Saving money has always been easier said than done.
This was certainly the case for me when I was in college and had no idea what I was doing with my money.
I’d set aside $30 here or there as “savings,” but since the funds remained in my checking account, it was more of a “mental savings account.”
In other words, it wasn’t a real account.
I had just convinced myself that it was.
Foolish, I know, but I figured as long as the balance never reached $0, I would be fine. I could think about saving real money later (which was a mistake).
Fast forward a few years and I’m happy to say I’ve gotten my money act together quite a bit since then. And, one of the best parts is the bank I chose to open my savings account with is seriously amazing.
Besides offering one of the highest interest rates available – because let’s be real, who doesn’t want that – I don’t have to pay any fees to maintain the account at all, which is a major bonus!
I’ve been sharing my excitement with friends also looking for an online savings account and they are completely onboard. Since none of us needs to visit a bank in-person to access savings, we would rather see the money grow faster than pay for extra services that won’t be used. I’m sure most people can relate.
Plus, I can always access my account 24/7 online and on their app. As someone who has moved 10 times in the last 10 years, I can honestly say it’s a relief knowing that just because my address changes, my money can stay in the same place and be accessed the same way.
As for the interest, I’m earning 1.25% APY without doing any extra work – that’s 20 times the national average!
💡 APY stands for “annual percentage yield”
Switching to an online-based savings account has been a game changer for me but if you still have reservations, I understand. Changing things up can be hard, but in this case, worth it.
A savings account through Ally makes it easy to earn more money without doing any extra work. You’ll be able to watch your savings grow 24/7 and have the peace of mind of banking with an FDIC-insured institution.
It’s secure, earns a higher rate than most savings accounts, and doesn’t cost a thing to open and maintain.
I love knowing that by making one simple change, I’m making my money work harder for me. In fact, that’s one of the biggest things that helped me learn how to manage my finances in general – little by little, one step at a time.
Why Savings Accounts Are Important
Having a safe, reliable place to grow your money is important.
Plus, it’s very low risk.
If you need to withdraw money, you can.
If you need to close an account for whatever reason, you can.
But if you leave it alone and let it grow, you'll earn a much better return than if you let it sit in a checking account.
Savings accounts aren't supposed to be stressful, they're meant to be helpful.
If you're having a hard time maintaining a balance in your checking account each month, separating some of your money into a savings account for safekeeping could be especially helpful to jumpstart your savings.
Benefits That Win
In a nutshell, I'm a fan of this savings account because it allows me to:
- earn 1.25% APY, which grows the account fast!
- pay zero monthly maintenance fees
- earn interest from day one of opening an account
- deposit checks easily and securely
- worry less since there's no minimum daily balance and no minimum amount for the initial deposit
If this sounds good to you, too, you can get started with Ally Bank in just a couple of minutes.
After clicking on the Open Account page, you will be asked to answer some questions to set up your account. Breeze through the process by having your home address and social security number on hand.
Overall, I was impressed by how user-friendly their website is to navigate. Altogether, I’d say the signup process takes about 15 minutes or less.
Don't waste another minute – find the best available savings account rates in your state today!
Should You Switch to an Online Savings Account?
We all know we should be saving money, but there’s less talk about where we should be saving it.
Having an online savings account is the best way to go since you get all the benefits of earning interest without the hassle of a traditional savings account.
Using my own experience as an example, signing up for an online savings account has been an eye-opening change in the best possible way, and I hope it inspires you to take further control of your finances. I didn't know much about saving when I first signed up but I did have the determination to change my financial situation, which is all you need to get started.
Ally Bank has been good to me, but there are also other options out there. If you’d like to do a little research on your own, this is a good place to start. You’ll find a list of our best savings accounts available and get a good idea of how easy it is to grow your nest egg with a consistently higher interest rate.