There is no reason to settle on a savings account that doesn’t help you achieve your financial goals. Yet, many people do this everyday. Even worse, some people don’t ask questions or open a savings account without knowing the terms.
A savings account is more than a safe place to hold your deposits. You may reserve your savings as back up funds for emergencies, or put money aside to buy a house or make home improvements. Saving money takes discipline, and it can take awhile to realize financial goals if you’re unable to save a lot each week. For this reason, you need a better savings strategy.
Let’s be honest, your regular savings account isn’t going to get you closer to your goals. How can it? Deposits in a regular savings grow at an average rate of 0.01%. This is pennies in comparison to other options available to you. If you need a better option – a smarter way to maximize your deposits – open an online savings account with Ally Bank.
How to Benefit from Ally Bank
The online route isn’t a traditional savings method, and some people need to see an actual bank branch and teller. However, stepping outside your financial comfort zone has huge benefits. Ally Bank offers a multitude of savings products, just like any local bank. You can access your account information online, speak with customer service, plus your cash is readily available for transfers and withdrawals.
However, there is one primary difference. The best interest rate is always a priority when open a new savings account. You can compare rates with banks in your local area, but you’re not likely to find rates competitive with online banks.
Online banks do not have physical branches, which translates into lower costs for customers – or better rates on savings accounts. Why earn pennies with a regular savings when you can earn 0.84% with an Ally Bank online savings account.
Set Up an Online Savings Account
Getting started with Ally is simple and you can open an account in less than 10 minutes. Visit Ally.com and select the link to open a new savings account. You will need a Social Security number, a U.S. address, and you must be at least 18 years old.
Next, choose the desired product and indicate the amount of your initial deposit. There are no minimum deposit requirements with Ally, and no monthly banking fees. You can make up to six no-fee transfers each month. There is a fee for each additional transfer. Provide the bank with your personal information, and indicate whether this is a joint or individual account. The bank will request the name, address and Social security number of each person on the account.
Fund your online savings account by transferring money from an existing bank account, and you’re ready to grow your savings. Another option: enroll in mobile banking and manage your account from a smartphone or other mobile device. You can pay bills online, check your balance, deposit checks with your smartphone and transfer funds between accounts. Easy account management and higher rates create an entirely new banking experience.