More savings accounts are available than ever before, and it's much easier to research what's out there than it used to be. But finding the right savings account isn't always easy. Some banks offer "teaser" rates that expire within a few months. Other savings accounts come with fees or restrictions that diminish the benefits of an otherwise enticing rate.
So How Do You Sort It Out?
One smart place to start is to take a look at how a bank's savings account rate of return compares to the national average. As MyBankTracker.com reported, in June 2014 the national savings rate average was a low 0.29%. But there's no reason to be average. Ally Bank Online Savings Account rates are consistently higher than the national average, based on rates as published by Bankrate.com.
Ally Bank accounts also are among the most hassle-free you can find, with no monthly maintenance or hidden fees. There's no minimum deposit required to open an account, and interest is compounded daily for maximum earnings.
Based on rates as published by Bankrate.com, many online banks offer some of the best rates available—one reason being that they usually have lower overhead costs than traditional brick-and-mortar banks. Banking online also means you can manage your accounts when you want, where you want. Allybank.com makes it easy to link your accounts, set up automatic transfers or payments and keep track of your personal finances.
Take advantage of Ally Bank's online savings rates. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC