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.

Allstate Bank’s high yield savings account features a current yield of 2.75% APY, subject to change on a weekly basis. The details for opening and maintaining your High Yield Savings Account with Allstate Bank include:

• Opening your account with a minimum of $100
• Keeping a minimum of $500 in your account at all times in order to avoid a $4 per month fee
• ATM card with reimbursements for using other banks ATM’s for up to $6 per month
• Interest is compounded daily and credited to the account on a monthly basis
• You cannot write checks from your high yield savings account balance.

Currently, Allstate Bank is running a promotion on the High Yield Savings account, where new customers can earn an additional 1.25% for 90 days on balances in the high yield savings accounts. The combined yield for the standard 2.75% and the promotional 1.25% gives you a 4.00% APY for the 90 day promotional term.

It is unknown whether the bank will perform a hard or soft pull of your credit when setting up your account, but they will do a credit check. Accounts can be opened at a local Allstate branch or mailing in the application with your check for deposit

Once your account is open, you can make deposits via Allstate ATM’s, direct deposits, ACH transfers from other bank accounts, or through the mail. Withdrawals can be done via a debit card (if you qualify for one, determined by your credit history).