At the end of 2008, the editors of Kiplinger’s Personal Finance magazine selected FNBO Direct as their favorite savings account. Since that time, the banking landscape has changed. From the ashes of GMAC Bank rose Ally Bank offering competitive interest rates. Kiplinger’s chose Ally Bank as the best savings account of 2009.
You can read my review here.
Kiplinger’s editors list their favorite features of the Ally Bank Online Savings Account: no minimum deposit to open the account, no monthly fees, and no minimum balance. The magazine also mentions Ally’s no-penalty certificate of deposit (CD). With these strong products, Kiplinger’s rates Ally Bank at the top.
The magazine selects additional favorites. Their choice for best checking account is most notable. Schwab Bank High-Yield Investor Checking has taken this award for the second year in a row.
With savings and checking accounts offering low interest rates compared to the rates offered a few years ago, Kiplinger’s also presents two suggestions for bonds. These are a little riskier but will most likely present a better return for investors than savings accounts. The favorite candidates are Vanguard Limited Term Exempt and Fidelity Floating High Income.
Since GMAC Bank became Ally Bank last year, many readers have offered feedback about the result of the transformation, both positive and negative, about the full customer experience. Ally Bank customers, please share your thoughts here. Do you like the bank? Is Kiplinger’s choice justifiable?
Related: Best online savings accounts.
Updated December 11, 2012 and originally published February 9, 2010. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
Rank: Platinum
{ 5 comments… read them below or add one }
I like Ally Bank (Ahem GMAC Bank). No issues with the two CDs I have. I had to contact their customer service two times and thought they were helpful also. I can’t complain.
While I don’t have a savings account with Ally, I do have several CDs and have always been able to online chat with the CSRs when I need to. I haven’t signed up for a No Penalty CD but I do plan on putting some money into that when I get my tax refund.
Can someone explain to me why the fact that Ally used to be GMAC Bank is such a big deal? If the bank is FDIC insured and you are under the limit, AND you are getting better rates than you could dream of at Bank of America or elsewhere, then what difference does it make? I’ve just never understood. I’m happy and I have talked to other people who are just as happy at Ally, so can’t we all just get along??
I had account with them through the change from GMAC to Ally and have not had any problems. I have a money market savings account and I have yet to have any complaints with it. I barely noticed any changes and the two times I have had to contact customer service they have been very polite and helpful.
Have had Ally for savings. Moved most if not all money to them when they were the only ones to offer higher rate compared to others. No complaints with them. Transferring money to and from is fast (compared to ING) Have not had to call them for any issue. Only negative was they did not make available the 1099 online. Had to wait for it in the mail.
Ally Bank has higher rates, and great customer service.
I like the savings account and Raise
Your Rate CD.