When you open a high interest savings account, you are on your way to building your money for both short and long-term goals. But you may be wondering how it all works and how to get the best deal. Essentially, when you open an account, you are lending money to the bank. In return, they pay you interest.
Of course, getting the best interest rate you can for your money is a good place to start when you're shopping for a high interest savings account, but it's not the only consideration. You’ll want to be sure you're on a level playing field when you compare high interest savings accounts from different banks. For starters, not all rates are created equal. Some banks' policies are less than customer-friendly, and their terms and conditions could make what sounds like a great rate not so great when you factor in the fees and requirements.
When you compare rates between different banks, be sure you're comparing "apples to apples" or annual percentage yields (APYs) to APYs. The longer you keep your money in a high interest savings account, the more successful you’ll be at meeting your savings goals. That's how you put compounding interest to work for you—just simple, consistent discipline.
Your bank should make it easy to save money, and at Ally Bank, that's exactly what we do. Our interest rates are consistently some of the most competitive in the country according to Bankrate.com and we compound daily. You can open and fund any account with any amount and we don’t charge monthly maintenance fees. Whatever your savings goals, we have a wide range of products to help you meet them, including our Ally Bank Online Savings Account, Ally Bank Money Market Account, a variety of CDs, the Ally Bank Interest Checking Account and more.
Explore your options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.