Ally Bank Online Savings Account Opened

Well, I finally pulled the trigger to open an Ally Bank Online Savings Account and a 9-month No Penalty CD Account, after   mulling the idea for weeks but only watching the rates slipping further and further. Had I opened the account when I first discussed Ally Bank’s products at the beginning of the month, I could have enjoyed a much higher rate than what it offers now. Ally bank has cut rates twice in the past few weeks, bringing down the yield of both Online Savings Account and 9-month CD account.

The reason for me to decide to get an account now is that, despite recent cuts (which I suspected was done under the pressure from the Fed’s new policy), the rate is still quite attractive. After being disappointed by IGoBanking, I need a bank with good rates to keep my money. Ally Bank came up because of their No Penalty CD, which I am really interested in, not really because of their Online Savings Account that offers the same yield as Dollar Savings Direct does. Also, since Ally Bank’s predecessor GMAC Bank has a pretty good tracking record of providing higher rate, I am hoping that when the economic environment improves, the bank can be even more competitive than it is now.

Ally Bank Online Savings Account

Anyway, opening an account with Ally Bank is rather straightforward, taking only a few minutes to complete. In addition to the personal information that’s required by every bank when opening an account, I had the option to get both the online savings account and CD account with one process. I am not sure if other banks allow you to do that, or you have to open multiple accounts one-by-one, but I think it saves time. I can also set up an external account link during the application to make both the initial deposit and additional funds in the future (there are other ways to fund the account, but ACH is the most convenient choice).

Ally Bank Account Application

Since Ally Bank uses trial deposits to verify account ownership, it will take a couple of days before the account is fully functional. Now I just hope Ally Bank won’t reduce the rate of the No Penalty CD before I can fund the account and lock in the rate :)

Open an account

Update: Check out these current high-yield savings account offers (rate updated on March 1, 2010):

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10 Responses to “Ally Bank Online Savings Account Opened”

  1. KP |  Jun 28, 2009 at 7:28 pm

    I once advised/commented you not to switch from DollarsDirect to some other bank for minor rate bump but this time I am with you. Although I knew about Ally Bank, reading your article encouraged me to open account with Ally so that I can say Goodbuy to FNBO. I don’t flip accounts as frequently but 1.5 to 2.15 is a significant bump and Ally seems to be holding rated pretty good looking at GMAC’s history.

  2. James Kim |  Jun 24, 2010 at 5:39 pm

    STAY AWAY FROM ALLY BANK.

    i opened an account online and noted that i want my free checks to be mailed. i called a couple of days later to double check and make sure everything went through. the representative told me that i did not note that i want my free checks to be mailed. so he took care of it and told me that my debit card and checks should arrive in 7-10 business days. today is the 10th business day and nothing is here – no debit card, no checks.

    i called them and asked them why i havent received anything. after 15 minutes of holding, they told me that the debit card was returned after three days because the address i gave them was insufficient. this doesnt make sense because i received my welcome packet on time with no trouble at all.

    what pissed me off was that the bank didnt even bother to call me when the debit card was returned to them. what the fuck kind of customer service is that? and then here is the icing on the cake…the bitch asked, “what would you like us to do?” DO I WORK THERE? FIGURE IT OUT BITCH.

    and then i asked about my checks. they told me that NO CHECKS WERE ORDERED. that was the last straw. i withdrew my funds and moved on to greener pastures.

    fuck ally bank. end of story.

    ***I just spoke to another person who might be a supervisor and apparently there is NO POLICY ON FOLLOWING UP WITH CUSTOMERS. dumb shits.