http://www.ally.com/index.html

Saw a commercial for this bank (Ally Bank) and checked out the website. The online savings looked good with no minimum balance and 2.25% APY compounded daily. I don't know much about this kind of stuff though, so I'm wondering if there's a downside I've overlooked. I'm not looking for a giant savings account right now since I don't have much to begin with. Any input is appreciated.

 

Provident CU has 3% checking anything under 25k but only 1.1% for monies beyond 25k :I
http://providentcu.org/index.asp?i=n...FQ6jagodZ0072g

 

Sometimes banks need new clients so they offer these awesome offers then when they meet their numbers, they reduce you down to the average or maybe down to 1.1%
What are you getting now in savings?
Is that rate locked and for how long?

 

How frequently is the interest compounded though?

Right now I'm making about $0 since i have no savings set up

 

I have the Provident reward checking. Support your local CU !