You might ask yourself, “Why have a savings account?” when there are so many financial options today. Savings accounts are a solid addition to your portfolio for many reasons. With a savings account, you can:
1. Save for the future.
Having a healthy savings account is a good foundation for any financial plan. You can accumulate money slowly and build up a nest egg over time.
2. Prepare for emergency expenses.
Everyone needs a safety net to help take care of unexpected expenses like car repairs, doctor bills, home repairs, and so on. Many financial experts recommend having 3 to 6 months of living expenses in an account that's easy to access to help you get through anything from a small money need to a major economic hardship.
3. Enjoy the advantages of an online savings account.
With an online savings account, you can bank almost anywhere, any time. Plus, you'll generally earn more competitive interest rates than you would at a traditional bank. At Ally Bank, for example, our Online Savings Account offers among the most competitive interest rates available, as published by Bankrate.com.
4. Easily save for big-ticket purchases.
A savings account is a convenient place to put away funds for future purchases and watch your balance grow. And with an Ally Bank Online Savings Account, you'll enjoy the advantage of daily compounding interest, so your balance will grow faster.
5. Build healthy financial habits.
Setting aside money in a savings account can help keep you from spending it impulsively. Creating the habit of putting money aside regularly can give you peace of mind knowing you're making smart decisions with your money.
Whatever your savings goals, Ally Bank has a way to help you get there—from Online Savings Accounts and Money Market Accounts to a full range of certificates of deposit (CDs)—all at among the most competitive interest rates available. Visit Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.