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SFinit

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Savings Account, Ally or Chase?
I'm wanting to open a savings account for mostly the purpose of having one to store a small sum of cash in... I'm considering both Ally due to their good rates, or Chase, since I already have a checking account with them. I spoke to Ally's Customer Service, and apparently they do Credit checks when applying. I don't think Chase does the same, but requires a minimum $300 balance or $25 monthly deposit. I currently still have no credit history, and am wondering if anyone knows the rate of acceptance for Ally savings accounts , or how likely I am to be accepted?
Any help appreciated!

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The best of both worlds

Helpful to 5 out of 5 people

Get capital one 360 formerly ing direct.  No minimums no fees, good rates.  I've had them for years.  Checking account earns .4 par instead of like .05 at banks.  Savings are like .75 ATM.  So no credit checks, no minimums.  Ne fees, good rates.

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Helpful to 3 out of 3 people

I'm not sure about Ally, but what about opening a savings account with a local bank or credit union. Second to that I'd go with Chase since you already have an account with them. Or if they have free checking with no minimum balance required you could just use a checking account with no card or checks. If you only have small sums in the account then you're likely not earning much if anything in interest. And to be honest, general run of the mill savings accounts don't pay well in interest anyway.

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Look into an America Express Online Savings Account. Their rates are better than most traditional brick and mortar banks and they don't hard hit your credit in order to set one up.

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Check Nerdwallet.com - really helpful when deciding between accounts

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