If you're like many people, the first savings account you open is your first lesson in learning how to grow your personal wealth. In recent years, the number and variety of savings accounts that banks offer have increased. But understanding why savings accounts can be a smart way to grow your personal wealth remains as relevant as ever.
An FDIC-insured savings account in a bank is generally a safe place to put money you're setting aside as part of an emergency fund or for a future purchase. While other financial products like certificates of deposit (CDs) or mutual funds may average higher rates of return over the years, savings accounts typically offer high levels of safety and accessibility.
Be sure to take a careful look at all the features of a savings account before choosing one. Along with rates, consider things like convenience, fees and minimum deposit requirements. Some accounts require an opening deposit of as much as $25,000 or more. Others may charge monthly fees that can wipe out your interest earnings.
The Ally Bank Online Savings Account comes with no monthly maintenance fees or minimum opening balance. Plus, since we don't maintain physical bank branches, we're able to pass the savings along to our customers in the form of great rates. With some of the most competitive rates available according to Bankrate.com, Ally Bank may be just what you’re looking for.
Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC