ally financial high yield savings

Ally accounts offer competitive interest rates. The interest rates for the Ally savings account is 2.20% for all balances. The checking account earns 0.60% on. Learn more about Ally Bank, which has a reputation for solid customer service, high interest rates on checking & savings accounts, and reasonable fees. Ally's online high-yield savings account is ideal for customers comfortable baking entirely online who want a high APY (0.50%) and no monthly.

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The Best High Yield Savings Account? Ally Bank Savings Account Review

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Best High-Yield Savings Accounts in November 2021: Compare APY and Features

Slickdeals updates average percentage yields (APY) periodically. The rates in this article are accurate as of June 2021.

Traditional savings accounts are not the ideal environment to help your money grow over time, but the new trendy online versions are changing that. With the increasing number of online savings accounts offering what appear to be amazing interest rates (with caveats like minimum balances and transactions, of course), you can grow that nest egg you’re sitting on. But how do you pick the right one?

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Axos Bank East cambridge savings bank chelsea ma Savings Account

AXOS

About Axos Bank: Not only does this online bank offer popular free checking and high-yield checking accounts, Axos typically offers among the highest APYs on the market. Savings accounts are an excellent place to store your emergency fund and other short-term savings, but the average savings account interest rate in the U.S. is a measly 0.70% APY, according to the Federal Deposit Insurance Corporation. That’s what makes the Axos High Yield Savings account APY so special. Make financially sound decisions when you use these Axos Bank promo codes to get the best offers when you open an account.

Axos High-Yield Savings

  • Interest Rate: 0.61% APY
  • Compounding Period: Daily
  • Fees: No monthly fees or minimum balance requirements
  • ATM Access: Yes
  • Can you bank in person? Not really. While there is one branch in San Diego, California, Axos Bank is primarily an online bank.
  • Can you bank online? Yes

UFB Direct High-Yield Savings Account

ufb

About UFB Direct: The UFB Direct High Yield Savings Account offers one of the more competitive interest rates for people with a five-figure savings balance. The APY for balances of $10,000 or more is 0.40%. Plus, it offers all of the resources expected from online banks, included mobile tools, as well as some you wouldn’t expect, like a free ATM card.

UFB Direct High Yield Savings

  • Interest Rate: Up to 0.20% APY
  • Compounding Period: Daily
  • Fees: No monthly ally financial high yield savings or minimum balance requirements
  • ATM Access: Yes
  • Can you bank in person? Not really. While there is one branch in San Diego, California, UFB Direct is primarily an online bank.
  • Can you bank online? Yes

CIT Online Savings Accounts

CIT BANK

About CIT Bank:

CIT is an online bank that specializes in online savings accounts, CDs and Money Markets. While it can be easily mistaken, CIT is not related to Citibank. CIT stands for Commercial Investment Trust, and was founded in 1908.

CIT Bank is FDIC insured and offers two kinds of savings accounts. One option is the Savings Builder Account, which requires a minimum monthly deposit of $100 or a minimum account balance of $25,000 in order to earn the highest APY. The other option is a High Yield Savings Account, and while it offers a lower APY compared to the Savings Builder, it does not have the same maintenance requirements.

CIT Savings Builder Account

  • Interest Rate: 0.40% if you meet either one of two criteria:
    • at least $25,000 ally financial high yield savings the account
    • at least $100 per month deposited

If you fall short of either on a monthly basis, your rate will drop to a lower APY.

  • Compounding Period: Daily
  • Fees: None
  • ATM Access: None
  • Can you bank in person? No. CIT does not have brick-and-mortar banks.
  • Can you bank online? Yes.

If you deposited $15,000 into the Savings Builder account in one lump sum, you’d need to contribute an additional $100 per month to maintain the higher rate. The account compounds interest daily and pays out interest monthly.

If you do not meet the account criteria, your interest rate is determined after an evaluation period.

The Takeaway: CIT offers some of the best APYs in the business, but its rules are somewhat complex. Depending on how much work you want to do to save, this might be a slightly more high-maintenance account than you need or want.


Nationwide My Savings

nationwide logo

About Nationwide: Love getting ally financial high yield savings returns for your money? Who doesn’t? With Nationwide My Savings you can earn 0.30% APY when you also open a My Checking account and set up a $1,000 direct deposit. If you don’t want to open a checking account, you can still earn 0.20% APY on all balances with a My Savings account. No minimum balance requirements, no maintenance fees and interest compounded daily.

Nationwide My Savings

  • Interest Rate: 0.20% — 0.30% APY
  • Compounding Period: Daily
  • Fees: No monthly fees or minimum balance requirements
  • ATM Access: Yes
  • Can you bank in person? No, this is an online-only account.
  • Can you bank online? Yes

Synchrony High-Yield Savings Account

synchrony

About Synchrony: Synchrony is an online bank that offers Online Savings Accounts, CDs, Money Markets and IRAs. Synchrony Financial also offers retail credit cards for companies like Gap, JCPenney, and Lowe’s. It used to be a part of GE and was spun off as a separate entity.

Synchrony is FDIC insured and has been in business for the last 85 years (under GE). All rates are subject to change at any time.

The High-Yield Savings Account

  • Interest Rate: 0.50% APY
  • Compounding Period: Daily
  • Fees: None
  • ATM Access: Yes. Synchrony says that it doesn’t charge fees for ATM usage and will refund up to $5 per ATM fee that other banks charge. It uses the Accel Network of ATMs.
  • Can you bank in person? No. Synchrony is an online-only bank.
  • Can you bank online? Yes.

The Takeaway: You can get an ATM card for this savings account, but remember, like all savings accounts, you can only have six transactions within a statement cycle. If you go beyond that, Synchrony could close your account for misuse. You can access your money via ATM, online, or via phone, while funds transfers are handled through a linked Synchrony account, via EFT, or using the mobile app. Synchrony also offers customers what they call “Perks” for keeping money in the account. You can learn more about the perks, here.


HSBC Direct Savings

hsbc

About HSBC: HSBC is a brick-and-mortar bank that offers a direct savings account online. By size, it is the 14th largest bank in the U.S., and launched this particular online savings account in 2018. HSBC also offers other kinds of savings accounts (that are very different from the one outlined below) in its brick-and-mortar banking offices, so be sure to do your homework before signing up.

HSBC is FDIC insured and has been in business since 1865. It has more than 200 branches all over the U.S. All APY rates are subject to change at any time.

HSBC Direct Savings

  • Interest Rate: 0.15% APY
  • Compounding Ally financial high yield savings Monthly
  • Fees: Zero monthly maintenance fees. Only $1 required to open an account.
  • ATM Access: None
  • Can what time does walmart store close bank in person? No. While HSBC does have branches around the country, this online account only allows online and telephone communications.
  • Can you bank online? Yes

The Takeaway: HSBC’s direct savings account offers a good return, but there is a minor catch — the account must be opened with money transferred from outside of HSBC, and you cannot be an HSBC customer already.


Ally Online Savings Account

ally

About Ally Bank:

Ally is one of the most well-known online banks in the business, and it has some of the best customer service, too. Offerings include savings, checking, CDs and investing accounts.

Ally Bank has been in business since 1919 and began its life as an automobile financing company, GMAC, which was owned by General Motors. It changed its name to Ally bank in 2009 and went public in 2014.

Ally Bank is FDIC insured.

Ally Online Savings Account

  • Interest Rate: 0.50% APY
  • Compounding Period: Daily
  • Fees: No hidden fees
  • ATM Access: Yes. The same six-transaction rule that applies for all savings accounts applies to the Ally account, too. Ally will refund up to $10 per month in ATM fees and uses the Allpoint ATM system. You need to have a checking account to get an ATM card, however.
  • Can you bank in person? No. Ally does not have brick-and-mortar banks.
  • Can you bank online? Yes, and they have an easy-to-use app to deposit checks.

The Takeaway: Ally Bank offers one of the easiest and clearest online banking options out there. They offer a variety of options, too, and make it really easy to get your money should you need it.


Marcus High-Yield Online Savings Account

marcus bank

About Marcus:

Marcus is a Goldman Sachs product. Marcus is ally financial high yield savings company’s consumer brand, but does not currently offer ATM cards, access to ATMs or any other sort of real-life banking interaction. It’s all online.

Marcus obviously has its roots in Goldman Sachs which has been around since 1869 when Marcus Goldman opened the bank in New York. Marcus was the name of the personal loan branch, and in 2017, adopted the name for its online banking arm.

Marcus is FDIC insured.

Marcus High-Yield Online Savings Account

  • Interest Rate: 0.50% APY
  • Compounding Period: Daily
  • Fees: None. Just keep $1 in your account to earn the APY.
  • ATM Access: None. You can get your money via EFT or wire. Deposits are made via wire, EFT or mailed checks.
  • Can you bank in person? Nope.
  • Can you bank online? Yes, but Marcus doesn’t offer a mobile app.

The Takeaway: Marcus is backed by one of the most well-known financial institutions, and offers one of the best APYs in the industry. If you need easy access to your money though, this probably isn’t for you.


Barclays Online Savings Account

BARCLAYS

About Barclays:

Barclays is a big, old British bank that has been around for 325 years. Really. They have a relatively small presence in the U.S., but they are growing. According to MagnifyMoney, it uses the savings deposits to fund its American credit card business. (Read that twice so you understand it.)

Barclays is FDIC insured.

Barclays Online Savings Account

  • Interest Rate: 0.40% APY
  • Compounding Period: Daily
  • Fees: None. Just keep $0.01 in your account to earn the APY.
  • ATM Access: None. Also, if you go over the six-per-cycle transaction limit, there is a $5 per transaction fee.
  • Can you bank in person? No.
  • Can you bank online? Yes, there’s also an app for depositing checks and managing your account.

The Takeaway: A big old bank that offers a really good APY. Just know where your money is going. (Read the part about funding a credit card business one more time.)


Discover High-Yield Online Savings Account

DISCOVER

About Discover:

Discover Bank is the online bank that is owned by Discover Financial, the people behind the popular Discover credit card. The company plays in the student loan, personal loan, home loan, and credit card business.

Discover is FDIC insured.

Discover High-Yield Online Savings

  • Interest Rate: 0.40% APY
  • Compounding Period: Daily
  • Fees: None, unless you go over the six transactions per cycle, or overdraw your account.
  • ATM Access: None, unless you have a Discover Checking account that is linked. Then you can move money to your checking account and withdraw it. Discover has 60,000 no-fee ATMs.
  • Can you bank in person? No.
  • Can you bank online? Yes, and Discover also offers an app for depositing checks and managing your account.

The Takeaway: A straight-forward way to earn a decent APY on the cash you need to stash. You can access the money by opening a Discover Checking account and withdrawing (no more than six times per cycle) through your checking account. The fees are also laid out clearly ($15 per transaction over the allotted six, $30 for insufficient funds) on the savings page, too.


American Express National Bank Personal Savings

american express

About American Express, Member FDIC: While you may know them as a credit card company, American Express also offers savings accounts. The bonus of going with an AmEx savings account is that it easily links with the accounts you already have, and you can connect more than one account to it.

American Express is FDIC insured and has been in business since 1850.

American Express® Personal Savings

  • Interest Rate: 0.40% variable Annual Percentage Yield (APY).
  • Compounding Period: Daily
  • Fees: None
  • ATM Access: None
  • Can you bank in person? No. American Express does not have brick-and-mortar buildings for customers.
  • Can you bank online? Yes.

The Takeaway: While AmEx doesn’t offer a way to get your money from the savings account directly, it’s just as convenient to withdraw it through your linked checking accounts. The American Express Personal Savings account offers an excellent way to save, get a competitive interest rate, and work with a well-known financial institution.


MySavingsDirect Online Savings Account

my <i>ally financial high yield savings</i> direct

About MySavingsDirect:

While it may just look like a web-address-turned-bank, MySavingsDirect is a branch of Emigrant Bank, which was founded in 1860. It doesn’t offer any kind of checking account, so you will need to have an outside one to fund your savings account.

MySavingsDirect is FDIC insured.

MySavingsDirect Online Savings Account

  • Interest Rate: 0.25% APY
  • Compounding Period: Daily
  • Fees: None. There’s no minimum balances, and no fees for excessive withdrawals.
  • ATM Access: None.
  • Can you bank in person? No.
  • Can you bank online? Yes, but the site did give me pause. It looks like something from the early 2000s, and there’s no mobile app. Initial account funding requires an ACH transfer from an existing bank account, and since MySavingsDirect doesn’t offer automatic deposits, you’ll need to move money manually from a linked checking account for subsequent deposits. Withdrawals can be made via ACH. Remember, these take time to process, so you should be patient.

The Takeaway: MySavingsDirect used to be known for having the highest APYs in the space, and it does top out this list. It’s a good alternative if you live in a state where PNC has an outpost and want a very competitive savings rate, though you have to be OK with a dated-looking website and restrictions on how you can fund your account.


CIBC Agility Online Savings Account

CIBC bank

About CIBC Bank:

CIBC U.S. is the American arm of a Canada-based bank. CIBC has been in the U.S. market since 1991, and is headquartered in Chicago.

CIBC is FDIC insured.

CIBC Agility Online Savings Account

  • Interest Rate: 0.52% APY
  • Compounding Period: Monthly
  • Fees: You need a minimum of $1,000 to open an account. Make more than six transactions per cycle, and you’ll be charged $10 per transaction. Keep a minimum of $0.01 in the account to earn the APY.
  • ATM Access: None
  • Can you bank in person? CIBC has branches in the Midwest, but the Agility Online account can only be accessed online.
  • Can you bank online? Yes, and there’s also an app. You can fund your account with recurring transfers from a linked account, direct deposit, or mailed check. Money transfers can be made between CIBC checking accounts and the Agility account.

The Takeaway: It’s not the highest interest rate, but it is pretty darn close. CIBC has very few locations, mostly in ally financial high yield savings midwest U.S., and since this is an online-only account, the locations won’t do you much good anyways. Our takeaway? If you want a place to put some money and just let it sit, this is a pretty good bet.


Citi Accelerate Savings Account

citi bank

About Citibank:

Citibank is the retail banking outfit of Citigroup. It’s one of the few large banks offering a good rate on a high-yield online savings account. There are more than 4,600 Citibank branches all over the world.

Citibank was founded in 1812 as the City Bank of New York. Citibank is FDIC insured.

Citi Accelerate Savings Account

  • Interest Rate: 0.40% APY with caveats. It’s only available in 41 states, and you have to open it with a choice of one of five banking packages from Citi.
  • Compounding Period: Daily
  • Fees: No minimum to open, but must maintain a balance of $500 or more to avoid the $4.50 monthly fee.
  • ATM Access: Yes, but only because you have to sign up for the other banking packages that generally include a checking account with ATM access. Fees for accessing a non-Citibank ATM are $2.50 per transaction.
  • Can you bank in person? Yep.
  • Can you bank online? Yes, and through the mobile app.

The Takeaway: If you already have a checking account that you like, Citi’s Accelerate probably isn’t for you. You are also out of luck if you don’t live in one of the 41 states where the account is available.


Citizens Access Online Savings Account

citizen access bank

About Citizens Bank:

Citizens Bank is the 13th largest bank in the U.S., and Citizens Access is its online arm which currently only offers two options for online banking: a savings account and a CD.

Citizens Access is FDIC insured and has been in business (online) since 2018. Citizens Bank has been around since 1828.

Citizens Access Online Savings Account

  • Interest Rate: 0.40% APY
  • Compounding Period: Daily
  • Fees: Minimum opening balance of $5,000 and maintain a minimum of $0.01 to earn the APY. No other fees. If your balance goes below $5,000, you earn only 0.25% APY according to MagnifyMoney.
  • ATM Access: None.
  • Can you bank in person? No.
  • Can you bank online? Yes, and through the mobile app. You’ll need to connect a checking account, use the app to deposit, or you will need to mail in a check to open the account. To get your money out, move it back to your external banking account via transfer.

The Takeaway: If you plan to park your money for some time, Citizens Access is a good bet. For those who need to use the money (and cause the balance to dip below the $5,000 mark), other banking products may be better.


PurePoint Online Savings Account

pure point

About PurePoint Financial:

PurePoint is part of MFUG Union Bank and has 22 banking offices in Dallas, Chicago, Miami, New York, and Tampa.

PurePoint has been around since 2017.

PurePoint Online Savings Account

  • Interest Rate: 0.40% APY
  • Compounding Period: Daily
  • Fees: Minimum opening balance of $10,000, and maintain a minimum of $0.01 to earn the APY. If your balance goes below $10,000, you earn 0.25% APY. Any transactions over the allowed six per cycle, and you’ll be charged $10 per occurrence. Otherwise, no fees.
  • ATM Access: None.
  • Can you bank in person? In 22 select locations, yes.
  • Can you bank online? Yes, though there is no mobile app.

The Takeaway: If you can stash that $10,000 minimum and keep it there, then this isn’t a bad bet. If you plan to go below the $10,000 limit, look elsewhere for a more flexible savings account.


Aim for These Four Key Features in Online Savings Account

Any excellent savings account will have the following key characteristics:

  • A competitive interest rate
  • A safe place to keep your money (FDIC insured)
  • No Fees (or very minimal fees)
  • Easy Access and liquidity

Like any financial decision, you need to be sure that the account you choose is right for you.

Frequently Asked Questions

While savings accounts have existed for decades, many people aren’t as familiar with online high-yield savings accounts. Here are some of the more common questions people ask about high-yield savings accounts.

How Does A High-Yield Savings Account Work?

A High Yield Savings Account is a savings account that offers a much higher interest rate than a traditional brick-and-mortar bank. Typically, high-yield savings accounts are available through online banks. With less overhead costs than a conventional bank, online banks offer extra perks to customers, like lower fees (or no fees) and higher interest rates on deposit accounts. The national deposit rate currently sits at 0.07%, but you can find high-yield savings accounts that offer upwards of 1.00% APY and higher.

Similar to other savings accounts, high-yield savings accounts are subject to Regulation D, which limits the number of withdrawals and select bank transactions to six per monthly statement cycle. Most banks charge a penalty fee if you exceed the monthly transaction limit.

What Should I Consider When Choosing a High-yield Savings Account?

One of the primary factors to consider when choosing the right high-yield savings account is the interest rate. A higher interest rate will maximize your deposits so you can reach savings goals. Some banks offered tiered interest rates based on your account balance, with the best rates reserved for higher balances.

Beyond interest rates, you should also consider what fees the bank charges, minimum deposit requirements, minimum balance requirements, and what withdrawal options are available. Ally financial high yield savings account details before applying for a new high-yield savings account.

How Much Interest Can I Earn With a High-Yield Savings Account?

If you deposited $10,000 into a high yield savings account with a 0.50% APY, with no other deposits, you would earn just over $50 in the first year. Over five years, you would earn $253.10 in interest if you didn’t deposit another penny into the account.

$50 isn’t a massive influx on cash, but it’s much more than you would earn with a traditional savings account. At 0.07% APY, you would only earn $7 the first year and $35.06 over five years.

Does the APY for High-Yield Savings Accounts Change?

Yes, like most bank deposit accounts, high-yield savings accounts feature variable interest rates that change over time. Rate changes for high-yield savings account typically mirror the federal funds rate set by the Federal Reserve. As the federal funds rate rises and falls, so do rates on high-yield savings accounts and other deposit accounts.

What Are Typical Fees Associated With a Savings Account?

The most common fee associated with savings accounts is a monthly maintenance fee or service fee. Many banks charge a maintenance fee that helps cover bank operating costs. Maintenance fees are more common with traditional banks, but some online banks charge them too. Some banks offer a way (or ways) to waive monthly fees, usually by meeting account deposit or balance requirements.

How Often Can I Withdraw From a High-Yield Savings Account?

High-yield savings accounts are subject to Federal Reserve Board Regulation D, which limits savings accounts to six withdrawals or transfers per statement period. Transactions that may fall under this regulation with your bank include:

  • Electronic funds transfers (EFTs)
  • Automated clearing house (ACH) transfers
  • Wire transfers
  • Third-party checks
  • Debit card transactions
  • Overdraft transfers

Other transactions, like ATM and in-person transactions, typically fall outside of Red D restrictions.

Banks may charge a fee or pursue other actions (like close your account) if you go over the statement transaction limit during the statement period.

Why Do Online Banks Pay More Interest?

Online banks can afford to pay higher interest rates because they don’t face the same overhead costs as a traditional bank. With no bank branches and fewer employees, online banks often pass savings along to their customers through fewer fees and higher rates on deposit accounts.

Are Online Savings Accounts Safe?

Like traditional banks, online savings accounts are FDIC-insured up to $250,000 per depositor. Online savings accounts through credit unions are also insured up to $250,000 per depositor but are backed by the National Credit Union Administration (NCUA). You can verify that your online bank is safe through the FDIC BankFind tool.

Is It Safe to Bank Online Or On My Phone? Online banks also employ the latest encryption technology and other security measures to ensure that your funds and personal information are protected at all times when you are banking.

What is the difference between a high-interest savings account and a money market account?

High-yield savings accounts and money market accounts are both types of savings accounts offered by banks and other financial institutions. Both typically come with higher interest rates and the same monthly transaction limits. Money market accounts generally offer some checking account features like a debit card and check-writing privileges. High-yield savings accounts rarely come with either of those options, although some banks offer them.

How Do I Open a High-Yield Savings Account?

Most banks allow you to open a high-yield savings account online. In most instances, you’ll need to provide personal information, like your full name, address, phone number, and social security number or driver’s license number, to verify your identity. You will also need bank account information for whatever source you’re using to fund your new account.

Common High-Yield Savings Terms You Should Know

Here are some common saving terms related to savings accounts you should know.

Annual Percentage Yield

The annual percentage yield, or APY, is the amount of compound interest earned by an account in a year. APY is calculated by the interest rate and the number of times interest is paid annually.

ACH Transfer

An ACH transfer is a form of electronic payment that transfers money between banks. The process occurs through an Automated Clearing House (ACH) network and is either a direct deposit or direct payment. Bank online bill pay systems utilize ACH for transactions. Employers use ACH transfers to pay employees via direct deposit. ACH networks batch ACH transactions together and transfer them three times each day.

Wire Transfer

A wire transfer is a form of electronic payment between one bank account and another bank or financial institution through a secure wire network. The bank acts as a middleman between the payment sender and recipient. Payment for the wire transfer is made by the sender upfront at the bank.

Mobile deposit

A Mobile deposit is a check that is deposited digitally through a bank or other financial institution’s mobile app or online platform. Bank customers use their phone’s camera to snap photos of the check’s front and back as part of the deposit process. Most online banks and many traditional banks offer mobile banking now and mobile deposits.

Minimum account balance

The minimum account balance is the minimum balance you must maintain in a bank account to avoid monthly maintenance fees or receive extra benefits like earn interest. Not all banks require a minimum account balance.

Minimum Deposit

The minimum deposit is the lowest deposit amount required to open a new account at a bank or other financial institution. Minimum deposit requirements vary between banks. Some online savings accounts have no minimum deposit requirements, while others require deposits of thousands of dollars to open a new account.

Compound Interest

Compound interest is interest that you earn on your original deposit and interest added to your account. Interest typically compounds daily or monthly and is added to your account balance each compounding period.

What Can You Use A High-Yield Savings Account For?

A high-yield savings account can help you reach short and long-term savings goals. You’ll reach your goals faster than you would with a traditional savings account, thanks to some of the best interest rates on the market. Here are some ways people use high-yield savings accounts to reach their savings goals.

  • Emergency fund
  • Travel fund
  • Downpayment on a house
  • Save for a new car
  • Wedding fund
  • College savings

Alternative Options for Online Savings Accounts

Online savings account aren’t the only option you have to optimize your savings online. Online banks offer other bank account products that earn higher interest rates than accounts at a traditional bank. Here are some accounts to consider.

High-Yield Checking Account

Some online banks offer high-yield checking accounts. The great thing about these types of accounts is that you still earn a competitive interest rate and gain access to checking account features like a debit card and a checkbook.

While high-yield savings accounts are subject to Reg D transaction limits, checking accounts are meant for everyday banking, so there aren’t any transaction limits. You can use a high-yield checking account for everyday transactions while still earning interest on the account balance.

Money Market Accounts

If your bank doesn’t offer a high-yield checking account, opening a money market account might be the next best option. Money market accounts are hybrid bank accounts that offer the competitive rates of a high-yield savings account with the best checking features like a debit card and ATM access. Some money market accounts come with check-writing privileges too.

As a savings product, money market accounts do have the same monthly transaction limits (six per statement period) as a savings account. Your bank may charge a fee or close the account if you go over the limit.

Money market accounts make the perfect vehicle for savings goals like an emergency fund or travel fund. You get increased savings, but in a more versatile (and accessible) account than a high-yield savings account.

Certificates of Deposits

Certificates of Deposit, or CDs, are timed deposit accounts that earn interest. The bank essentially pays you a higher rate to deposit funds and leave them untouched for a set amount of time. CD terms typically range from as short as one month to five years, although some banks offer CD terms as long as ten years.

Opening a CD is an excellent option for individuals who have extra funds they don’t need access to for a while. Don’t tie up funds you’ll need soon because most banks charge a penalty for withdrawing funds before maturity.

CDs offer a unique savings option called a CD ladder. You can build a CD ladder by opening multiple CDs of varying term lengths. As a CD matures, you can roll the funds into another CD with longer terms or close the CD if you need the funds at that point. Building a CD ladder lets you take advantage of higher rates without tying up all of those funds long-term.

Benefits of High-Yield Savings Accounts

There’s a lot to like about high-yield savings accounts. Here are some of the benefits to opening a high-yield savings account.

  • Higher interest rates
  • Few or no monthly fees
  • FDIC-insured
  • Funds are still accessible
  • 24/7 online and mobile account management

Drawbacks of High-Yield Savings Accounts

High-yield savings accounts are a great option but aren’t perfect ally financial high yield savings everyone. Here are some of the drawbacks of high-yield savings accounts.

  • Same transaction limits of a traditional savings account
  • Not a long-term investment option
  • Most online banks don’t have physical bank branch locations
  • It can often take up to 48 hours for transfers
  • Most online high-yield savings accounts don’t come with debit cards
  • The highest interest rates are often reserved for large account balances

The Differences Between Online Savings Accounts and Traditional Savings Accounts

There’s no denying it, these types of savings accounts have taken off in the last few years. Nearly every bank offers some form of them, but what’s the difference between an online savings account and one of those regular ones you sign up for in person?

The main difference between online savings accounts and “traditional” savings accounts is how you access them. Since most “traditional” savings accounts require that you go to a physical location to open them, you can have regular access to the bank and banking personnel should you need to speak to someone. Online banks, however, do not have any physical locations that you can visit. You have to either call or work with them online to solve any issues. Additionally, most brick-and-mortar banks have an extensive network of ATMs while online banks may have very limited ATM availability.

Additionally, it’s essential to understand a little about how interest rates are determined. The Federal Open Market Committee (FOMC) at the Federal Reserve, commonly referred to as “The Fed,” sets interest rates. The Fed will meet roughly eight times in 2019 and make determinations about what the economy may need to keep firing on all cylinders. The FOMC uses various rates to keep the economy correctly tuned, and the federal funds rate generally nudges banks to increase or decrease the rate of earnings on your savings accounts.

When the FOMC sets rates, those rates generally trickle down to banks and the rates they offer customers, but that’s where online banks and brick-and-mortar banks begin to differ. Despite a long period of rate hikes, most brick-and-mortar banks have not passed along the increased earning potential to consumers. Online banks, on the other hand, have been able to increase their rates because they have less physical infrastructure to maintain. In fact, according to LendingTree, the average savings rate you could get from a brick-and-mortar in December 2018 was 0.26% APY (Annual Percentage Yield), whereas online savings accounts were offering 1.25% APY. That’s a significant difference!

Online savings accounts also typically offer lower fees, or no fees and the convenience of banking — you guessed it — online.

Bottom Line

An online savings account is your best option to maximize savings thanks to ultra-competitive interest rates and few or no fees. Many online savings account come with no or low minimum opening deposit requirements, so almost anyone can open one right now. Whether you have a specific savings goal in mind or just want to have an extra cash cushion available, online savings accounts are a great option.

Online savings accounts make sense for people who don’t need access to in-person banking services. While online savings accounts earn higher rates, they aren’t meant as a long-term investment strategy. They aren’t a substitute for retirement savings and investment accounts.

Compare the best online savings accounts above to find the account that fits your specific banking needs.

Methodology

There’s no shortage of interest-earning savings accounts. You can get one from one of the big banks like Chase, Capital One and Wells Fargo, online-only banks and your local credit unions.

We made our choices for the best high-yield savings accounts by focusing on a few different factors.

For example, most people want accounts that earn a high interest rate, but with uncomplicated eligibility requirements.  We also focused on accounts that offer free transactions, good online banking options, high transaction limits, no or low minimum balance requirements and more.

Источник: https://money.slickdeals.net/banking/high-yield-savings-accounts/
Vio Bank is the online bank division of one of the largest privately owned banks in the United States and Member FDIC. Sent email to their support but they're closed for the weekend and don't feel like waiting for a response. 51% savings APY with $100 minimum to open account (read full review), Member FDIC. 05 billion in assets. Vio Bank - Savings 0. In contrast, online Nov 09, 2021 · Vio Bank is an online division of MidFirst Bank that is and known as the largest privately held bank in the US. I will keep my 3 other money market accounts that do not offer 2. Aug 01, 2021 · Vio Bank, headquartered in Oklahoma City, provides high yield savings account, cornerstone money market account and certificates of deposit (CDs) with the great rates. Besides its high-yield savings account, customers have access Aug 08, 2018 · About Vio Bank Established in 2018, Vio Bank is a national online bank division of MidFirst Bank, one of the largest privately-owned banks in the United States. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features Press Copyright Contact us Creators Aug 19, 2021 · Vio Bank’s High Yield online savings account offers an average yield of 0. Overall, the Vio Bank Savings Account is only worth it if you want to get high interests r May 12, 2021 · Vio Bank Review: Best for High Rates Vio Bank is the online-only division of MidFirst Bank offering a high-yield savings account with one of the highest rates out there. « back to RateBrain. Heavy early withdrawal penalties. The Vio Bank routing number is 303087995. At the end of 2017, MidFirst Bank had $14. Aug 07, 2021 · Vio Bank Account Benefits. MidFirst Bank is an FDIC insured institution founded in 1911. Vio Bank provides two kinds of facilities high-yield savings accounts (HYSA) and certificates of deposit accounts (CDs). Sep 21, 2020 · Vio Bank is a reliable and trusted online bank, backed by parent company MidFirst Bank of Oklahoma. Mobile Deposit. Interest is compounded daily; FDIC insured up to $250,000; Only $100 minimum to open; Earn 0. Although it doesn’t have any physical branches, customer support representatives are available daily by phone. when it comes to offering a great rate, so the bank constantly increases the interest rate to keep pace with other banks. Aug 18, 2021 · Vio Bank is the online-only ally financial high yield savings of MidFirst Bank. The routing number for Vio Bank is 303087995. With more than $29 billion in assets, it is the largest, privately-owned Oct 16, 2020 · Vio Bank—the online-only division of MidFirst Bank—offers competitive rates, low minimums and low fees on savings products to consumers throughout the nation. Vio Bank is an excellent option for anyone looking to set aside savings. Its headquarters is located at 501 NW Grand Boulevard - Oklahoma City, OK 73118 The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. But even though its parent bank has an extensive branch network, you can’t use its physical locations to access or service your Vio Bank account, as ally financial high yield savings are distinct entities. 51% APY across all balances in its High Yield Online Savings Account. It offers a high-yield savings account, a money market account, and a certificate of deposit account with terms between 6 and 120 months. Anyone using Vio bank able to find their account number? I scoured their website and app and can't seem to find it. Vio Bank’s customer service is 888-999-9170, and automated service is available 24/7. Jan 29, 2021 · The Vio Bank High Yield Online Savings account is a good choice for anyone looking for a high-yield savings account. Available to all Vio Bank online banking customers. 52% interest like Vio bank advertises, but at least they offer good customer care. As one of my first steps, (step 2 and 3 is to set up my 403b and open a Roth IRA) I want to move most of my savings from the small credit union I have it stored in into a high yield. com. But, earning more in your savings and CD accounts can lead to much larger account balances balances over time when you examine the difference in compound interest over time. It currently offers a competitive 0. Sep 08, 2021 · A Vio Bank CD isn’t only useful for immediate goals, but also far off goals like retirement. - Check your latest account balance and search recent transactions. Where most banks calculate penalties using days of interest, Vio charges a percentage of the money withdrawn, and the percentage goes up depending on the term of your CD. Minimum Deposit/Balance Aug 01, 2021 · Vio Bank, headquartered in Oklahoma City, provides high yield savings account, cornerstone money market account and certificates of deposit (CDs) with the great rates. Vio Bank, 0. Vio Bank is Jan 29, 2021 · The Vio Bank High Yield Online Savings account is a good choice for anyone looking for a high-yield savings account. Based in Oklahoma, Vio Bank has no physical branches or ATMs but only an online division. Jun 07, 2019 · Vio Bank is an online-only division of MidFirst Bank, a privately owned bank based in Oklahoma City. - Easily transfer cash between your Vio accounts. Vio Bank allows you to check balances, view statements and make deposits. 7 billion in assets and $1. It has approximately $31. It takes a few days to open the account, and the rep I talked to admitted that the mobile app was not great, but other than that I haven’t really minded it. Recent Rates for Vio Bank. The company is an internet-only bank and does not have any branches or ATMs. Having just turned 25 I've realized it is finally time to start taking my finances seriously. Apr 23, 2020 · Vio Bank is the online bank division of MidFirst Bank, one of the largest privately owned banks in the United States. Jul 28, 2021 · I opened an account with VIO the on line division of Midfirst Bank. You may view your whole account number by logging into your online banking. Oct 01, 2021 · Vio Bank is the online division of the largest privately held bank in the United States, MidFirst Bank. Small differences in savings or CD rates may seem trivial. Nov 06, 2020 · General Online Bank Information. It was fully funded by the end of April 2021. With Vio, your interest is set to compound daily, which is the fastest option to make your money grow. Nov 01, 2021 · Vio Bank is an online-only division of MidFirst Bank, the largest privately owned bank in the U. So I took a look, curious to see if the latest Rate cut by t It takes a few days to open the account, and the rep I talked to admitted that the mobile app was not great, but other than that I haven’t really minded it. vio bank

Источник: http://manastek.com/6ledljn/vio-bank.html

Ally Bank Accounts and Rates

A FEW THINGS YOU SHOULD KNOW

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company, NMLS ID 3015. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Ally Bank is a Member FDIC and Equal Housing Lender NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.

Ally Servicing LLC, NMLS ID 212403 is a subsidiary of Ally Financial Inc.

Securities products and services are offered through Ally Invest Securities LLC, member  FINRA and  SIPCView Security Disclosures

Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor.  View all Advisory disclosures

Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC.  NFA Member (ID #0408077), who acts as an introducing broker to GAIN Capital Group, LLC ("GAIN Capital"), a registered FCM/RFED and NFA Member (ID #0339826). Forex accounts are held and maintained at GAIN Capital. Forex accounts are NOT PROTECTED by the SIPC.  View all Forex disclosures

Forex, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit

Products offered by Ally Invest Advisors, Ally Invest Securities, and Ally Invest Forex are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.

App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc. 

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Ally and Do It Right are registered service marks of Ally Financial Inc.

From NerdWallet. © 2017-2021 and TM, NerdWallet, Inc. All rights reserved. 

From Kiplinger's Personal Finance. © 2021 The Kiplinger Washington Editors. All rights reserved. Used under license.

From MONEY. © 2020 Ad Practitioners, LLC. All rights reserved. Used under license.

Источник: https://www.ally.com/bank/view-rates/

Ally Bank Online Savings Account Review

Ally Bank Savings Account iPhone AppAlly Bank Savings Account

Whether you are just starting to look for a bank to build your nest egg or you have an account and would like to consider better features, now is a good time to consider an online savings account.

Although you might be unsure of banking online versus the traditional method of brick and mortar banks, there are actually a number of reasons you could be better off with an online bank.

Further, you get the convenience of online and mobile banking, and the ability to speak with someone 24/7 if you need assistance. Plus, you can rest assured knowing your deposits are in good hands and FDIC insured.

Ally Bank is one of the biggest online banks in the U.S. and there's a good reason for that: it offers accounts with low fees and high interest rates.

The Ally Online Savings Account is one of them. See if it can help you reach your savings goals faster.

In this Ally Bank Savings Account review, we'll compare rates, fees and services to other national and online banks.

Ally Interest Rates

One of the drawbacks of leaving your money in a big-bank savings account is that most aren’t paying enough interest to be worth it.

Fortunately, an Ally Bank savings account pays out one of the highest interest rates you will find with both online and major financial institutions.

Ally Bank Online Savings Account Pros & Cons

ProsCons
  • Earn a consistently high interest rate
  • Great savings tools and features
  • No monthly fees

Interest is also compounded daily, to allow you to earn interest on top of the interest that is added to your balance.

When compared to other leading banks, there really isn’t any competition.

For example, leading and well-known banks like PNC Bank, Bank of America, Wells Fargo, and Chase currently only offer interest rates of 0.01% on their basic savings accounts.

That means you can earn 100 times more interest with an Ally Bank savings account. It's very clear that Ally Bank's savings account will allow your money to grow significantly faster.

Buckets Feature

Ally Bank allows customers to assign nicknames to each account -- in case you wanted to designate each account for a specific goal.

To make things even easier:

Ally offers the "Buckets" feature that allows you to label the funds in one account for multiple purposes, such as "emergencies" or "bill payments."

It can help those who want additional organizational tools within their savings accounts.

Surprise Savings

Another nifty savings tool offer by Ally is the "Surprise Savings" program.

Basically, Ally will look at your checking accounts (whether the account is held with Ally or another bank) to identify room for additional savings.

If the program finds extra money that you can save, it will automatically transfer it to your Ally savings account.

Now:

Ally will request login information in order to analyze the checking account activity. Be sure that you're comfortable with that.

Will You Need to Pay Fees?

You might find with online bank accounts that there are also fewer fees.

With the Ally Bank savings account, you don’t have to worry about paying a monthly maintenance fee or other hidden fees that you aren’t expecting.

This is one of the drawbacks that consumers face when searching for a new bank.

With major banks currently offering the lowest interest rates, it just doesn’t make sense to pay a monthly fee that can be as much as $10 or more every month. In fact, you risk the account costing you more than you earn in interest.

Other Fees to Consider

Although there aren’t any hidden fees or monthly maintenance fees to be aware of, there are other fees you might come across that aren’t as common. Other fees include:

Ally Savings Account Fees

Type of feeFee amount
Monthly Maintenance Fee$0
Excess withdrawal (after 6 withdrawals in a month)$10 each
Returned deposit item$7.50
Overdraft item paid$25 (limit once per day)
Expedited delivery fee$15
Outgoing wire transfer (domestic)$20
Research fee$25/hour

Again, these are all fees that are rare and usually aren’t incurred on a regular basis.

The more standard fees like the monthly maintenance fee, ACH transfers, statement copies, and cashier’s checks are all $0.

This means, for the most part, you can build your savings account, without it costing you. And, you don’t have to worry about your earnings decreasing because of account maintenance expenses.

Transfer to Other Banks

It’s understandable that although you might choose to build your savings with Ally Bank, you might also have accounts with other financial institutions.

Fortunately, another feature of an Ally Bank savings account is the ability to transfer funds to another institution quickly and easily.

You can not only transfer funds between Ally bank accounts, but you can also transfer money between Ally Bank and other financial institutions, and you can even schedule transfers up to a year in advance.

Customer Service and Account Access

Many consumers today find that it’s difficult to live without the convenience of online and mobile banking.

Most online savings accounts provide both of these features so that you can access your bank account at any time, right from the convenience of your mobile device, tablet, or laptop.

You not only have access to your banking information 24/7 but with an Ally Bank savings account, you can also speak with someone 24/7.

This means you can contact customer service immediately by phone, chat, or email.

Plus, you can check the website for call waiting times to help you determine the best time to contact customer service. Most of the time, your wait time won’t be longer than one minute.

How Secure is Ally's Savings Account?

If you are new to online bank accounts, you might wonder how safe your money actually is when you leave it with a bank that is only online.

Fortunately, banks like Ally are sometimes even more secure than others, and your deposits are FDIC-insured up to the maximum allowed by law.

Further, because it is an online bank, Ally has gone the distance to ensure that they can guarantee online and mobile safety.

You won’t be liable for any unauthorized transactions that are made online or through mobile banking, as long as you report the transaction within 60 days of when your statement is available to you.

If you still aren’t convinced, as a bonus, Ally Bank also offers free security software to protect up to three devices with Webroot SecureAnywhere software.

Plus, Ally uses features such as 2-step authentication and other security strategies, as well as fraud and identity theft tools and personal tips to help protect you from malware and other potential security concerns.

Compare to Other Online Savings Accounts

Ally Bank is a popular destination for people looking for great savings rates, but there are others that may come up during your search for an online savings account.

Take a look at your other options to see how Ally's savings account stands among them:

Capital One 360 Performance Savings

The online savings account from Capital One 360, Capital One's online banking division, is very similar Ally's savings account. It does offer a lower savings rate.

However, the 360 Savings account doesn't charge excess withdrawal fees -- the bank will just close your account if you do it too often. It also lets you create multiple accounts with nickname just like Ally.

Synchrony Bank High-Yield Savings Account

Synchrony Bank offers an online savings account with an impressive savings rate. Its biggest drawback is the lack of a dedicated mobile banking app -- not a major hurdle if you don't really need it.

Final Verdict: Great for All Savers

As you could probably guess, online savings accounts provide all the convenience and security you would expect from any bank.

Some of the best features, however, include one of the highest interest rates available from any bank, and no hidden fees.

With an Ally Bank savings account, you can save your money for college, an event, a vacation, or an emergency fund, and earn the most interest without paying ridiculous fees just to have the account.

Although there are many other traditional banking options as well as online banks like Ally, there isn’t any that can really compare when it comes to interest rates, fees, and features.

You already know you need a savings account, now you just need to find the right one for you and your family.

When you look at the Ally Bank savings account against nearly any other traditional bank or online bank, the others don’t quite stack up.

Continue Reading

Источник: https://www.mybanktracker.com