I received a notification from my bank that in the past month the 5k I had in my savings had earned me a grand total of 4 cents. Yes – I can now go buy – NOTHING. Nothing in this United States of America costs 4 cents. I would also like to point out that since I do not get my paycheck into this account I must maintain a minimum of 5k in my savings. Meaning if I ever need it either I pay a fee for having less than 5k in my account or I close the account. I figured why wait – let me just close it now. I close my savings, but BAM. I need a minimum of $1,500 in my checking account now –  otherwise $12 monthly fee. So, yeah, at this point I might as well take all of my money out and put it under my bed. I’m joking – the bank is still a better option.

But it’s disheartening. Why bother saving if I will be penalized for either not being rich or using my money? Also, what’s the point of a savings account if I’m only earning 4 cents? I live in NYC. I can make double that just picking pennies off the ground on my walk to the train.

My money needs to make money. Especially If I can’t spend it. I opened an account with Ally. It’s an online bank which works because I still have a regular, brick and mortar, bank I can go into if I need cash etc. However, Ally reimburses ATM fees – in case you need cash. I have long been over ATM’s when I learned that they charge you at the ATM and again on the back end – it cost like $5 to take money out. Needless to say, I usually go to Rite-Aid and get cash back. I’ve always liked online accounts, especially ones for saving because I can hide the card somewhere or even shred it so I am not tempted to swipe my card and just let it grow. Ally is also affiliated with Zelle so it’s pretty easy to transfer money in and out- but we won’t be doing that. Besides, I’m only opening the savings account which only allows 6 transactions a month before they charge.

Why did I choose Ally? Honestly, I listen to a ton of podcasts about money and adulting and I’ve heard it mentioned quite a bit. I did some research and it works for me. I’m not ready for a CD, certificate of deposit, this is a savings option that allows you to put X amount of money in for X years at a higher interest rate than a normal savings account. This means you have to have that money on hand, you can’t add to it, and you can’t touch it for the number of years specified. If I had more money I would consider it. But I’m not ready to lock my money away like that yet.  I have some money in the stock market – but some days I make money, some days I lose – for sanity reasons, I just want at least one place that my money is constantly growing.

Ally has above-average interest rates, unlike some banks out here trying to only give me .50 cent the whole year Ally coming through with $90. This is all a rough estimate but seems like a better deal than my current savings interest rate.


Check your bank accounts and see if your money is making money. If not ask your bank for better options or Google banks with high interest rates.

*Ally is not paying me for writing this.


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