UPDATE: 16 Aug 2024
This document was first posted about 11 years ago, in 2013. The information below is for archival reference. For the latest information about Ally, visit the Ally.com website. As of August 16, Ally pays 4.2% interest for their High Yield Savings account.
In the past 10 years, other banks and financial institutions have begun offering higher interest rates than typical savings accounts. So, instead of earning 0.01% interest annually, you might earn 4% to 5% per year.
Below are some high yield savings account providers with rates as of 16 Aug 2024.
- Ally, 4.2% [Learn More]
- Capital One, 4.25% [Learn More]
- Discover, 4.25% [Learn More]
Summary
It’s helpful to have at least two financial institutions for your banking needs. You may choose to work with a local bank for personalized local service. However, for additional features, services, and possibly better interest rates on investments you may want to create an account with an online bank such as Ally Bank.
Checking Features & Benefits
- No minimum deposit to open
- No monthly maintenance fees
- Free Online Banking, Mobile Banking, Bill Pay, and Popmoney®
- Free Debit MasterCard®, checks and unlimited check writing
- No Ally ATM fees at any ATM nationwide. Use Ally’s ATM & Cash Locator
- Earn money back with Ally Perks® when you shop with your Ally Checking Debit Card
- Make deposits from home with Ally eCheck DepositSM
- Rate is variable and may change after the account is opened
- Balances of $15,000 or more get an even higher rate
- Free balance alerts
- FDIC insured to the maximum allowed by law.
- Other fees, such as those for returned deposit items and outgoing wires, may reduce earnings
- Ally’s Interest Checking Account rates are accurate as of 1/2/2013.
Savings Features & Benefits
- No minimum deposit to open
- No monthly maintenance fees
- View your account on the go with Mobile Banking
- Other fees, such as those for returned deposit items and outgoing wires, may reduce earnings
- Daily compounded interest for maximum earnings
- FDIC insured to the maximum allowed by law
- Six transactions per statement cycle with no fees
- Rate is variable and may change after the account is opened
- Ally’s Online Savings Account rate is accurate as of 1/2/2013
Document History
This document was originally posted on 3 Jan 2013 at 5:02 PM.
On 16 Aug 2024, old images from Ally were removed, headings in the document were changed from H1 to H2 (smaller font). The formatting of the page was updated to WordPress block layout. An introductory update was added. The original title was “Ally Bank – Online Banking and High Interest Rate Savings.” It has been shortened to “Ally High Yield Savings.” The featured image has been set to “Finance” as a graphic.