I ditched my bank when I got married to earn 200 times more with an Ally high-yield savings account, and now I'd tell anyone to try it
- When Anna Baluch got married, she and her husband decided to combine their savings in a high-yield savings account with online bank Ally, which paid 2.2% interest.
- They both had savings accounts at traditional banks, but those accounts paid .02% interest and .01% interest, meaning moving to Ally could earn them up to 200 times as much interest each month.
- Even though they'd always used banks with physical branches, they love Ally's convenience and customer service, as well as its app.
After I tied the knot, it was time for my husband and I to combine our savings.
I had my money in a Fifth Third savings account while he had his in a PNC savings account. The easy move would have been to pick one of our savings accounts and transfer the other person's savings over.
However, the easy move was definitely not the smartest move. My Fifth Third savings account was making a measly .02% in interest while my husband's PNC savings account was earning .01%. We both liked keeping our savings at banks that had physical locations near our house, but we knew the interest rates just weren't cutting it.
We began to research other savings accounts and eventually decided on transferring our savings into an Ally Bank online savings account, as it offers competitive interest rates that are rarely offered by many large banks and financial institutions. With an Ally online savings account, we'd be able to earn 2.2% in interest - a huge step up from the .02% and .01% we were used to.
In addition to its impressive interest rate (while interest rates can vary, it pays 2.2% as of June 1, 2019), Ally offers a variety of other noteworthy benefits my husband and I love. Unlike other savings accounts, Ally does not have any monthly maintenance fees or balance requirements. Even though there's no brick-and-mortar Ally Bank near my house, I've found that I can get the help I need at any time by taking advantage of the 24/7 online or phone support. I have yet to experience a long hold time or unhelpful customer service representative.
My husband and I are also huge fans of the Ally Bank app. We can check our balance, schedule transfers, and keep track of our savings from the convenience of our phones. The app also allows us to take pictures of checks and make deposits and transfer money into our checking account (which is also with Ally by the way) with absolutely no issues.
If we had stayed with either our pre-marriage savings accounts, $20,000 in savings would have only made $2 to $6 in interest. Now, we can enjoy an estimated interest earnings of $440 with our Ally Bank online savings account. Just like most people, we work hard for our money, so there's no reason to have it sit in a savings account that essentially does nothing for us.
Even if you've had the same savings account for years or are unsure about the idea of an online bank, I encourage you to try an Ally Bank online savings account. Just think about what you could do with the extra money you can earn.
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