Ally bank for savings?

[Snazzylass]

Anyone have any experience with them? I'm mostly concerned about any hiccups with withdrawing. They seem to have a pretty good rate. I've used Discover for years and find that it is very easy to move $$ out of my account. On the other hand, I took advantage of a promotion with Citi once and had a dickens of a time withdrawing. it took months, as I recall. They limited how much I could withdraw.

 

[WManning]

Anyone have any experience with them? I'm mostly concerned about any hiccups with withdrawing. They seem to have a pretty good rate. I've used Discover for years and find that it is very easy to move $$ out of my account. On the other hand, I took advantage of a promotion with Citi once and had a dickens of a time withdrawing. it took months, as I recall. They limited how much I could withdraw.

What rate they paying on savings? CIT offering 2% and citizens access at 1.75%

 

[wackymother]

Anyone have any experience with them? I'm mostly concerned about any hiccups with withdrawing. They seem to have a pretty good rate. I've used Discover for years and find that it is very easy to move $$ out of my account. On the other hand, I took advantage of a promotion with Citi once and had a dickens of a time withdrawing. it took months, as I recall. They limited how much I could withdraw.

I did one of those promos with Chase and had a good experience--in fact the rep who set up the account told me exactly when to withdraw most of the money and how much to leave in till when.

At TD, no one seemed to know how long the account needed to stay open and when the bonus would be deposited.

I get those offers from Citi and they are always much more complicated than the ones from other banks, and they invariably involve HUGE deposits for not nearly enough return.

We just got one from PNC that seemed possible but wanted $5000 in direct deposits within 60 days--and the fine print said the direct deposits had to come from someone other than you. It was just too iffy to bother with.

Good luck with Ally, let us know what you decide to do!

 

[dago]

I use Ally Bank. I started using them in 2020. I have had absolutely no issues with them. I get my withdrawals within 3 business days. I believe there is a limit on the amount you can withdraw at a time, but it's way more than I will ever need. I am very happy with them. The interest rate is now 1.75% effective today.
Citi is another story. They are a little more restrictive.

 

[linsj]

I have used Ally for a few years for my vacation fund. No problems withdrawing to my regular account, and the interest rate has gone up several times in the past few weeks.

 

[GetawaysRus]

We have a revocable living trust. Under the terms of the trust, we are very limited in how much $$ can be in personal (non-trust) accounts. Although it is easy with brokerages, finding banks that will accept accounts that are titled as trust accounts is not so easy. Sure, Chase and B of A will accept trust accounts, but they pay peanuts in interest.

Ally does accept trust accounts. We have used them for years without any issue.

For any other TUGgers who have a trust, here are online high yielding accounts that accept trust accounts:

• Ally
• Discover (money market savings account)
• American Express High Yield Savings - interest rate tends to lag Ally and Discover by just a bit
• Wealthfront savings

There is a little more work entailed in setting up a trust account. Each bank has its own rules about the required documentation.

 

[dago]

Ally does accept trust accounts. We have used them for years without any issue.

I have a Trust also, but my Ally account is in my name only.

 

[PigsDad]

I've used Ally for our online money market funds for years with absolutely no issues. Very easy to transfer money; it is often in my account in 2 days. There are some limits on transfers out: 6 per month (which you will find with all savings accounts) and some high limit per transfer. When we purchased our FL home a few years ago, I remember having to spit a transfer up into two, but that was for a very large transfer and it was the only time I've had to do that.

They are currently paying 1.75% on their MM savings.

Kurt

 

[DeniseM]

Morgan Stanley is paying 2.15%

 

[CalGalTraveler]

We have a revocable living trust. Under the terms of the trust, we are very limited in how much $$ can be in personal (non-trust) accounts. Although it is easy with brokerages, finding banks that will accept accounts that are titled as trust accounts is not so easy. Sure, Chase and B of A will accept trust accounts, but they pay peanuts in interest.

Ally does accept trust accounts. We have used them for years without any issue.

For any other TUGgers who have a trust, here are online high yielding accounts that accept trust accounts:

• Ally
• Discover (money market savings account)
• American Express High Yield Savings - interest rate tends to lag Ally and Discover by just a bit
• Wealthfront savings

There is a little more work entailed in setting up a trust account. Each bank has its own rules about the required documentation.

Thanks for the info. FWIW we have a revocable living trust but it has a clause to pour over all assets into the trust upon death so we don't need to worry about trust account titles as much. Check with a lawyer about updating your trust docs.

Pour-Over Will Definition and How It Works With a Trust

A pour-over will ensures that any of an estate's assets not already included in a trust will transfer into the trust when an individual dies.

www.investopedia.com

 

[GetawaysRus]

Deleted

 

[AnnaS]

I have had Citibank accounts for many years. Never had any issues withdrawing money (and large amounts). Never heard of limits/restrictions withdrawing money. (is it an on-line account? Different than an actual branch?).

Are we talking about savings interest rates or CDs?

Always afraid of on-line banking.

 

[dago]

I have had Citibank accounts for many years. Never had any issues withdrawing money (and large amounts). Never heard of limits/restrictions withdrawing money. (is it an on-line account? Different than an actual branch?).

Are we talking about savings interest rates or CDs?

Always afraid of on-line banking.

On-line accounts
Savings accounts for interest

 

[rapmarks]

I have a trust too and chase will not remove my deceased husband from the account without an amendment from lawyer plus she said when I pass the trust will need another amendment. Are their lawyers in heaven who will write up the amendment?

 

[VacationForever]

I have a trust too and chase will not remove my deceased husband from the account without an amendment from lawyer plus she said when I pass the trust will need another amendment. Are their lawyers in heaven who will write up the amendment?

Can you move money out and then close the account?

 

[dago]

I have a trust too and chase will not remove my deceased husband from the account without an amendment from lawyer plus she said when I pass the trust will need another amendment. Are their lawyers in heaven who will write up the amendment?

I ran in to that same situation with Key Bank with my MIL. That's one of the downsides of a Trust. She amended the Trust, and then we closed out the account and moved the $$ to another bank, basically for better customer service. This account is in her name and since she had nothing else titled in the Trust we dissolved the Trust.

 

[dago]

I have a trust too and chase will not remove my deceased husband from the account without an amendment from lawyer plus she said when I pass the trust will need another amendment. Are their lawyers in heaven who will write up the amendment?

You may want to consult your attorney for advice and possibly make some changes.

 

[rapmarks]

You may want to consult your attorney for advice and possibly make some changes.

Or he needs to talk sense into the bank. The trust can’t be altered when both trustees have died

 

[rapmarks]

Can you move money out and then close the account?

That is what I will do, not going to leave it there

 

[AnnaS]

On-line accounts
Savings accounts for interest

Thank you.

 

[Snazzylass]

Morgan Stanley is paying 2.15%

Is that a Money mkrt account? Is that Marcus? Do you have any more details?

 

[GetawaysRus]

There's an Internet blogger who periodically updates a list of banks paying the highest yields. It is a moving target because rates fluctuate, but certain banks tend to regularly appear near the top of the list. To view the most recent list, google "Doctor of Credit high yield savings."

I've used his list in the past. I mentioned a few posts above that I search for institutions that will accept accounts registered as a trust. So I started at the top of the list, making phone calls until I identified a few choices that said OK to a trust.

Then I think it's wise to do some comparison shopping. Is there FDIC insurance and what is the limit? Are there any restrictions on the # or $$ amount of deposits or withdrawals per transaction or per month? Can deposits and withdrawals be entered online and processed via ACH? How many accounts can serve as transfer partners? I did find some differences between institutions.

 

[rapmarks]

I just went to my Wisconsin bank to take my husbands name off checking account. No problems. No asking for amendments to trust. Banker said when I pass my successor trustees will take over. No claim they will need to amend the tryst as chase bank did

 

[DeniseM]

Is that a Money mkrt account? Is that Marcus? Do you have any more details?

This is the email I received:

 

[Snazzylass]

This is the email I received:

View attachment 62810View attachment 62811View attachment 62812

Thank you!!