How Ally Bank Helps You Get Smart with Your Money

Posted in Community, Products, Retirement, What's New
May 1st, 2013 at 3:30 pm by Ally

Money Smart Week logoSpring isn’t the only thing in the air these days. There was a whole lot of personal-finance knowledge being shared last week, as April 20-27 marked Money Smart Week®.

Ally Bank contributed to the occasion by hosting financial literary sessions in Detroit and Atlanta. And over on Ally’s Facebook Page, our readers shared their favorite smart money tips.

Don’t worry, though, if you weren’t able to attend one of our financial literacy sessions. We offer a number of products that let you be smart about where you house your savings – and you can read about them right here.

Whether you’re looking to save short-term, long-term or both, here are some Ally accounts that can help you accomplish your savings goals – while allowing you to instantly see your bottom line.

 

Long Term Goals

If you’re looking to grow your money at the most competitive rates – and you won’t need to access your funds for a while – Ally Bank offers High Yield CDs with terms ranging from three months to five years. Go with a 5-year account, and you’ll earn an annual percentage yield (APY) of 1.54 percent (rate available as of April 22, 2013).

Note that, since Ally doesn’t have expensive physical locations, we can more easily offer:

  • Competitive rates
  • Low fees
  • 24/7 live customer care
  • No ATM fees (plus, we reimburse other banks’ ATM fees nationwide)

 

Flexible Saving

If your savings requirements include competitive interest rates and flexibility, Ally Bank offers a couple of CD products that fit the bill.

Raise Your Rate CDs work like traditional CDs, except they also let you take advantage of interest rates, if they rise. Open a Raise Your Rate 2-Year CD, and you’ll have the option of a one-time rate increase if our 2-Year CD rate goes up. Open a Raise Your Rate 4-year CD, and you can opt for a rate increase twice if our 4-Year CD rate goes up.

If you want to open a CD but worry that you may need to withdraw your funds early, Ally Bank also offers a No Penalty CD. Open one and you’ll have a CD that allows you to withdraw all your money, including interest earned, without any penalties, anytime after the first six days following the date you fund your account.

And for truly flexible saving – having the ability to access your money when you need it – Ally offers an Online Savings Account and a Money Market Account. Keep your money in one of these accounts, and you can make up to six transactions per month, as allowed by law.

 

Retirement

Whether you’re looking to open a traditional IRA, a Roth IRA or a SEP (Simplified Employee Pension) IRA, Ally has a CD to meet your needs. In fact, some of the above-mentioned savings accounts are available for IRAs. Case in point: IRA High Yield CDs and IRA Raise Your Rate CDs. Ally Bank’s Online Savings Account is also available for retirement as the IRA Online Savings Account.

As you think about consolidating your accounts, keep in mind: Ally Mobile Banking lets you keep track of all your Ally Bank accounts from anywhere your cellphone gets Internet service.

Do you have a favorite money-smart tip? Did you attend any Money Smart Week Events

*Money Smart Week is an registered service mark of the Federal Reserve Bank of Chicago

Responses to this post (2 comments)

  1. 8/15/2013
    6:17 pm
    Ruby says:

    Hi Ally! Love banking with you guys! Was wondering if you could add a feature where I can separate my money for items/occasions I’m saving up for without having to open another savings account. Was looking into doing that with SmartyPig but more comfortable keeping my money with you guys. :)

    Thanks! Ruby

    • 8/20/2013
      3:51 pm
      Ally says:

      We don’t offer that option at this time, but we would be happy to help you open an additional account. The accounts can be nicknamed to help you keep the funds separate. Thanks for being an Ally Bank customer!

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