The Savings Account We’d Recommend: Ally Bank’s Online Savings

You need a savings account (for obvious reasons). The best high yield savings account we’d recommend at the moment is the online savings account from Ally Bank. The reasons for this are simple:

 

One: Ally consistently offers one of the highest interest rates compared to other banks, according to Bankrate.com (currently, 0.84 percent). Now, 0.84 percent actually isn’t that great compared to previous years, but it’s better than what the big banks are offering (a savings account at Chase, for example, is currently offering a terrible interest rate of 0.01 percent).

 

Two: Interest is compounded daily, which is great because we know how magical that is.

 

Three: There is no minimum deposit required to open an account. There are no monthly fees.

 

Four: Ally Bank has received a five-star Safe and Sound Rating from Bankrate, which means it operates above industry norms.

 

Five: Don’t just take our word for it. Ally Bank’s savings account has been called the best by Kiplinger, CNN Money, and Lifehacker.

 

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