Opening a savings account or certificate of deposit (CD) as part of caring for elderly parents is one way to help seniors and their adult children manage money together. An Online Savings Account from Ally Bank not only makes online account management convenient for parents, seniors and adult children, but when you choose Ally Bank, the money you deposit will earn interest rates among the most competitive available, based on rates published by Bankrate.com.
If you're caring for elderly parents and you want to set aside money for a set period of time while earning a good rate, you may want to consider a certificate of deposit (CD) from Ally Bank. CDs typically offer a higher interest rate than other types of accounts and mature in set time periods from several months to several years.Some CDs have a penalty for early withdrawal, but with the Ally Bank No Penalty CD, you can withdraw all your money without a penalty, any time after the first six days following the date you funded your account. Plus, keep the interest earned. Discuss the terms and conditions of any CD you consider with your parents to determine if it fits their needs.
Another savings account option seniors and their adult children can consider is a joint online savings account. As with most joint accounts, each person on the account has access to it at all times. Plus, while online banking is a bit of a departure from doing business at a traditional brick-and-mortar bank, it can meet seniors' needs in ways that traditional banks cannot. Banking online at home—at any hour of the day that's convenient—means they don't have to physically travel to the local bank, a great option for seniors who have mobility problems or don’t drive. Most banks offer some kind of online account management capability, but not all bank websites are as customer-friendly as Allybank.com. And, online-only banks tend to offer the most competitive rates.
Learn more about how Ally Bank can help you care for elderly parents’ banking needs. Visit AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.