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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.

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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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