savings Account. All you need to do is open a
ETrade Complete Savings Account and fund it with at least $1.

Within 30 days of funding the account $25 will be credited to your Complete Savings Account. This deal is good through August 31st.

Bouns Details and Account Sign up Page

Currnetly the APY for ETRADE’s Complete Savings Account is 3.15%. This is a respectable interest rate for your savings if you need a place to park your money.

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