A savings account can be an important part of your financial life. But some people put off opening one for a variety of reasons. Some simply don't know where to start when it comes to researching and deciding on an account. Others don't think they can afford to save any of their paycheck. But opening and building a savings account can be an easy and rewarding task.
Decide on a Goal.
First, decide how much you want to save each month. Many financial experts suggest regularly putting a set amount into your account whenever you get a paycheck. Over time, this approach has proven to be a solid way to build long-term value. You might want to automate deposits into your savings account to make saving easier. Automating your savings is fairly easy to do—simply link your savings account and checking account and set up an automatic transfer. Before you know it, you may have a nice stash of funds to use in case of emergencies or a big purchase.
Choose a Bank.
When you're opening an online savings account, your first move is figuring out where you want to open it. Savings accounts usually allow you to earn interest on your funds, but it’s a good idea to shop around for the best rates and terms. Online banks like Ally Bank tend to have some of the most competitive rates because they don’t have the overhead costs of maintaining traditional branches. But great rates aren't the only important consideration when opening an online savings account. Be sure you know all the terms and conditions of any account you consider, such as maintenance fees and minimum balance requirements.
Open Your Account.
Getting started with a savings account should be easy, and it is at AllyBank.com. In just a few clicks—or a few minutes of your time with a live customer care representative on the phone—you can open an Online Savings Account that comes with a competitive variable rate, daily compounding interest and no monthly maintenance fees for maximum earnings. You can open and fund your account with any amount.
Learn more about how Ally Bank can help you reach your savings goals at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.