A promotion was just launched from Ally Bank for their online savings account, and we thought it was worth passing along. In addition to having one of the highest interest rates for a savings account, currently 1.9%, they are now offering a 1% signing bonus on your initial deposits between now and the end of October.
For those of you who have not used an online savings account before, the main difference from a traditional bank is that they do not have branch locations. At Ally, you link your current checking account to their online savings account, which gives you the ability to transfer money back and forth. The savings accounts at Ally, and most online banks, are all FDIC insured.
If your cash reserve is still sitting in a bank account that is not earning a competitive interest rate (over 1.5%), this could be the time to make the switch.
Here are details on the offer: https://allypaybacktime.com/
Disclosure: Stone Pine Financial has no affiliation or marketing arrangement with Ally.
If you have any questions, please feel free to reach out to us.