Evaluating Your Options
Some savings strategies are better suited to short-term goals, while others make more sense for long-term endeavors like retirement planning. Secure accounts with low risk and flexible access work well for short-term goals, like an upcoming home renovation or your annual insurance deductible. A money market account like the one at Ally Bank gives you easy access to your money while also earning interest.
The money for longer-term goals, like retirement or a child’s college fund, should be in products that provide more opportunity for higher returns, like certificates of deposit (CDs). When you open a CD, you agree that you will not withdraw the funds until the maturity date, which varies from a few months to several years after you open the account, depending on the term you choose. While CDs tend to offer higher interest rates than money market or savings accounts, they don’t have the same flexibility of access.
No matter what your savings goals, Ally Bank makes reaching them as easy, convenient and rewarding as it can be. You can open any account with any amount and we don’t charge monthly maintenance fees. We offer interest rates that are among the most competitive in the country and we compound interest daily for maximum earnings. Take a look at all the great features of our High Yield CDs, No Penalty CDs and Raise Your Rate CDs as well as our Money Market Account. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.