A savings account is an interest-bearing deposit account held at a bank or other financial institution. It’s a safe place to store cash, earn interest on your money and is often good for longer-term needs.
What sets savings accounts apart from other accounts is that your money may earn interest while still being easily accessible to you. And as long as your bank is insured like Ally Bank is, your deposits are insured by the FDIC up to the maximum allowed by law.
1. A savings account separates your everyday spending money from funds allocated for future needs or long-term goals.
2. It’s a great place to keep your emergency fund . Since the funds are liquid, you can easily access them should you need to.
3. By leaving your money untouched, it earns interest and grows.
4. You can save by having money deposited directly into a savings account from your checking account. Ally Bank makes it even easier to do so with our recurring transfers savings booster.
5. Ally Bank’s Savings Account offers tools, called buckets and boosters, to help you save more.
Building a strong financial foundation with a savings account requires a little planning. To get started:
Open an Ally Bank Savings Account to take advantage of the benefits.