Last night, I decided to be a diligent MagnifyMoney.com employee and attempted to ditch, switch and save (well, earn more) on my savings account.
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.
I tried opening an account with Ally, back before I finally cleared up my credit. I was told that because of my credit situation, I could not open a “savings” account.
Interesting. I have a credit score in the high 700s, so I doubt that’s the reason. I did recently freeze and then unfreeze my credit reports after some concern over identity fraud. Perhaps that’s the reason!
I use ALLY bank and I think they are the best. And I rarely have to wait when I call to speak to someone…no crazy automated maze to run through. They have the best rates too…can’t beat that!
I have an idea for a future Frugal Friday post. Have you heard of Bing rewards? You get points for using Bing for internet searches and can redeem the points for things like Amazon giftcards/free Hulu membership and so many other things. I like it better than Swagbucks because it doesn’t take as long as SB to rack up enough points for a prize.
Here’s a referral link if you’re interested: http://www.bing.com/explore/rewards?PUBL=REFERAFRIEND&CREA=RAW&rrid=_331490ab-0c4e-8313-ad15-29d871d5f68b
Been a user of Ally Bank savings account for a year now. Hands down, it is one of the easiest banking I have ever done. No minimum deposit. No monthly maintenance. Earn higher rate. What else can I ask for?
i set up an online savings account through gecapital.com they are offering .95%
I looked at the reviews of that one too and preferred Ally, but if I don’t get approved perhaps I’ll go with GE Capital! Optimizer+ also has .95%.
Its very interesting to learn how much you can earn and save by just your switching accounts. I think such an investment is worth your time.
Nice one. All it takes is just a little bit of effort from our lazy butts!