The truth is, there's no need to settle for a meager annual percentage yield (APY) when it comes to savings. You can look beyond traditional banks to find rates that will put your savings to work for you.
The case for savings.
A savings account keeps your money at your disposal to withdraw when you need it. This is the main advantage a savings account has over certificates of deposit (CDs), which usually come with an early withdrawal penalty if you access the money before the account matures. But at many traditional banks, you might find that the interest rate savings accounts earn leaves something to be desired. It's a good idea to expand your search to include online banks. Online savings account rates tend to be higher than what you'll find at most traditional brick-and-mortar banks. Since online banks have lower overhead costs, they can usually pass that savings on to customers in the form of great rates.
What to look for in a savings account.
There's more to choosing the right account than the interest rate. Most savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC), but it pays to make sure. You also want to check to see how often the bank you're considering compounds interest. At Ally Bank, interest is compounded daily, not monthly or quarterly, for example. Another important consideration is the bank's website. How easy is it to use? Is there live help available? Although most banks provide some kind of online access, not all banks can give you the user-friendly experience of banks designed specifically for providing online products and services. Beyond these important considerations, take a look at the bank's reputation and reviews. How long has the bank been around and what's their track record for customer service?
What are your options at Ally Bank?
At Ally Bank we offer a variety of convenient ways to save. With the Ally Bank Online Savings Account, you'll get a great interest rate, with no minimum deposit to open and no monthly maintenance fees. The Ally Bank Money Market Account also offers a great interest rate, and you get debit card access and standard checks. The bottom line is, you can open and fund any account at Ally Bank with any amount and earn some of the most competitive interest rates in the country. We don't charge monthly maintenance fees and your deposits come with the security of being insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.
Take a look at online savings account benefits today. Learn more at Ally.com or call live, 24/7 customer support at 877-247-ALLY (2559).