How to Open Different Types of Savings Accounts
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One of the most basic tools for personal finance management is some kind of savings account, whether it s the Ally Bank Online Savings Account. our Money Market Account or some other type of savings account at another bank. It s important to have somewhere to put your savings, which can be used for emergencies or a future goal, like buying a car or putting a down payment on a home. Savings accounts let you set funds aside preferably in an account that earns interest while enjoying relatively easy access to your money when you need it.
Whatever your purpose, learning how to open different types of savings accounts is as simple as seeing what s available from your chosen institution and then finding out what the terms of each account are. At some banks, you ll need to meet minimum deposit requirements or pay monthly maintenance fees.
Often, your chosen savings account goes hand in hand with a checking account. The checking account may be used to pay bills and make everyday purchases. With the savings account linked to the checking account, you can transfer money between the accounts. You may even have automatic transfers set up to prevent overdrafts on your checking account or to have a set amount go to your savings account on a regular basis.
You could open a savings account at a local bank, but you may want to consider choosing an online bank, like Ally Bank. Online banks don t have the overhead of traditional banks, so they can pass the savings on to you in the form of great rates. With an Ally Bank Online Savings Account or Money Market Account. you get rates that are consistently among the most competitive in the country. We don t charge monthly maintenance fees and you can open and fund your account with any amount. You also have access to excellent customer service and our easy-to-use website.
Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) to get started today.
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Learn About the Risks of Options Trading
Options involve risk and are not suitable for all investors. Options investors may lose the entire amount of their investment in a relatively short period of time.
Prior to buying or selling options, investors must read a copy of the Characteristics and Risks of Standardized Options brochure (PDF), also known as the options disclosure document. It explains the characteristics and risks of exchange traded options.
You can also request a printed version by calling us at 1-855-880-2559 .
A few things you should know
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally Bank, the company’s direct banking subsidiary, offers an array of banking products and services.
Deposit products (“Bank Accounts” on Ally.com) are offered by Ally Bank, Member FDIC. In addition, mortgage products are offered by Ally Bank, Equal Housing Lender . NMLS ID 181005. 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.
The Ally CashBack Credit Card is issued by TD Bank, N.A.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC.
View all Securities disclosures
Options involve risk and are not suitable for all investors. Review the Characteristics and Risks of Standardized Options brochure before you begin trading options. Options investors may lose the entire amount of their investment in a relatively short period of time.
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. Brokerage accounts are serviced by Ally Invest Securities LLC and advisory client account assets are kept in custody with Apex Clearing Corporation, members FINRA and SIPC. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. Ally Invest Forex LLC, NFA Member (ID #0408077), acts as an introducing broker to GAIN Capital Group, LLC (“GAIN Capital”), a registered FCM/RFED and NFA Member (ID #0339826). Your forex account is held and maintained at GAIN.
Ally Invest Forex LLC and Ally Financial Inc. are separate, but affiliated companies. View all Forex disclosures
Futures trading services are provided by Ally Invest Futures LLC member NFA. Trading privileges are subject to review and approval. Not all clients will qualify. View all Futures disclosures
Forex, futures, 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. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
Forex and futures accounts are NOT PROTECTED by the Securities Investor Protection Corporation (SIPC).
Products offered by Ally Invest, but not limited to, Ally Invest Advisors, Ally Invest Securities, Ally Invest Forex, and Ally Invest Futures are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
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