What happens when you add a fresh coat of paint to an old bank? You get Ally Bank, previously known as GMAC Bank.
They've also currently increased their savings account interest rate to lure new customers in. They're offering a solid rate in times where good rates are hard to find. It's also interesting that they quote, "We work to keep our rates high. Other banks often tempt new customers with promotional rates".
I've yet to see a bank release a savings account with a high interest rate only to decrease it within a few months. See Schwab, E*Trade and ING Direct for examples. Schwab was the worst in this category as their 2.00% APY only lasted a few months.
If questioning if Ally Bank is a credible bank, you can rest assured that they are FDIC Insured and have been around for quite some time.
The basics of an Ally Online Savings Account are that there are no minimum balances, online access and FDIC Insurance.
- No Minimum Balance Requirement
- Daily Compounded Interest
- FDIC Insurance
- Variable Rate
The rate is one of the highest you can currently find without a high minimum balance. We'll see if they stay true to their word and keep that rate consistently high.
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