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 […]

Savings Accounts

Things to Consider

Money market funds (or MMFs), offered by brokerages, differ from money market accounts (or MMAs), so simply shopping for the highest money market rate isn't necessarily the best way to make smart financial decisions. Money market funds As a bank, Ally Bank doesn't offer money market funds, but we can give you some basic information […]

Savings Accounts

Weighing Your Savings Account Options

Many people like to set aside money in case of emergencies or to save for a major purchase, so finding the best savings account is important. Only you can determine what kind of savings account is right for you. It could mean one that offers a higher interest rate or requires no monthly minimum balance. […]

Savings Accounts

Choosing the Best Money Market Account

When shopping for the best money market account, here's why it might make sense to go with Ally Bank. The Ally Bank Money Market Account requires no minimum deposit to open and no monthly maintenance fees. Your deposits are insured by the FDIC up to the maximum amount allowed by law. And because we value […]