Open a Savings Account

Do you have a designated savings account—at a separate financial institution from your checking account—where you save for emergencies and for future purchases?

Money-savvy people do!

Fully FDIC-insured online savings accounts offer the perfect way to pay yourself first and make regular transfers directly from your paycheck or existing checking account to a designated savings account. And, they offer much better interest rates than most brick-and-mortar banks. You can open an account entirely online, and it takes just five to ten minutes.

I recommend Ally Bank. Currently paying 1.64% APY (updated 11/13/09) and backed by one of the world’s largest, most secure banks, Ally has no minimum opening deposit and no minimum balance requirement and offers savers a free ATM card and the ability to link your account with any other bank account, even other online accounts!

Learn more about Ally Bank, or open an account now.

Want options? Compare online banks.