Tightwad's twins just turned six. With generous gifts from family and friends, the house is full of new toys. When they opened birthday cards from their grandparents, pieces of paper fell out. The kids seemed to know it was currency of some kind - that it had "value." They spoke excitedly of more new toys with the money from the cheques, but were told that if they put cheques in a savings account every time they received one, and as they grew older and started to work and saved money from each pay, one day the cheques would increase in value to the point where they could buy a car, or as Twin B said, "A house!" Tightwad thinks that some financial education can certainly be squeezed in here, and so has been researching and comparing savings accounts online.
The online, high yield savings account at Ally promises to earn a higher rate than traditional savings and provides free online banking transactions. Here are some more perks:
- No minimum deposit to open an account
- No monthly maintenance fees
- Mobile banking app to view your account on the go (access accounts, make deposits, transfer funds, pay bills, locate ATMS)
- Daily compounded interest for maximum savings
- FDIC insured to the maximum allowed
- Allows six transactions per statement with no fees
Ally Financial was founded in 1919 as GMAC. Today, Ally ranks among the largest automotive services companies worldwide, is the preferred source of financing for General Motors, Chrysler and Thor Industries and serves more than 12.5 million consumers and dealers.
For more information, or to sign up today, visit Ally.