Savings accounts that are insured by the Federal Deposit Insurance Corporation (FDIC) are one of the safest places to put your money and grow your personal wealth. Even if the rates of return on many savings accounts are lower than you would like, that doesn’t mean you shouldn’t include a savings account in your financial plan.
Rates differ from bank to bank, but you’re likely to find some of the best rates at online banks. Online banks don’t have the overhead of maintaining traditional branches, so they can pass that savings along to you in the form of great rates. When you compare rates, be sure to understand how interest is calculated. When interest is compounded more often, you balance grows faster.
You also need to be sure you know all the conditions and requirements of any account you consider, including maintenance fees and minimum balance requirements. Be sure you can get access to your account when you need it, and that the bank has great customer service when you have questions.
According to Bankrate.com, Ally Bank interest rates are consistently among the most competitive in the country. We compound interest daily for maximum earnings. We don’t charge monthly maintenance fees and you can open and fund your Ally Bank Online Savings Account with any amount. You also have access to excellent customer service and our easy-to-use website. Learn more about how we can help you grow your savings at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.