It's no secret that average savings account interest rates are currently lower than many people would like. And that means that it's more important than ever to get the highest rate and annual percentage yield (APY) you possibly can — as long as you're not paying fees that chip away at the APY, of course.
"To make it as easy as possible to find the best rates, I suggest people start by going to Bankrate.com," said Vince Shorb in a recent Ally Bank interview. Shorb is president of the National Financial Educator's Council (NFEC), an organization dedicated to increasing financial literacy. In addition to showing how other banks' rates compare to the average savings account interest rate, Bankrate.com, he noted, is "objective and gives [you] an opportunity to compare many different rates at once."
Shorb also added that online banks like Ally Bank are generally a lot more likely to beat national average savings account interest rate. The reason is that unlike their brick-and-mortar counterparts, online banks generally don't have the overheard expenses associated with running physical locations. As a result, the bank can pass along part of that savings in the form of competitive rates.
At Ally Bank, we don't offer great rates to only a select few who make a huge deposit. We offer them to everybody, and we're up front about the fact that rates can change after opening your account — even as we offer you rates that are regularly better than average savings account interest rates (as published by Bankrate).
There's no minimum opening deposit requirement, and you can easily compare our great rates with those of our competitors at Allybank.com. Plus, when you need that personal touch, our live customer care reps are available 24/7 via chat or by phone at 877-247-ALLY (2559).
Let us help you beat average savings account interest rates today!