Thursday, January 3, 2019

Ally Savings Account

One of my investing/financial tasks to end out 2018 was to create an Ally Savings account. Funding a new financial account probably wasn't the best idea during one of the slowest working times of the year (Christmas and New Years). Things look to be set up now, and I even did a mobile check deposit. I didn't get charged any fees for depositing the check through the Ally app. I was going to go on a rant about how my main big bank charges for mobile deposits. It looks like they don't anymore, but they used to charge for mobile deposits, and that was very annoying. 

The Ally app is decent. I'm pretty used to using the Robinhood App, which is very intuitive and well designed. You can log in with the fingerprint reader on your phone, which is nice. You can look into the other products that Ally has (Certificates of Deposits, Stock Trading, Money Market account, Checking Account, Credit Card, etc) from the app. 

I'll be interested to see on which day the interest from the savings is credited to my account. Ally says it calculates interest daily and adds it to your account on a monthly basis. I added about $500 to Ally to test it out, so after a month, I should get approximately - 
  • $500
  • 2.00% interest
  • $500 x 2.00% = $10
  • $10/12 (months in the year) = ~$0.83
So, if I get paid interest about a month of having funds in my account, I should get about $0.83. To compare, in my big bank account, after three months, my savings account received $0.07 in interest. I recognize that a savings account isn't the place to make money, but if I can get a higher interest rate from Ally for my money just sitting, then I'm going to try it. 

Signed,

Mitch

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