We love our Credit Union, America First. They have been great to work with and we have never had any problems with them. However, their interest on their savings account stinks! It is only 0.10% right now. We made pennies a month is all when we had our money in their savings account. I knew there had to be something better out there.
That was when we discovered Ally Bank. We opened up a High Interest Savings Account at an interet rate of .90% That is 9 times more than America First!
I chose Ally Bank because there was no minimum balance to open, there are no monthly maintenance fees, it is compounded daily to maximize profits, and it is FDIC insured.
There is no risk with this type of savings account. There are accounts with higher interest rate returns but usually those accounts are more of an investment type. I just wanted a place to store our emergency fund where there would be no risk, our money could still be put to work, and a place where it would be easily accessible if we ever needed it.
It works out great-- we just deposit into America First and transfer to Ally online.
If you would like to open up a savings account or explore Ally, click here.
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