A High Yield Savings account is an investment vehicle that offers higher yields than a traditional savings account. It functions similarly to a regular savings account in that a savings account holder deposits money into the account with the intention of earning interest on the deposit. The difference between a high yield savings account and a regular savings account is that high yield accounts typically offer higher rates of return than traditional bank savings accounts. These higher rates of return can be determined by a range of factors including the amount deposited, the institution offering the account and the length of deposit. Additionally, many of these high yield accounts may also offer additional features such as unlimited transfers, online banking or regular interest transactions. They may also require a certain amount of money to be kept in the account in order to receive the higher rates of return. A High Yield Savings account can be used to save money for short or long-term financial goals, and is a great way to earn more interest on your money.
Ally Bank offers competitive interest rates on saving accounts. Their interest rates are consistently higher than most major banks in the United States. With Ally, customer can choose from a variety of account types, including high-yield savings accounts and money market accounts. Additionally, Ally provides access to the foreign currency exchange, meaning customers can not only maximize their savings but take advantage of international money market movements for additional financial gains.