Allied High Interest Savings Account: A Guide to Earning More

The Allied High Interest Savings Account is a great option for those looking to earn more on their savings. It offers a competitive interest rate, currently at 2.15% APY.

To open an Allied High Interest Savings Account, you'll need to meet the minimum opening deposit requirement of $100. This is a relatively low barrier to entry, making it accessible to a wide range of savers.

With the Allied High Interest Savings Account, you can earn interest on your savings without having to worry about fees. This is a big plus, as it means you can keep more of your hard-earned money.

The account also comes with a mobile banking app, allowing you to manage your account on the go. This is super convenient, especially for those who are always on the move.

An Allied High Interest Savings Account is a type of savings account that earns a higher interest rate compared to a traditional savings account.

By earning a higher interest rate, you can grow your savings over time, making it a great option for those who want to save for short-term goals.

The interest rates on Allied High Interest Savings Accounts can vary, but they are typically higher than those offered by traditional savings accounts.

This means you can earn more interest on your deposits, which can add up over time.

For example, if you deposit $1,000 into an Allied High Interest Savings Account with a 2% interest rate, you can earn $20 in interest per year.

This interest is compounded daily, which means you'll earn even more interest over time.

Compound interest can make a big difference in the long run, especially if you're saving for a specific goal like a down payment on a house.

The Allied High Interest Savings Account has some great benefits that make it a compelling option for your savings goals. One of the biggest advantages is the competitive APY, which is much higher than the national average.

No monthly maintenance fees or minimum balances mean you can save without worrying about extra charges. You'll also have access to a large network of no-fee ATMs, making it easy to manage your money on the go.

Here are some of the key benefits of the Allied High Interest Savings Account:

However, there are a few drawbacks to consider. For example, you won't be able to deposit cash directly into your account, and there are no branch locations. Additionally, some online banks may offer higher-yielding savings accounts, and the short-term CD rates are quite low.

One of the biggest benefits of this financial product is that there are no monthly maintenance fees. This means you can save money without worrying about extra charges.

The product offers competitive APY, which is a great way to earn interest on your savings. This can add up over time and help you reach your financial goals.

You can also organize your savings goals using savings buckets. This feature allows you to visualize and track your progress, making it easier to stay motivated and focused.

Another perk is that interest rates are much higher than the national average. This means you can earn more interest on your savings compared to other options.

Here are some of the key benefits at a glance:

With this product, you can also access a large network of no-fee ATMs. This makes it convenient to withdraw cash when you need it, without incurring extra charges.

The product offers three different styles of CDs, including a Free Travel Secrets Workshop and a Free 5 Day Savings Challenge. These resources can help you learn new skills and strategies for managing your finances.

Additionally, you can earn a high 3.8% APY on all balances, without any monthly fee or opening deposit. This is a great way to earn interest on your savings, without any extra charges.

One of the main drawbacks of this financial institution is that it doesn't allow cash deposits. This can be a hassle for people who rely on cash for their daily transactions.

Another con is that there are no branch locations, which means you can't visit a physical branch to deposit or withdraw cash. This may be a problem for those who prefer face-to-face interactions.

If you're looking for a savings account, you might find that other online banks offer higher-yielding accounts, making this option less competitive.

You'll also notice that there are no in-person branches and no option for cash deposits, which can limit your flexibility.

Short-term CD rates are quite low, which might not be the best option for those looking for a high return on their investment.

Here are some of the key cons of this financial institution in a nutshell:

Ally Bank's savings account has a rate history that shows how rates have changed over time. You can interact with the trend lines to view APY by date.

Ally Bank's savings rate is 3.80% APY, which is much higher than the national average of 0.57%. This rate is comparable to many other online savings accounts, but it's not the highest.

The national average APY is determined by Bankrate's comprehensive national survey of savings accounts and CDs. The rate change date is based on when Bankrate received or captured the rate change, which may differ from the actual date the rate changed.

Here's a snapshot of Ally Bank's savings rate over time:

The rate on Ally Bank's savings account has fluctuated over time, but it's currently at 3.80% APY.

If you're considering Ally's high interest savings account, you may want to weigh the pros and cons of other savings options available at Ally.

Ally offers a money market account with the same APY as their savings account, and certificates of deposit ranging from three months to five years with competitive rates.

If you're looking for the absolute best interest rates on savings accounts, you may find slightly higher APYs elsewhere.

Online banks like Bread Savings, EverBank, and UFB Direct are currently offering yields exceeding 5 percent.

Consider whether switching to a different bank is worth it for a slightly higher yield, or if you value the access to Ally's other services, such as checking, lending, or investing.

Ultimately, it's essential to compare Ally's savings account to other options that fit your needs and preferences.

If you want to compare top savings accounts side by side, you can use Ally's comparison tool to narrow down your options by APY, fees, and opening deposits.

Here's a quick comparison of some top savings accounts:

The Allied high interest savings account offers a range of features to help you save money. One of the key features is the ability to earn a high APY, which is one of the best rates on the market.

You can also enjoy the lack of monthly maintenance fees, making it a great option for those who want to keep their savings intact. The account offers automated savings features to help you save money regularly.

Here are the automated savings features you can take advantage of:

Ally's high-yield savings account is a game-changer for anyone looking to save money.

Automated savings features make it easy to contribute to your savings without having to think about it. These features work with an Ally Spending account or a linked checking account from another bank.

Recurring savings lets you set up automatic transfers to regularly contribute to your savings. You can choose the frequency and amount to suit your needs.

Round Ups is another clever feature that tracks your spending and transfers small amounts to your savings account whenever you reach a threshold. This feature currently only works with a linked Ally Spending account.

Surprise Savings is a unique feature that analyzes a linked checking account and automatically transfers money to your Ally savings account.

You can also use savings buckets, also known as digital envelopes, to sort and customize your savings goals. This feature lets you create multiple savings goals that all sit under your one savings account.

Here are the automated savings features in more detail:

The CIT Bank Savings Connect account is another option to consider if you're looking for a high-yield savings account with a great rate.

Ally Bank offers a range of spending and savings products that can help you manage your finances effectively.

Their "Spending" account is a type of checking account that connects to their high-yield savings account, making it easy to transfer funds between the two.

You can also consider their money market account, which is another savings option that earns interest.

Ally Bank's CDs (Certificates of Deposit) are a low-risk investment option that can provide a fixed interest rate for a specified term.

Having multiple savings products can help you achieve your financial goals, such as building an emergency fund or saving for a specific purpose.

The Finder Score is a rating system that evaluates savings accounts based on their interest rates, fees, opening deposits, and features.

It crunches over 250 savings accounts from hundreds of financial institutions to provide a score out of 10.

Accounts with interest rates well over the national average are scored the highest, while those with rates well below are scored low.

Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline to provide a score.

Read the full Finder Score breakdown to learn more about how it works.