Savings Accounts

Weigh Your Options

Evaluating Money Market Interest Rates Money market accounts can be a great place to keep your money safe, earn interest and maintain flexible access to your funds. When it comes to money market account rates, fees and account terms, it pays to do some research. Start your search on the Internet with websites that let […]

Savings Accounts

How Do Bonds Stack up Against Money Market Funds?

Bonds and money market funds Bonds and money market funds are investment products. Generally speaking, bond prices move in the opposite direction of interest rates. Money market funds, on the other hand, generally track interest rates. Fixed-rate investment products like these may have a place in your overall financial plan, but most financial advisors suggest […]

Savings Accounts

Money Market Risk and Money Market Returns

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 […]

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

Making the Most of Competitive Interest Rates

Opening a savings account is a prudent financial decision as it can help you grow your money to meet various financial goals. Even if you have one savings account already, it may be a good idea to open another savings account to keep your funds separate for different purposes. For great interest rates, convenience or […]

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