Ally Bank Savings Account
When you open an online Ally Bank savings account, you can do your banking transactions online for free. You don’t have to worry if have direct deposit from your employer because they do not charge monthly fees. You can even open an account with $0 and they do not charge you any fee if your balance dips too low.
Once you make your opening deposit, your actual variable rate based on an index goes into effect. A lot of banks compound the interest monthly, quarterly, or annually. At Ally Bank they have compounding interest that is done daily. They pay you interest on the interest you earn instead of just paying the interest on your initial deposit. For online savings accounts, the interest rate is 1.69% with an APY of 1.70%. These rates are in effect from 10/16/2009 and are still current as of this article’s posting date 10/20/2009. Bank rates may change without prior notice so your actual earnings will vary based on rate changes.
There is a maximum limit of 6 withdrawals or transfers per statement cycle. This is in accordance with the maximum limit set by federal law for electronic and telephone transactions as well as checks issued to third parties, from all US savings and money market accounts. There is a $10 fee for each transaction exceeding this limit.
Always be sure to check the fine print before choosing the right product for you. If a savings account with the freedom of online access sounds interesting for you, get your calculator ready and compare an Ally Bank savings account with other traditional accounts.
Random Posts
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!
