Searching for the best online bank generally involves finding a bank that allows you to manage your money more efficiently and earn a higher rate of return on your deposited funds. Ally Bank is certainly one of the highest profile online banks in the nation and the bank does in fact have a lot of very competitive online bank product and services to be considered one of the best online banks.
With online banking, a key attribute that consumers look for is high yielding savings accounts, money market accounts, checking accounts and certificates of deposit. As a rule, online banks pay higher rates on savings accounts, checking accounts, and CD’s. Fortunately, Ally Bank does in fact offer a wide assortment of high yield savings accounts, money market accounts, checking accounts as well as high yielding bank CD’s.
Ally Bank online bank rates on money market accounts and savings accounts are among the highest in the nation and these accounts are offered without tiered interest rates. The current online savings account rate for an Ally Bank savings account is 1.24 percent. The current money market account rate for an Ally Bank money market account is also at 1.24 percent. Both accounts have no minimum balance or monthly fees. This is a variable rate account but account holders can hold as little or as much as they like without the restrictions of minimum deposits and tiered rates based on increasing balances.
The bank’s online checking account does have a tiered interest rates but, the requirements have been kept simple and straight forward. The Ally Bank online checking account has no minimum balance and no monthly fees. The current checking account interest arte is 0.50% for balances up to $15,000.00 and 1.05 percent on checking account balances in excess of $15,000.00
Ally Bank offers several different CDs. The bank has traditional CDs with terms ranging from 3 months to 5 years. Ally Bank also offers a no penalty CD that allows account holders a fixed CD interest rate with the ability to make a no fee early withdrawal from the account. In addition, Ally Bank offers a raise your rate bank CD. The raise your rate CD allows account holders to earn a fixed CD interest rate with the option of increasing the CD rate if the rate goes higher. All of the bank CDs have no minimum deposit requirement or monthly fees.
Ally Bank saving accounts, money market accounts, checking accounts and CDs are all FDIC insured accounts.
Ally Bank offers an assortment of high yielding deposit accounts that have interest rates that are consistently among the top ten rates available nationally which places the bank among the best online banks in the nation.
For more info about Ally Bank online bank CDs, please see Ally Bank CD. For more information on the best online savings account, please see best online savings account. To see the top ten best savings account rates and top ten best money market account rates, refer to savings account rates or money market rates.
The best online banks are generally associated with high yields savings accounts. Although, offering high interest rates on savings accounts is a significant feature of an online bank, offering additional products and services such as certificates of deposit, checking accounts and good customer service separates the best online banks from a bank that offers just the best online savings account.
Most online banks or online bank divisions of brick and mortar banks offer high yielding deposit accounts because of much lower overhead costs. In today’s competitive banking environment, the best online banks typically offer more conveniences and advantages than just high yields over accounts at traditional neighborhood banks and credit unions. For many consumers shopping for the best online bank however, it still does comes down to finding the best bank interest rates.
For most measures to determine the best online bank, Capital One Bank and their online banking products delivered through Capital One Direct Banking are in the top of the class.
Capital One Bank has one of the highest online savings accounts rates currently on the market. The bank offers a high yield money market account online that is in the top ten percent of bank money market rates. Capital One Bank also offers a free online checking account that earns a very competitive interest rate. In addition to these products, the online bank promotes certificates of deposit and a business money market account.
Online banking should have a deep product mix like that of Capital One and should be simple and quick to work with regarding account activity and management. Capital One Bank does well in this segment as well with easy online bank features such as the ability to transfer funds between a Capital One bank account and from any other bank or brokerage account. Online bank services at Capital One allow for downloading of transaction histories into Intuit Quicken or Microsoft Money software for bank customers that prefer those financial management tools.
Capital One Bank has available mobile banking that offers many of the same features and services available with online banking. The online bank services also include free alerts that provide updates either by phone, e-mail, or a wireless device when essential transactions occur in one of the bank accounts.
Customer service with Capital One Bank is available online or via phone. Capital One Bank is headquartered in McLean, Virginia. The company as a whole offers a broad array of financial products and services to consumers, small businesses and commercial clients and may be best known for their credit card products. Capital One operates approximately 1,000 bank branch locations in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Capital One is one of the top twenty largest banks in the nation ranked by assets.
All bank deposit accounts are FDIC insured guaranteeing the safety and security of account funds from bank loss.
To find more information on Capital One Bank products see Capital One CDs or the best online savings accounts. To see more information on the top ten best savings account rates and the top ten best money market account rates see savings account rates or money market account rates.
When selecting the best online bank, individual preference for bank services should be the most important consideration. Consider what banking features, online banking features or traditional bank features that are most important to you. The most common features evaluated by consumers selecting an online bank are the services and products offered by the bank, the bank interest rates on deposits, bank fees and the ease of account access.
Finding the best online bank can be quick and easy if you now the services and features you need from your bank. Online banking has become simple, straight forward, and very functional in today’s market of low bank rates where customers are searching for added yield, increased online security procedures and FDIC insurance that allays safety fears and electronic funds transfers that have made online transactions a bigger and bigger share of banking business.
Online banking whether it is with an online only bank such as Ally Bank or the online banking services of a traditional brick and mortar bank such as Wells Fargo online banking, has become common among many consumers. Questions there were once the top concern for consumers such as account access and security have fallen while shopping for interest rates and added features like mobile banking have risen.
On a recent survey of readers at Selectcdrtaes.com, the number one consideration for consumers looking for an online bank was the bank rates. Consumers looking for an online bank or online bank account shop bank rates for the most frequently used bank products; checking accounts, savings accounts, money market accounts and certificates of deposit. Included in the comparison of bank rates was a review of the bank fees which has turned out to be less of a concern since online bank account fees are usually inconsequential.
The next consideration was the ease in which a customer can open a new account and transfer funds. After account access concerns, readers wanted to know the products that were available for the online bank customer focusing on deposit accounts and loan accounts to a lesser extent. And finally, consumers wanted to know the other services and features offered by the bank such as mobile banking, integration with personal finance software and after hour’s customer service.
Consumers that are not familiar with having a relationship with an online bank should consider maintaining more than one bank account. Working with both an online bank and a brick and mortar bank is a great way to get the best of both worlds. A traditional bank will frequently offer an array of financial services and products that far surpasses that of an online bank. However, online bank accounts generally yield higher interest rates and have fewer requirements than traditional banks. By using both banks, a consumer can keep the majority of their funds in the higher yielding online bank accounts such as online savings accounts and money market accounts while using the traditional brick and mortar bank for services such as cashier’s checks and loan programs.