When you consider opening a bank savings account, the interest rate is probably one of the first things you look at. But in addition to a bank's savings account interest rate, you should also think about the long- and short-term trends that occur in savings account rates and how they might affect your savings.

Unlike the fixed rate that usually comes with a certificate of deposit (CD), changes in the variable interest rate of a savings account can have a daily impact on your finances. Savings account interest rates often are tied to the economy. Even slight changes in the economic climate can affect bank savings account interest rate trends.

But don't let these factors keep you from putting your money in a savings account. Remember that any time you're earning interest on your savings, that's a good thing. And your funds in FDIC-member banks are insured by the FDIC up to the maximum amount allowed by law, no matter what the economic climate may be.

Other products such as CDs come with fixed interest rates, which may mean greater peace of mind. But the money in CDs is often difficult to access without incurring an early-withdrawal penalty—that is, if you want to access the money before the CD matures. With a savings account, by contrast, it's generally easier to access that money without penalty.

Looking for a savings account with a competitive rate? Take a look at the Online Savings Account from Ally Bank. Ally Bank consistently offers some of the best interest rates in the country. There is no minimum balance to open and we don’t charge monthly maintenance fees. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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