Comments on: High Yield Online Savings Account: Ally Bank Review – More Flexibility

By: Skeptical

Skeptical — Thu, 16 Dec 2010 15:45:28 +0000

Hi Mike –

I’ve noticed you’ve spammed a bunch of blogs with the above review . . . (copied and pasted it, obviously) . . . Would you be able to substantiate any of the claims that you opened an online savings account and then received fees?

Would love to see that – as I’ve had an account there for over a year myself – Including CD, Savings, and Checking accounts and NEVER have seen a fee of any kind.

By: Mike

Mike — Thu, 16 Dec 2010 02:58:57 +0000

Ally bank will lie straight to your face and smile while doing it. I have had my savings acount for over a year with Ally bank and thought everything was good until they started charging me tons of fees that they specially had told me that didn’t charge. Don’t use this bank unless you want to wake up one day and see your account pounded with fees when you though you had a “free” account with “no fees”. SURPISE there is a reason why the interest rate is so high, they make up for it with fraudulent fees. I am filing a small claims case in the state of Pennsylvania – go check out the court records.

By: Mark

Mark — Thu, 18 Mar 2010 07:41:35 +0000

I Like the concept of article, but don’t know if practically possible.

By: Sabrina

Sabrina — Fri, 05 Mar 2010 21:36:23 +0000

So if I currently use ING, do you think the approx. .20% is worth switching? and what is that lending lub in the chart?

By: Infinion

Infinion — Thu, 04 Mar 2010 16:41:01 +0000

‘I also like the fact that you can write good old, paper checks from the online savings account without any additional fees.’

You can’t write a check from Ally’s savings accounts, but they do have an interest checking account that is a very good product. I’ve also never seen a true high yield savings account that you can write checks on. It wouldn’t be a savings account then; it would be a checking account, or maybe a money market or something like that. The bank would spend too much money processing (although that is cheap to do now days) to give you a decent interest rate on a savings account that you could write checks on.

By: Infinion

Infinion — Thu, 04 Mar 2010 16:37:52 +0000

Ally, nor any other HYS online bank that I’m aware of considers a deposit against your 6 transactions per statement cycle. Only withdraws count against that. So, if you make a deposit every day, and a withdraw every week, you’ll end each statement cycle with (usually) 4 transactions, and no fees. These are federal regulations, not arbitrary fees in place by banks because they feel like it.

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