One of the most basic tools for personal finance management is some kind of savings account, whether it's the Ally Bank Online Savings Account, our Money Market Account or some other type of savings account at another bank. It’s important to have somewhere to put your savings, which can be used for emergencies or a future goal, like buying a car or putting a down payment on a home. Savings accounts let you set funds aside—preferably in an account that earns interest—while enjoying relatively easy access to your money when you need it.

Whatever your purpose, learning how to open different types of savings accounts is as simple as seeing what's available from your chosen institution and then finding out what the terms of each account are. At some banks, you'll need to meet minimum deposit requirements or pay monthly maintenance fees.

Often, your chosen savings account goes hand in hand with a checking account. The checking account may be used to pay bills and make everyday purchases. With the savings account linked to the checking account, you can transfer money between the accounts. You may even have automatic transfers set up to prevent overdrafts on your checking account or to have a set amount go to your savings account on a regular basis.

You could open a savings account at a local bank, but you may want to consider choosing an online bank, like Ally Bank. Online banks don’t have the overhead of traditional banks, so they can pass the savings on to you in the form of great rates. With an Ally Bank Online Savings Account or Money Market Account, you get rates that are consistently among the most competitive in the country. We don’t charge monthly maintenance fees and you can open and fund your account with any amount. You also have access to excellent customer service and our easy-to-use website.

Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) to get started today.

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