February 8th, 2010
Ally Bank’s New Interest Checking Account & 2-Year CD Upgrade
Ally Bank, the fastest growing online bank in the country, has recently expanded its financial products to include an online checking account as well as an upgrade to their 2 Year Certificate of Deposit (CD). As consumers and the federal government continue to dole out criticism on brick-and-mortar banks’ excessive fees and punitive penalties, Ally challenges other financial institutions by ensuring a consumer-friendly approach and focusing on offering solid products with superior customer service. Check out Ally Bank’s latest:
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Ally Interest Checking Account
Ally’s new interest checking account offers a 0.50% APY for balances up to $15,000—a rate higher than similar offers at ING Direct, Bank of America, and ETrade—and a highly competitive rate of 1.15% APY—more than 3 times most other banks—for balances of $15,000 or more. Similar to the online savings account that first brought Ally to the spotlight, their interest checking has no monthly fee, no minimum balance or deposit amount to open, and no ATM fees. On top of those benefits, you’ll receive free online banking, bill pay, debit card, free checks, and unlimited check writing.
Compared to standard checking accounts, Ally’s newest product is one of the best on the market if you want high-earning power at no cost. It’s a great choice if you are looking for a new checking account and tired of being charged fees on your current account.
While most banks lockdown a CD’s rate the day you open the deposit, Ally offers a new perk to their 2.09% APY 2-year CD in which customers can reset their rate once if Ally offers a better rate during the term of your CD. Ally’s extra flexibility on the rate for their CD, while fairly competitive with 2.10% APY, gives it a distinct edge against its competition.
The 2-year CD has no monthly fees, and includes Ally’s Ten Day Rate Guarantee in which you automatically get the best rate Ally offers within 10 days of opening.
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Ally’s straightforward, customer-centric approach and their commitment to customer service has kept it ahead of the pack even as interest rates dip. With these two new moves, Ally continues to separate itself from the competition and stay fresh in consumer minds.
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