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

Retirement Savings Companion Strategies

Some kind of retirement savings account—whether it's an Individual Retirement Account (IRA), 401(k) or something else—is an important part of every financial planning strategy. It is important to plan for your retirement regardless of how you envision that part of your life because time and today's income are the two biggest things going for you. […]

Savings Accounts

His and Her Savings Accounts. Is It a Good Idea?

Chances are, you have more than a single goal when it comes to saving. There may come a time when you find yourself putting money away for retirement, a vacation, education, a new car, and a plain old emergency fund. That's a lot of savings goals to keep track of. That's why for some people, […]

Savings Accounts

Advantages of an Online Bank Account

An online bank account comes with many advantages, including convenience and security. First, with online bank accounts there's no such thing as "banker's hours." You can check your balance, open a new account, or transfer money any time, from anywhere you have Internet access. And although most traditional banks offer some form of online access, […]