Where should you keep your savings? Ally Bank is a good place to invest money in the high yield interest space as well as a known brand in the online banking market. They have a reputation for good customer service, good online website and good phone app. Ally is an online-only bank which is fine if you’re ok not going to a brick and mortar establishment. We are personally fine with this. The Ally high interest savings rate is very good. What’s the best place to invest money for emergency funds? Please see our ranked list of high-yield bank accounts for a comparison of many of the high interest savings banks.
The Important Stuff for the Ally High Yield Savings Account:
- Interest Rate: 2.20%
- Minimum deposit: $0
- Monthly fees: None
- FDIC Insured: Yes
- Two Factor Authentication: Yes
What Are Our Thoughts?
A well known bank that has a competitive high yield savings rate with no minimum deposit or monthly fees. If you’re thinking of where to keep your savings — especially emergency funds — this could be a good choice. They also offer 24/7 support which you do not see with every bank. Link to the Ally high interest account.
Who’s Ally Bank?
You may not know Ally Bank but their current name, but you have heard of GMAC (General Motors Acceptance Corporation) which was their original name. Ally changed names back in 2010 around the time when GMAC was sold to a Private Equity company. Since then Ally has gone public. Today they are ranked as the 19th largest bank in the USA. This still makes them quite a large bank with over $150 billion in assets and almost $10 billion in revenue. Ally Bank is headquarted in Utah.