Why Ally’s Online Savings Account Crushes the Competition
- 1 Comments
- By GoBankingRates Staff
- April 23, 2014
The team behind Ally banking recognizes that your time is just as valuable as your money. So why waste your time and money in hectic branches with long lines and poor savings account rates? Ally is an online financial institution who is committed to improving and simplifying their customers’ money management experience. An online Ally savings account makes saving money a burden of the past. They provide new and existing customers with an easy-to-setup savings account that is also convenient to manage.
Tyler of Phoenix shared how “perfect” Ally savings was:
“Online setup was perfect. No hidden fees. Attach AS MANY bank accounts as you want. [Their] very helpful chat-reps [are] ALWAYS available. Can’t rave enough!”
In truth, there are thousands of Ally customers nationwide who share the same sentiments, due to the savings account’s basket of benefits that keep depositors saving without any hiccups along the way.
Ally Savings Account Benefits
The Ally savings account has a lot to offer depositors with short- and long-terms goals. The most notable difference that this savings account provides in comparison to traditional banking establishments is its high-yield savings account rate, which is presently at 0.87% APY.
This interest rate is among the highest savings account rates available. Most other online financial institutions and national banks fall considerably below Ally’s savings rate:
With the greater gains depositors receive from an Ally savings account and its daily compounding interest, customers can accomplish personal financial milestones in less time and with greater monetary benefit.
Regardless of a customer’s financial status — whether he already has thousands saved up or is starting with $1 — customers can get proactive with their savings sooner rather than later, as Ally does not have restrictive minimum deposit requirements. This no minimum freedom allows depositors to save money at their own pace and preference. Additionally, Ally savings accounts are free of maintenance charges, meaning depositors can keep the money they’ve earned instead of losing it to hidden fees.
The advantages to the Ally savings account are clear, but those who are not accustomed to online banking may have reservations. Ally Bank puts these customers at ease with a user-friendly website and simple savings process from start to finish.
How Does Ally Banking Work?
Applying for an Ally savings account is straightforward. New customers simply need to go onto their website to open an Ally savings account. After standard verification measures, customers can begin depositing funds into their new savings account.
Ally Bank deposits, transactions and withdrawals can be conducted online so customers can handle financial obligations in the convenience of their own home and on their own time. Due to federal regulation, a maximum of six transactions are permitted each statement cycle at no cost. Additional transactions beyond six occurrences will result in a $10 fee. However, there is no restriction on how many deposits customers can make into their account.
Customers who need to deposit funds into their Ally savings with a check can use the Ally eCheck Deposit option to scan the check and submit it electronically. Depositors can also reach Ally Bank service representatives 24/7 by calling 1-877-247-ALLY (2559) or through live chat.
Ally Savings Brings Returns and Results
All in all, the Ally savings account is a top contender among online savings accounts. Their always competitive rates coupled with a hassle-free process of opening an account, linking external bank accounts and money-saving resources are factors that give depositors tangible results they can rely on as emergency savings.
Since opening an Ally savings account involves no minimum deposit requirement, no maintenance fees and no parallel Ally checking account obligation, depositors have nothing to lose when opening an account with Ally Bank.