Savings Accounts

What Is a Fixed Rate Savings Account?

It's not uncommon for people to inquire about a fixed rate savings account— or a savings account that earns a predetermined interest rate for a specific time period. While many financial institutions, including Ally Bank, do not offer fixed rate savings accounts, most offer certificates of deposit (CDs), which are savings products with fixed rates. […]

Savings Accounts

Learn About Savings Accounts

When opening a savings account, you should find out how the account's interest is calculated and whether it carries any hidden fees. Your savings account questions may have answers that vary from bank to bank. How interest accrues is one example. Let's say that one local bank compounds interest daily, but does not credit it […]

Savings Accounts

Set Aside Money for Your Emergency Fund.

Reach Your Short-Term Goals With a Money Market Account Financial experts agree that you should have a certain amount of cash savings set aside so you can handle unexpected expenses. Most suggest an emergency fund with a balance that will cover at least three to six months of living expenses, depending on your circumstances. Whatever […]

Savings Accounts

What’s a Savings Account?

What is a savings account? George Barany, director of financial education at AmericaSaves.org, a non-profit organization that promotes saving, explains a savings account this way: “It's a safe place that allows you to get money out of your pocket, out of your house,” and beyond the greedy reach of temptation. Interest savings accounts are not […]

Savings Accounts

Compare and Decide Which Is Right for You

You’ve got lots of choices when it comes to personal banking. There are interest-paying checking accounts, money market accounts and savings accounts, each with its own set of features and benefits, from free balance alerts to ATM access. Savings and checking accountsTwo of the most common bank accounts are checking and savings accounts. A checking […]

Savings Accounts

Guidelines for When to Put Your Money in Checking vs. Savings

Of the various types of bank accounts you can keep your money in, checking and savings accounts are some of the most common. These basic types of accounts can be essential for managing your money day-to-day. But although checking and savings are very different types of accounts, they are often used together. Here are a […]

Savings Accounts

Money Markets vs. CDs

Understanding the Difference CDs Certificates of deposit (CDs) can be a good choice for personal savings. Like other deposits in FDIC-member banks, CDs are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law, meaning your money is as safe as it can be. When you open a CD, […]

Savings Accounts

Why Should You Switch Savings Accounts?

There are many ways to make the most of your money, and where you keep your savings can be one of the factors that make a difference. Perhaps you think there's not much to consider about savings accounts. You may be familiar with the interest rates at traditional banks and you may be used to […]

Savings Accounts

Money Market Accounts and the Economy

Liquidity refers to how easily you can buy or sell your investments, and financial professionals agree—no matter what's going on in the market, having a certain degree of investment liquidity is important. Indeed, that's one of the reasons people own money market funds. But with money you have in bank accounts like savings, checking, certificate […]

Savings Accounts

What You Should Know About High Interest Savings Accounts

Some banks offer what they call a “High Interest Savings Account” or some similarly named account, which is designed to earn a higher interest rate than their other savings accounts. In return, the bank will sometimes ask for a large minimum opening deposit, and you'll be subject to fees if your balance falls below a […]