I currently use a savings account that offers 0.20 percent. While I truly admire the company, I felt I was doing my money a disservice by leaving it in a savings account earning 0.70 percent less than I could be getting. While that’s still superior to many banks’ 0.01 percent, I knew I could do better.
After using MagnifyMoney’s savings account comparison table and reading a few reviews, I elected to open a savings account with Ally. They currently offer 0.90 percent for their online savings account. There is no minimum balanced required.
If I moved $5,000 into a savings account with Ally, I’d see $45 in interest. If I left it with my current bank at 0.20 percent, I’d only get $10. Let’s imagine I drop $12,000 into savings. Suddenly it’s a difference between $108.49 and $24. I’d see an extra $84.49 to my bottom line by simply switching accounts. That’s meaningful money to me. Certainly worth the 10-minute process it takes to fill out an application for an Ally Bank savings account online.
Find out what happened over on MagnifyMoney’s Fine Print Blog.