Ally Bank is another good high yield savings opportunity to consider for your savings needs. I try to post about such opportunities to help people find a good place to keep their emergency savings, or other short-term savings, that I think will maximize earnings!
The Ally Savings account is a high yield online savings account. You may know that an online bank decreases its cost because it doesn’t have the same overhead as a typical brick and mortar bank. These overhead costs are then passed onto customers in the form of higher yields on savings accounts.
Background on Ally Bank
I did a little research on Ally to make sure it is a good option to consider. Ally Bank is built on the foundation of GMAC financial services. I appreciate how Ally openly states on their website they value integrity as much as deposits. You don’t hear a statement like that often. As a result, they are continually looking for ways to improve customer experience. They have 24/7 customer service to make themselves available anytime you require assistance.
It’s quite obvious Ally appears to be focused on the customer and helping people increase their savings. You can set up what they call sleeping money alerts. When Ally sees that you could do more with your money to increase earnings, you can receive an email alert with savings suggestions. Another great benefit is that you receive daily compounded interest. This means you earn interest on your interest earnings each day!
I also found that you can open an account with $0. This makes the process easy in that you can open an account immediately and can wait to deposit funds when you have them available. There is no minimum balance and no monthly fees. Also, your savings are FDIC insured.
Steps to Open an Ally Bank Savings Account
Setting up an Ally Savings Account only takes a few minutes. All you need to do is enter some basic information and make a few decisions to complete the enrollment process.
Here is a brief run-down of the steps you’ll encounter:
- Determine the account ownership type. In other words, you need to determine how many account owners you want to have for your account.
- Select the savings account type.
- Enter certain personal information required for opening the account. You can also decide how you want statements delivered to you (email or mail).
- Decide how you will make your initial deposit. You can mail in a check or transfer funds from your existing checking account. If you decide you want to use your checking account you’ll enter the required information to transfer your initial deposit.
- Bingo, you’re done! Log into your new account and start checking things out.
Quick Highlights of the Ally Bank Savings Account.
- Free online banking transactions
- No monthly fees.
- No minimum deposit
- Ally will not charge you a fee if your balance dips too low
- Customers are allowed six withdrawals or transfers per statement cycle.
- FDIC Insured
What do you think about this high yield savings account opportunity from Ally Bank?
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