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 certain minimum. There may be other restrictions and requirements as well, depending on the bank.
But many times it all adds up to the same thing: their “high interest savings account” very often doesn't earn an interest rate that's any better than the Ally Bank Online Savings or Money Market Accounts. In fact, Ally Bank offers some of the most competitive rates in the country according to Bankrate.com. We believe in a straightforward, simple approach to banking and saving. At Ally Bank, you can open and fund any account with any amount and we don't charge monthly maintenance fees.
So rather than jump at what may seem like a great deal with another bank's high interest savings account, take a moment to learn the benefits of banking with Ally Bank. Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.