High Yield Savings Account – Ally Bank Interest Rates Compare to Local Community Banks Today

Posted on | August 27, 2010 | 1 Comment

Finding a high yield savings account has been on the minds of many Americans as they are looking to make certain that their money is gaining interest.  There has been a great amount of marketing for Ally Bank and their rates are attractive when compared to national banks but they struggle to compete with local community banks.


There are many community banks spread throughout the United States that are currently offering interest rates as high as 4% on a checking account.  There are some community bank checking accounts that are offering rates in excess of 5%.  It is important to remember that almost all of these community banks require residency in a specific area to submit an application.

It is usually the case that these local community banks also have restrictions when it comes to locking in to these high interest rates.  Customers must use an ATM or debt card at least 10 times a month and they much have one electronic transfer into the account.  By meeting these requirements they will usually see very attractive interest rates on a checking or savings account at a local community bank.

Author: Heather Best

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