After declaring bankruptcy, GMAC has re-branded itself as Ally bank, and in efforts to generate new customers, is offering high yield savings account with a rate of 1.73 percent, and an APY of 1.75 percent, as of this writing.

There are several other features of the High Yield Savings Account at Ally Bank which also make it attractive:

• You can open an account with $0
• There are no minimum balances required
• Interest is compounded daily
• All accounts are insured by the FDIC
• No monthly fees

Do remember that the no monthly fees is based on usual practices. If you exceed 6 withdrawals or transfers within a statement cycle, you would be charged $10, and if a deposit item is returned, there is a $7.50 fee. Don’t be put off by the 6 withdrawal or transfer rule, that’s actually mandated by federal law, and all savings accounts have it.

But as far as minimum balances and normal use of the savings account, there are no hidden fees, which can give you peace of mind in contrast to other banks’ High Yield Savings Accounts which many times penalize if you drop below a required amount.

In contrast to most other large banks, this is a great interest rate and deal, as I couldn’t find a better savings rate for a no-minimum bank in America.