Interest rates offered for deposit accounts are always fluctuating, and they vary by financial institution. If you're looking for a good way to grow your savings, you'll want to not only consider the savings rates available, but also a few additional variables that can make a difference in your savings. Here's a quick guide to get you off to the right start.
Look For Great Interest Rates.
Of course, if you want your money to grow, you'll need to find competitive savings rates that can keep up with inflation. An annual percentage yield, or APY, indicates the percentage return you'll receive from your money in one year's time. In general, the higher the APY, the higher the return. However, there are a few other factors to keep in mind.
Check for Fees and Requirements.
Every savings rate published will have some fine print to go with it. You may find that certain banks require you to make a large opening deposit or maintain a high balance. In addition, you should beware of monthly maintenance fees that can eat into your returns. At Ally Bank, you can open and fund an account with any amount, and we don’t charge monthly maintenance fees.
Look for Frequently Compounding Interest.
At Ally Bank, we compound interest daily to help your savings grow faster. This applies to every account at Ally Bank—including the Ally Bank Online Savings account and even the Ally Bank Money Market Account, which offers a competitive interest rate along with the flexibility of a debit card. Some banks only compound interest monthly, quarterly or even annually. This makes a difference when it comes to your APY, so it's important to take note.
Good Things Come in Bundles: Great Service and Convenience Plus Two Powerful Accounts.
We pride ourselves on an easy-to-use website, with excellent, live customer service that's available 24/7. It's easy to open any of our savings accounts online, and if you open an Ally Bank Interest Checking Account, you'll be able to easily transfer and access your funds when you need them. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.