While having a savings account can be a sound part of an overall money management plan, there are a number of different options available—from a number of different banks—and not all of them make sense for your goals. Some banks offer a fixed rate savings account that gives you a specific rate of interest for a given deposit balance. The idea can seem appealing, especially if you see a lot of volatility with interest rates.

But is a fixed rate savings account right for you? Like a lot of financial questions, the answer to this one depends on your goals. It also depends on what alternatives to fixed rate savings accounts are available.

First, consider why you're saving money in the first place. Is it for a short-, medium- or long-term goal? Is it to tuck away money for an emergency or to make a specific future financial commitment or purchase? Also, how accessible do the funds need to be? An emergency fund, for example, should probably have the most readily available access, like a savings or checking account, while savings marked for long-term goals are probably more suited to something like certificates of deposit (CDs).

Once you've defined a purpose for your money, you might begin to evaluate the various options available. Does it make sense to invest in products like fixed rate savings accounts? Or would you rather go with something like an FDIC-insured Ally Bank Online Savings Account or CD? When you bank with us, your money earns interest at rates that are consistently among the most competitive in the country.

You can open and fund an account at Ally Bank with any amount, and you won't pay monthly maintenance fees. Explore your savings options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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