It's never too late to start saving money. For that matter, it's never too early either. And whether you're saving for a specific goal, retirement, or just want to create a rainy day fund for life's little emergencies, a savings account can help you stash your cash where it's accessible, safe, and earning interest.
Of course, regardless of how you define "retirement," the earlier you start saving money for retirement—or start saving money in general—the easier it will be to reach your financial goals. There are a number of tax-advantaged ways you can build your retirement savings—your employer-sponsored 401(k) plan, an Individual Retirement Account (IRA), and so on. Check with a financial advisor familiar with your situation to see what works best for you.
In addition, you may want to look at other ways to help you make the most of your money that isn't earmarked for investments and retirement-specific accounts. Ally Bank has several ways to help your money work its hardest.
- A savings account with daily compounded interest. Not only will this allow you to earn interest on the money you've saved, but it also lets you earn interest on the interest you've earned.
- Certificates of Deposit (CDs) give you a powerful way to save money over the long term. And when you combine the benefits of CD interest rates with a CD laddering strategy, you could build a solid retirement income stream.
- Money market accounts give you a great rate with the added convenience of debit card and check access.
Ally Bank is committed to making saving as easy, secure and rewarding as it can be. From our Interest Checking Account and Online Savings Account to a full line of CDs and more, Ally Bank is here to help. You can open and fund any account with any amount and earn among the most competitive rates in the country. Plus, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.