If you’re serious about saving, it’s essential to set up a monthly budget to help allocate your funds toward necessary expenses while also setting some aside for the future. You might begin by saving a certain percentage of your income each month, or a particular dollar amount. This is a great way to make saving money a consistent habit. If you have this amount automatically deposited from your paycheck or transferred to a savings account periodically, you might not even miss it.
As your savings grows, you want to be sure it’s working as hard as it can for you by earning a great interest rate. A savings interest calculator like this one from Ally Bank can help you understand what you can expect to earn on your deposit. Using the savings interest calculator is simple. You just enter your average daily balance and you’ll see how different APYs affect your annual earnings.
You’re likely to find that online banks like Ally Bank offer some of the most competitive interest rates in the country. Online banks don’t have the operating costs associated with maintaining physical branches, so they can pass that savings on to you in the form of great rates.
Both the Ally Bank Online Savings Account and Money Market Account have variable Annual Percentage Yields (APYs) with long-term averages generally higher than the national average. We don’t charge monthly maintenance fees and your deposits come with the security of being insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. You can open and fund an account with any amount.
Ally Bank is committed to making saving as easy, secure and rewarding as it can be. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.