When opening a savings account, it's important to know how the account's interest earnings are determined and whether or not it carries any hidden fees.
You may have questions about savings accounts and the answers can vary from bank to bank. Let's say that one local bank compounds interest daily, but does not credit it until the last day of each quarter. If you withdraw $1,000, say, a few days before that date, you will forfeit all interest earned during the quarter on that amount. What you might prefer would be an account that compounds interest daily at the best possible rate. Some banks compound interest monthly or even annually.
With an Ally Online Savings Account, your interest compounds daily, meaning your money is constantly working for you at a great rate. And our accounts carry no monthly maintenance fees or other hidden costs that might undermine your savings goals.
Read more about the range of benefits of Ally's accounts and start saving today.