3 Reasons I Switched to an Ally Savings Account

Motley Fool11-11

KEY POINTSThe Ally Savings account offers a rate several times higher than the average APY for savings accounts.Ally offers savings buckets to make it easy to set (and achieve) savings goals.Ally's ...

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Read on to learn why one writer is opting for an account with Ally.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0477156797.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"RE\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4516":"特朗普概念","LU0130518102.USD":"HARRIS ASSOCIATES GLOBAL EQUITY \"R\" INC","ALLY":"Ally Financial Inc.","LU1861217088.USD":"贝莱德金融科技A2","BK4585":"ETF&股票定投概念","LU1861220207.SGD":"Blackrock FinTech A2 SGD-H","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0648000940.SGD":"Natixis Harris Associates Global Equity RA SGD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","BK4166":"消费信贷","LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4588":"碎股","LU1201861165.SGD":"Natixis Harris Associates Global Equity PA SGD","LU2360107671.USD":"BGF FINTECH \"A4\" (USD) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","COF":"第一资本","BK4561":"索罗斯持仓","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H"},"translate_title":"我切换到Ally Savings账户的3个原因","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALLY":1,"US12M.BOND":0.9,"US10Y.BOND":0.9,"US2Y.BOND":0.9,"COF":0.9,"US30Y.BOND":0.9,"US3Y.BOND":0.9,"US5Y.BOND":0.9,"US6M.BOND":0.9,"US7Y.BOND":0.9},"content_text":"KEY POINTSThe Ally Savings account offers a rate several times higher than the average APY for savings accounts.Ally offers savings buckets to make it easy to set (and achieve) savings goals.Ally's mobile banking app is stellar.A few years ago, I found myself sorely in need of a new savings account. I was just starting out as a freelancer, and I knew I'd need to pay income taxes every quarter, lest I be penalized by the IRS and my state government's taxation department. And since I also wanted to earn interest on that tax money (more on this below), opting for a savings account with an online bank was a solidly good idea.Here's why I opened an Ally Savings account -- and why you may want to do the same.1. High APYAdmittedly, at the time I opened my Ally Savings account, its APY wasn't as high as it eventually became thanks to repeated Federal Reserve rate hikes -- as the Fed raised the federal funds rate in 2022 and 2023, savings account APYs followed suit. But in all that time, the APY on my big-bank savings account remained a paltry 0.01%, so I was excited to earn more with Ally.My Ally Savings account's APY topped 4% at the height of higher bank account rates, and as of this writing, remains 4.00%. I expect this rate to slip back down to Earth as we see additional federal funds rate cuts over the end of 2024 and into 2025.Our Picks for the Best High-Yield Savings Accounts of 2024Capital One 360 Performance SavingsAPY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0Open Account for Capital One 360 Performance SavingsOn                          Capital One's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Oct. 23, 2024. Rates are subject to change at any time before or after account opening.      Min. to earn$0American Express® High Yield SavingsAPY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 11, 2024      Min. to earn$0Open Account for American Express® High Yield SavingsOn                          American Express's             Secure Website.                                                  Member FDIC.                                              APY4.00%                        Rate info                Circle with letter I in it.      4.00% annual percentage yield as of November 11, 2024      Min. to earn$0CIT Platinum SavingsAPY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYOpen Account for CIT Platinum SavingsOn                          CIT's             Secure Website.                                                  Member FDIC.                                              APY4.70% APY for balances of $5,000 or more                        Rate info                Circle with letter I in it.      4.70% APY for balances of $5,000 or more; otherwise, 0.25% APY      Min. to earn$100 to open account, $5,000 for max APYBut it should still handily beat my big bank's rate (not to mention the average rate across all savings accounts, which is currently 0.45%). Ally is an online bank, and doesn't have the overhead costs of maintaining bank branches, meaning it can pass those savings on to customers.Ready to explore your savings account options? Click here for our favorite high-yield savings accounts and beat inflation.2. Savings bucketsThis is my favorite Ally Savings feature -- yes, I even appreciate it more than the high APY on the account. Having money saved beyond just a few hundred dollars (or perhaps a few thousand dollars, if I was lucky and was gearing up to move house yet again) is a new development in my life -- it's only been two years that I've had real savings. Using the Ally Savings account has helped me create goals for my money.Ally Savings offers Savings Buckets, so you can create sub-accounts within your main Ally account. I have more than 10 buckets active right now, to save money for my quarterly tax payments, my emergency fund, my cats' vet visits, my own dental work, a new living room TV, and more. I can set individual goals for my savings buckets, and I get emails from Ally when I meet them, which is very motivating.3. Excellent mobile appFinally, Ally's fantastic mobile app was a factor in me choosing this online bank. Since I can't visit an Ally bank branch (they don't exist!), it's important that Ally's mobile app be as useful as possible.I can view my account balances, of course -- but I can also pay bills, transfer money, deposit checks, and even make a debt payoff plan. Ally's mobile app is also updated regularly, which makes me feel confident that security issues are being addressed and the app is always improving.Is it time for you to switch banks?If you're getting annoyed with a low interest rate on your savings, having difficulty setting goals for your money, or struggling with a user-unfriendly mobile app, yes -- you should look into switching banks.And if it's a high-yield savings account you're seeking specifically, I recommend considering Ally Savings. (And hey, this bank's online checking and investment accounts are also worth considering, FYI.)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2482781423"}