When opening a savings account, you should find out how the account's interest is calculated and whether it carries any hidden fees.
Your savings account questions may have answers that vary from bank to bank. How interest accrues is one example. 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. Some banks compound interest monthly or even annually. Others compound interest daily.
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.
Get more savings account help by calling live, 24/7 customer support at 877-247-ALLY (2559) today.
Read more about the range of benefits you get with an Ally Bank account.
Comment on this article
Comments
Hudson on November 19, 2018 at 2:10pm
Compounded daily but only credited monthly. Right?
Ally on November 19, 2018 at 3:33pm
Hi Hudson, yes - with our Online Savings account, interest is compounded daily and paid out once per statement cycle.
Chad on March 4, 2019 at 1:51pm
Quoting the response to Hudson "Hi Hudson, yes - with our Online Savings account, interest is compounded daily and paid out once per statement cycle." Does this mean, as you say in your article, that " If you withdraw $1,000, say, a few days before that date, you will forfeit all interest earned during the quarter on that amount." Is this true of this account as well?
Ally on March 6, 2019 at 2:16pm
Hi Chad, interest on our Online Savings Account is compounded daily based on the amount that is in your account each day. Please give us a call at 1-877-247-2559 or chat with us online at ally.com so we can discuss your question further.
Holly on April 20, 2019 at 4:35am
What date each month is the interest paid in the Online Savings account? Same day each month for everyone, or every 30 or 31 days after the account opens?
Ally on April 23, 2019 at 4:23pm
Hi Holly, interest is disbursed on the statement date which is determined by the account open date. We’re happy to discuss further if you’ll give us a call at 1-877-247-2559 or chat with us online at ally.com.