With the widespread availability of Internet access, it's easier than ever to look for high interest savings accounts, and the security measures in place at online banks like Ally Bank make it safe, too. So what should you consider when trying to decide which bank to trust with your money?
While your first priority is probably to make sure you get the highest interest rate you can find, make sure that you're making an apples-to-apples comparison when you compare high interest savings accounts from different banks. That's because not all rates are created equal. Some financial institutions have unfriendly customer policies, with terms and conditions that eat away at what seems like a "great rate." Read the fine print and you may find that the advertised rate is only available under conditions you can't or don't want to meet, or that it will disappear after a short introductory period.
When you compare rates between different banks, be sure you're comparing annual percentage yields (APYs). This will give you the basis for a better comparison and tell you which bank actually makes your money work harder. When you're looking for the right place to open your high interest savings account, rate shopping is a good place to start, but it's not the place to stop. Pay attention to the bank’s reputation, all terms and conditions of each account you’re considering, and customer service policies.
Ally Bank works hard to help you make informed financial decisions. Whether you're looking for a high interest savings account, money market account, CD, checking account or other bank product—we have you covered. We're committed to making the banking experience as positive as possible. Our Online Savings Account has no minimum opening balance to open and no monthly maintenance fees. Compare the rates at Ally Bank with some of our competitors’ right on our site or subscribe to our rates via RSS.
Explore your savings options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.