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Have Ally for over 3 years now...been pretty good so far. They're backed by FDIC so no worries about losing the $$, however if they did tank, it would be an inconvenience to reclaim your $$, as someone else mentioned.
if they do go down just how long and how do you get your deposit back?
how many banks have went down and had to have the Fed to take over? I think very few?
I use both ING Direct, which as others have pointed out is now Capital One, and FNBO Direct for years, and I'd highly recommend both of them. Check out FNBO, they're offering .85% on an online savings account, and they have excellent customer service, both online and over the phone. Good luck!
if they do go down just how long and how do you get your deposit back?
how many banks have went down and had to have the Fed to take over? I think very few?
Hundreds of banks have gone out of business since 2008. I had a CD at one of them, received a check in full in 10 days. Generally the FDIC finds another bank to take over their deposits. If they can't do that, the FDIC will dissolve the bank and pay out the deposits.
The only way you can lose your money is if your account is over the FDIC-insured limits.
I've had an Ally account for years now. I also like American Express Personal Savings, which typically has APR that's close to Ally.
Ally isn't new, it's just a new name after they spun off from out of GM's control. They're corporate bonds have been a pretty good investment for a while now. There's really no risk as a deposit account holder. I wouldn't worry about that.
when I did the application online it said they need more info from me and told me to call them. So I called them and they didn't tell me the reason for the incompleted online app but just told me it's approved. and then set up my account online, I asked if I can do that by myself they say nope, usually other online savings sites you can do that yourself. So I did all of that over the phone then they say they gonna send me a welcome kit with signature card in it. I need to sign it and mail it back. Man none of other sites do that, it's kind of a hassle but the interface on the site is pretty nice
hi guys exactly what's in the welcome kit for Ally ? Does it contain your personal info etc? I am using my brother's address to open the account and they said it already mailed to them. I am afraid if the kit will contain my personal info
hi guys exactly what's in the welcome kit for Ally ? Does it contain your personal info etc? I am using my brother's address to open the account and they said it already mailed to them. I am afraid if the kit will contain my personal info
Why not just have it mailed to your own address? Could be they didn't want to do it all online because the address on your credit report didn't match the address on your application? Don't know. When I opened my Ally account, it was all online.
The time spent trying to gain an extra 1/2% or so with on line banks is better spent learning about sharpening your own investment skills and learning to invest your investable assets better.
You will do far better learning to invest better than worrying about some cash.
If you are sitting on that much cash that it matters you have a whole lot more to worry about financially than where to get a 1/2% more.
It is kind of like those penny pinching misers who live by the creed a penny saved is a penny earned. They are not smart enough to realize it is still only a penny and if they don't invest it wisely it will alway be a penny.
At todays after tax returns on cash any time devoted to where to put it is far over shadowed by doing more and better with your investable money.
It is pretty much peeing in the ocean worrying about cash in the scheme of things.
Just spending that time and effort to finding lower fees on you investments will beat the pants out of any differences on cash.
Spending any time worrying about cash today is a prime example of penny wise and pound foolsh.
Last edited by mathjak107; 08-17-2013 at 02:03 AM..
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