Ally Bank savings accounts are available to all US citizens over 18 years of age. The bank offers online accounts for immediate access and quick services at competitive interest rates.
Ally Bank Savings: Types of Accounts
The Ally Bank savings accounts available to customers are: online savings accounts and money market accounts. An online savings account is a standard bank account that offers higher interest rates than traditional accounts, along with the benefits of online banking. This savings account has an annual interest rate of 1.73% and an annual percentage yield (APY) of 1.75%.
The bank offers check card facility on money market savings accounts. As per September 2009 figures, a deposit of $50,000 in an Ally Bank money market account earns 1.69% as interest and 1.70% as APY for 12 months.
Exclusive benefits of Ally Bank savings accounts are:
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No opening balance required
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No minimum balance required to be maintained in the account
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No monthly charges
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Interest rate compounded daily
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Money deposits with Ally Bank are insured by Federal Deposit Insurance Corporation (FDIC)
Ally Bank Savings: Other Benefits
An Ally Bank savings account comes with several additional benefits apart from high interest rates. These include:
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Customer care services: The bank offers 24x7 customer services for immediate help. Ally accountholders can either call the customer care center or seek assistance through online chat with executives.
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Savings calculator: An exclusive savings interest rate calculator is available on the company’s website. It helps individuals to estimate the yield for a definite amount at probable interest rates.
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Online security: Since Ally Bank provides only online banking services, data protection become crucial. Thus, the bank offers unique login IDs and passwords to all its customers for a secured online environment. Further, the bank has installed several other online security features at the service provider end to ensure identity protection and prevent internet frauds and phishing.
Ally Bank has a strategic business development wing that works on investing deposits available with the bank in asset generation products. These efforts help in maintaining a high interest rate and profit-oriented services for both the bank and its customers.