In a tough economy, every penny counts—especially when it comes to personal savings. Online banks like Ally Bank are able to offer some of the most competitive rates in the business because they don’t have the overhead costs of traditional brick-and-mortar banks and can pass the savings on to customers in the form of great rates. In fact, Howard Bayliss, a certified financial planner with Core Financial Planning, LLC, in Bloomfield Hills, Michigan, says he steers his clients toward online banks for their cash savings.
Ally Bank offers rates that are consistently among the most competitive in the country, a fact that’s borne out by a look at the long-term average of our Online Savings Account variable APY compared to the long-term average interest rate on savings accounts as reported by the FDIC. Our Online Savings Account and Money Market Account have variable annual percentage yields (APYs) with long-term averages several times higher than the national average.
Ally Bank also offers great rates on certificates of deposit (CDs). Bayliss has recommended Ally Bank CDs to clients, especially our No Penalty CD, which allows you to withdraw all your money, including interest earned, without any penalty, any time after the first six days following the date you fund your account. “I think Ally [Bank] has been the out-front leader in the No Penalty CD, and that has changed the thinking a bit about using CDs for short-term (savings),” Bayliss says. Most of his clients—including many older ones who spent years doing their banking at brick-and-mortar institutions—appreciate the convenience of online banking.
If the average interest rate on savings accounts, money market account or other savings option has left you searching for something better, explore your options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.