Savings accounts are a good place to put money away for the future. And the Internet can be a good place to find the best online savings account for you. Online banks often pay higher interest rates than traditional brick-and-mortar banks because they don't have the overhead of maintaining physical branches. Use Web search tools to look for banks, check out sites such as Bankrate.com for an overview of available accounts and rates, and then explore individual bank websites to find detailed information about fees and special features.
Of course, a key factor in getting the best online savings account is the interest rate the bank pays, which varies from bank to bank. Look for a bank that consistently offers the highest rates as opposed to just a short-term promotional rate. And be sure to compare annual percentage yields (APYs), which take into account the frequency of compounding.
APY is important, but the best online savings account for you will be one that meets your needs in several areas. You should also consider:
- Balance requirements. How much money is required to open an account? Will you need to maintain a minimum balance?
- Costs. Are there monthly maintenance fees or other fees to worry about? At some banks, such fees can eat away at your earnings.
- Service. How easy is it to contact the bank? Are 24/7 live agents available? How do bank customers rate the service?
Consider the Ally Bank Online Savings Account. Our variable savings account rates are consistently among the most competitive available in the country. Our great rates apply to everyone, not just those with huge deposits. We don't charge monthly maintenance fees and there is no minimum balance required to keep the account open. Plus, your funds are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC