For a higher return on savings accounts, look to online banks like Ally Bank, which tend to offer better returns than their brick-and-mortar counterparts. Plus, online savings accounts are easy to open and convenient to manage.
We asked Doug Johnson, American Bankers Association’s Senior Vice President of Payments and Cybersecurity Policy, about his viewpoint. He says online accounts benefit both the saver and the bank: "Online savings accounts can offer higher rates because of the lower cost structure associated with serving customers online, as opposed to in the branch. When the customer's home office becomes the branch, it is simply more convenient and cost effective for both the customer and the bank. Banks also offer incentives to customers that will not require branch visits, in order to build their Internet utilization and decrease branch use."
You can open and fund an Ally Bank Online Savings Account with any amount. There’s no minimum balance and we don’t charge monthly maintenance fees. And all Ally Bank Online Savings Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law.
Take a look at the benefits of Ally Bank’s Online Savings and Money Market Accounts at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.