Skip Ally Bank… Here s a MUCH better option

ally vs simple This is a topic that many people are looking for. is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, would like to introduce to you Skip Ally Bank… Here s a MUCH better option. Following along are instructions in the video below:

“In this video today. We re ngoing to be talking about the best place to to put your short term or emergency fund savings. So a lot of people out including myself have a decent amount of cash saved up that you don t necessarily want to go out there and invest nin. The stock market or real estate.

Because this is money that you wanna have set aside in case of an emergency or just to have a rainy day fund now most people unfortunately neven. If they do have their rainy day fund they place this in a traditional nbank savings account which typically pays naround. 005. Interest and as we know inflation sits at around two percent per year.

And as a result they are losing money every single year because of inflation now there are a couple of ndifferent online savings accounts that are able to offer nsignificantly better rates primarily because they don t have any physical branch locations. Which saves a huge amount of money now in the past ally bank was like the go to bank nfor online savings. But then in june of this year. They had a very surprising announcement and it was one of the first times that they had a rate change ntowards the negative.

So they were paying an apy of 22. . However then in june of this year. They lowered that rate to 21 .

So ally bank used to really nbe leading the pack here with the online savings. Account offering a very competitive rate..

But they ve kind of nfallen out of favor here with this rate change and we ve seen some pretty big people including graham stephen neven. Talking about potentially changing over to a different online savings account because of this difference in the rate and it may not seem like a lot of money. But when you have tens of thousands or even hundreds of thousands nof dollars in some cases sitting in an online bank account. The difference of half a percent could be a significant chunk of change making.

It worth potentially switching over to one of these different nonline savings account options about three weeks ago. We heard about a completely different option nthat seemed. Very appealing and that was something called nthe wealthfront cash account being brought to us by wealthfront. Which is an.

Online. Robo. Advisor and essentially what nthey were offering here is a. 257.

Apy which nis significantly better than the 21. Being offered by ally bank. Now beyond that there nwere actually a couple. Other areas where this online bank account was superior to what nally bank was offering so through the wealthfront cash account.

You could get fdic insurance. Nup to one million dollars on top of that you got nunlimited free transfers..

Whereas with ally bank. You were limited to six transfers per month. You also got zero fees with a 1 minimum and of course that very nappealing. 257.

Apy well shortly after this announcement here. We are about a month. Later and we have a third option. Which is even better than nally bank and wealthfront.

And in case. You guys nhaven t guessed. It already it comes to us from ntheir biggest competitor known as betterment. So betterment released nsomething about a year ago called betterment smartsaver.

I actually talked about nit on this channel here. But it caught a lot of flack because of the fact that this account did not have fdic insurance. So betterment went back nto. The drawing board and they decided to come nup with a better option.

Which does have fdic insurance and on top of that this naccount allows you to earn up to 269. Apy..

Which is significantly better nthan ally bank. At 21 . And it s even better than nwhat wealthfront is offering through the wealthfront cash account. So this service is being nlabeled betterment everyday right now.

They are only offering nonline savings accounts. But down the road later this year. They will also be releasing nan online checking account. Which will also come with a debit card to do your purchases right through your betterment everyday account and this will integrate directly with the betterment nrobo investing platform and a lot of people are probably wondering why is it that ally bank.

Can t pay a rate like betterment everyday or the wealthfront cash account. And it primarily has to do with the stages. These companies are in both wealthfront and betterment are still in the growth stage and they have a lot of nventure capital behind them. And as a result they can afford to pay significantly higher nrates than their competitors who are more established so through betterment everyday savings.

What you re getting is fdic insurance up to one million dollars. Which is the same thing nbeing offered by wealthfront you re getting your zero fee platform. So there are no fees whatsoever for using betterment everyday not a 1 minimum. But they dropped it down to a 0 minimum balance and then of course that 269.

Apy and like i said this will nultimately be replacing that feature known as smartsaver. But as of right now this is one one of the most appealing and attractive savings options paying the highest apy so one of the questions you probably have is will i be switching nover from ally bank..

And unfortunately one nof. The rules betterment has for their affiliates nis that their affiliates are not allowed to have na betterment account. It s really kind of annoying nand. I love betterment and what they re offering.

But unfortunately because of my affiliate relationship with them i am not allowed to have an account. But i may be switching over nto wealthfront s cash account since it is a higher apy than what i m getting with ally bank. But overall what i nwould say here is people who are looking to maximize nand get that highest apy ally. Seems to be falling nfrom.

The front of the pack towards the middle of the npack in terms of their rates and we are seeing nsignificantly better rates from betterment for example nas well as wealthfront if you guys do decide that you want to learn more about this and potentially sign up for the nbetterment everyday savings that s the top link in nthe description below as i mentioned already i am naffiliated with betterment so if you do use my link at no additional cost to you i get a small commission in the process totally up to you if you guys nwanna use that link or not at the end of the day. I just wanted to bring these options to you guys just to show you that there nare online savings options that are paying significantly nbetter rates than ally bank. But anyways guys that s ngonna wrap up this video let me know in the ncomments section down below. Where do you do your banking and what kind of rate are you seeing with your savings or nyour checking account.

I would love to hear what noptions you guys are using. But thanks so much for nwatching this video. I hope you enjoyed it ” ..


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