Saving is sometimes easier said than done. The hardest part is that you must be consistent, and you must be proactive in looking for ways your money can work for you, otherwise, you’ll never get rich.
With that said, I want to share with you my experience of using an internet-only based bank, Ally. I house my emergency savings with this bank because of the 1.45% annual percentage yield – some of the best rates in the industry for savings accounts. Don’t tweak. Note: for other savings avenues, I use Acorns, Stash, and Robinhood because they’re directly involved with the stock market and I’m all about the return on investment! If you want to learn more about those services, check out my last article here.
For someone like me, doing business with Ally was a great step in my financial journey because the stock market requires a certain mindset. If you’re someone who needs to focus on saving before you invest, Ally Bank may serve as a viable option for you. I opened an Online Savings Account with Ally Bank in November of 2017. Since November I’ve made over $13 in interest alone with a savings account. $13 from just having an account balance!
As of late, I am drifting away from having high balances in accounts that provide a low interest rate, because what’s the point? I am currently sending $1,000/month to ally and then deciding what to invest in from there! I find that only being allowed 6 transactions/month and them not having a brick and mortar store holds me accountable with my savings goals. In turn, this allows me to allocate that money to other accounts, which are usually centered on investments.
Ally also serves as an investment management company. You can open up IRA accounts, CDs, money markets, and IRA Saving Accounts.
You can see the rates for yourself here.
Additionally, if you are looking for some of the best rates on buying a home, Ally bank is an amazing route to go. They have very low rates to start and they also have a price match guarantee so if you do happen to find lower rates elsewhere, they’ll match it! Ally will be first on my list regarding financing my first home and I can’t wait because their customer service is 24/7 and exceptional. This is a stock I’m actually looking at investing in!
It’s easy to sign up if this sounds like something you’ve been looking for, just visit www.ally.com to get started.
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Brandon Jackson
twitter.com/bjack021
