It pays to be an Ally Bank customer! The bank just raised its interest rate on savings accounts.

Are you looking for a new way to save money? Check out Ally Bank. Ally Bank is a great place to save money. In fact, the bank just announced that it is raising its interest rate on savings accounts. That means you can earn more money by keeping your savings at Ally.

Why are interest rates increasing? And why do we like Ally Bank so much? Check out our best savings account rates list to see where else you can earn more interest on your money.

1. Ally Bank just announced raising its interest rate on savings accounts!

Ally Bank has been on a roll lately, announcing several interest rate increases for its savings account products. The bank recently raised its high yield savings account rate from 1.40% to 1.60% APY.

This is Ally’s fourth rate increase in the past few weeks, bringing the total up to 1.60% APY. Experts predict that interest rates will continue to increase through 2022, making Ally one of the best options for high-yield savings accounts today.

Ally Bank is definitely worth considering if you’re looking for a place to park your cash and earn decent interest.

2. How much can you earn with Ally’s 1.60% APY rate on savings accounts?

If you want to earn more interest on your savings, Ally’s 1.60% APY savers account could be a great option.

With the current national average savings interest rate at 0.10%, you could earn $80 in interest over 12 months with a $5,000 balance in an Ally account – that’s 10 times more than what you would earn with a traditional savings account.

And if you contribute an additional $100 per month to your Ally account, you could almost double the interest you earn compared to if you made no additional contributions and left your money in a traditional savings account earning 0.1% APY.

So if you’re looking for high-yield savings account to help you reach your financial goals, be sure to check out Ally.

3. Why are interest rates increasing, and why do we like Ally Bank so much?

There are a few reasons behind the Federal Reserve’s decision to raise interest rates. One is to do with inflation; as prices of goods and services have risen, the Fed wants to ensure that inflation doesn’t get out of control.

They also want to encourage people to save rather than spend, which will help boost the economy. By making it more expensive to borrow money, the Fed hopes people will be less likely to take out loans and put their money into savings accounts instead.

This fourth interest rate increase of the year will likely knock on APYs, with savings account rates expected to go up.

That’s why, in line with the Fed’s decision, Ally Bank announced an increase to its high yield savings account rate from 1.40% to 1.60% APY.

4. What will happen to savings account rates?

As the Fed raises interest rates, we expect savings account rates to increase.

For example, Ally Bank has recently announced a 0.20% increase to its high yield savings account rate, bringing it up to 1.60% APY.

This is the fourth interest rate increase we’ve seen from Ally this year, and with rates expected to continue rising through 2022, it’s a great time to open a high-yield savings account with the bank.

Ally Bank is definitely worth considering if you’re looking for a place to park your cash and earn decent interest.

5. How to take advantage of rising interest rates

If you’re looking to take advantage of the rising interest rates, you can do a few things.

One option is to open a high-yield savings account with a bank like Ally. Ally currently offers a 1.60% APY on its high-yield savings accounts, which is much higher than the national average of 0.10%.

You can read the detailed review of Ally Bank here, why we love them, and how to open an account.

5. Check out our best savings account rates list to see where else you can earn more interest on your money.

Here is the list of best Saving account interest rates for you to check out:

Are you looking for a new bank to switch to, or are you happy with your current bank? Let us know in the comments below!