As a savings tool, compound interest is powerful. That’s because not only does it allow you to earn interest on your principal, but it also lets you earn interest on all the interest you’ve accumulated. So the earlier in life you start saving money, the more you can grow your savings. Your first step in earning interest can be as easy as an online savings account or even an online interest checking account.
Just a few reasons to start saving money today include:
- A down payment on a home. Everyone needs a roof overhead, and your ability to make a strong down payment may help you get a more competitive interest rate on a mortgage.
- Your education. Education is never wasted, but it also can be expensive. Save yourself the potential student loan debt and prepare ahead of time for those tuition payments.
- Your children. Few things in life are more expensive than child rearing. Vaccinations, orthodontics, sports, summer camp, college—the expenses are endless. Start setting aside some money today for future family expenses.
- An emergency fund. Everyone needs a rainy day fund to pay for things like car repairs, computer repairs, health-related issues and other unexpected expenses. Your savings can help you meet those needs without incurring credit card debt.
To help you make saving money toward the important things in life possible, Ally Bank offers savings accounts, money market accounts and certificates of deposit (CDs)—all of which can be opened and funded and with any amount. Deposits are FDIC-insured to the maximum allowed by law. Moreover, you’ll earn a great rate that compounds daily to help grow your savings faster.
Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.