Kiplinger’s Personal Finance, December 2009 issue, just announced that the Ally Bank Online Savings Account has been rated “Best Online Savings Account”.

This ranking recognizes the Best Bank Accounts that “combine higher yields and convenience.” Kiplinger’s chose to honor Ally Bank’s Online Savings Account because it requires “no minimum to open an account, no monthly fees and no minimum balance.”

They combine higher yields and convenience. A high-yield savings account at ALLY BANK, formerly GMAC Financial Services, yields 1.30% —far more than you’d get at most brick-and-mortar banks. And Ally Bank has no minimum to open an account, no monthly fees and no minimum balance. Plus, this FDIC-insured institution is one of the only online banks to offer penalty-free CDs, which give you the freedom to withdraw your money early without paying a fee.