CDs

How Often Should You Check Rates for Certificates of Deposit?

Certificate of deposit (CD) rates change as a matter of course. And when searching for the best rates for certificates of deposit, you'll find that they vary over time, as well as from bank to bank. You may wonder if you are checking rates frequently enough to take advantage of the best opportunities. But there […]

Savings Accounts

How to Use an Online Savings Account to Pay for a Wedding

A wedding is one of the most important celebrations in life, but it can also be one of the most expensive. More than a few brides have faced that stressful question, "how do I pay for my wedding?" And although a large wedding budget doesn't necessarily guarantee success, saving money is an essential part of […]

Savings Accounts

4 Things the Best Savings Accounts Have in Common

Opening a savings account can be a great way to safely park your money while also earning interest on your deposits. If you're looking to find the best savings accounts that banks offer, there are four things you should consider. 1. Annual Percentage Yield, or APY. APY refers to how much interest you earn on […]

CDs

How Risky Are Certificates of Deposit?

When you're talking about financial products, “risk” essentially means that you might lose money or simply miss opportunities to make money. With that in mind, certificates of deposit (CDs) are considered low-risk, but they aren't risk-free, according to Robert Schmansky, an independent certified financial planner in Royal Oak, Michigan. He explains, “It comes down to […]

Checking

Choosing a Checking Account

Which interest-bearing checking account is right for you? At Ally Bank, we feel that opening a new online checking account should be an easy decision. But as with any financial decision, it's smart to do some homework before you make your final choice. You can start the process of choosing a checking account by asking […]

CDs

Savings Synergy: High Yield CD Account Plus a Money Market Account

A savings plan is a personal thing. How you build it depends on your own financial goals and situation. While many people like the rates that come with a high yield certificate of deposit (CD) account, they also see the appeal of the easy access that comes with a product like a money market account. […]

Checking

How Do Interest-Bearing Checking Accounts Work?

Interest-bearing checking accounts, like money market and simple savings accounts, can be a way to earn interest on your money, but there are some key differences.In general, money market accounts like the one offered by Ally Bank pay a somewhat higher rate of interest than interest-bearing checking accounts. But there are federal limits to the […]

Money Market

Which Has the Highest Interest Yield?

If you have extra funds each month after paying for bills and other necessities, you are probably looking for a way to earn some interest on that money. As you research your options, you probably are looking for an account with the highest annual percentage yield. But although interest is important, it's not the only […]

IRA

Does Ally Bank Offer a Traditional IRA?

A Roth individual retirement account (IRA) is a wise choice for many people: But there also are smart reasons why you might choose a traditional IRA as a savings vehicle for retirement—especially if you’d like to reduce your tax burden now, not when you retire. Contributions to a traditional IRA are tax-deductible when you make […]

CDs

Get the Facts Before Changing Your CD Strategies

A certificate of deposit (CD) can be a good basic savings product. CDs usually offer higher rates than money market or savings accounts. And because you may be charged a penalty if you withdraw funds before a CD matures, there is an added incentive to leave the deposit where it is and allow your funds […]