What are "High Interest Savings Accounts?"

When you’re saving money you might need to access within the next year or so, the best place for it may be a savings account. For some, this means searching for what they'd call a "high-yield" or "high interest savings account." But if you think about it, what does that really mean? How high is "high interest" and, more importantly, where can you find it?

Of course, the "high" in "high interest savings accounts" is relative. Ally Bank knows it's important for people to find the best interest rates they can. But we also know that it's important to look at the account that comes with those rates. Just as banks are different from each other, savings accounts are different from bank to bank.

Online banks

like Ally Bank don’t have the operational costs associated with running several physical branch offices. Traditional banks do. And because of this, online banks often pass that savings on to their customers in the form of great rates. The Ally Bank Online Savings Account offers some of the most competitive rates in the country. Other features include:

  • No minimum deposit to open.
  • No monthly maintenance fees.
  • Daily compounded interest for maximum earnings.
  • FDIC insurance on your deposits up to the maximum allowed by law.

So before you do an exhausting search for so-called "high interest savings accounts," consider the full range of savings products here at and get great ratesandgreat service. You can also call live, 24/7 customer care at 877-247-ALLY (2559) today.

Category: Savings account

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