RateAPY

Ally Bank Online Savings Account at 1.50% APY

Posted by: RateAPY Bank Rates News
December 17th, 2009

Even as holiday spending ramps up, most households these days are focusing carefully on their budget and savings. A traditional savings account can be an important part of everyone’s budget, a safe place to keep money aside for emergencies and for short or long-term savings.

Comparing bank quotes on savings accounts can be quickly accomplished online. Be sure to check both the interest rate and the fee schedule. Many accounts charge a fee if the balance dips below a specific level or if the account holder makes too many withdrawals, so be sure to find one that meets your needs.

Ally Bank offers an online high-yield savings account with an interest rate of 1.49% and 1.50% APY as of December 18, 2009. Ally offers the freedom of online banking, no minimum deposit required, no monthly maintenance fees, and no minimum balance required. Interest is compounded daily, and the accounts are FDIC insured.