The product Money Market Account from Ally Bank with 4.00% APY and $0 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $29,605. The interest earned would be $9,605 and the tax amount on the interest earned would be approximately $2,881.
Please note that this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 32 |
| 2 | 20,045 | 45 | 32 |
| 3 | 20,091 | 45 | 32 |
| 4 | 20,136 | 46 | 32 |
| 5 | 20,181 | 46 | 32 |
| 6 | 20,227 | 46 | 32 |
| 7 | 20,273 | 46 | 32 |
| 8 | 20,319 | 46 | 32 |
| 9 | 20,364 | 46 | 32 |
| 10 | 20,410 | 46 | 32 |
| TOTAL: | $457 | $320 |
| Rate: 4.00% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 800 | 560 |
| 2 | 20,800 | 832 | 582 |
| 3 | 21,632 | 865 | 606 |
| 4 | 22,497 | 900 | 630 |
| 5 | 23,397 | 936 | 655 |
| 6 | 24,333 | 973 | 681 |
| 7 | 25,306 | 1,012 | 709 |
| 8 | 26,319 | 1,053 | 737 |
| 9 | 27,371 | 1,095 | 766 |
| 10 | 28,466 | 1,139 | 797 |
| TOTAL: | $9,605 | $6,723 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| Date | APY |
|---|---|
| September 26, 2024 | 4.00% |
| April 23, 2024 | 4.20% |
| March 16, 2024 | 4.25% |
| March 6, 2024 | 4.35% |
| August 20, 2023 | 4.40% |
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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|
|
4.80% |
$50,000 |
Learn More | |
|
Last change: ↑0.20% on October 28. |
||||
Customer Reviews for Ally Bank (58)
Rad
August 13, 2023
Been a customer for a couple of years now with interesting checking, been a happy customer. They give you a $10 reimbursement on atm fees per statement cycle. They pay you to leave your money there currently 15k+ at 0.25%, though I wish they would increase it to at least 0.50%+ same as Sofi.
Is this review helpful? Yes:1 / No: 1
yesiam
August 16, 2022 |
ally is still the gold standard in online banking, but the rate needs to get more competitive and the wait to speak to someone on the phone is just ridiculous.
Is this review helpful? Yes:8 / No: 0
JC
November 5, 2021 |
I opened an interest checking account with Ally after reading all the glowing comments online. My first experience with Ally was anything but glowing. The customer rep tried to charge me $15 for a debit card. When I challenged him on the charge and told him debit cards were free he backtracked and told me the charge was for expedited shipping. After I told him several times to use free standard delivery, even if it was by Pony Express, I still received my debit card via expedited delivery and was charged $15. I eventually received a refund after calling customer service to complain. This never should have happened in the first place. I guess the moral of my story is never believe everything you read.
Is this review helpful? Yes:8 / No: 1
JBMoney
September 8, 2020 | | Replies 1
I have been a customer for years and have never had a bad experience. These days I really appreciate how they are keeping their savings rates competitive. .8% is lousy, but it is very competitive.
Is this review helpful? Yes:4 / No: 3
EduardoC | Dec 12, 2020
"keeping their savings rate competitive" - they aren't.
HRoss1957
July 19, 2020 |
The 11 month no penalty cd is an obvious choice here. You are guaranteed a rate over that time and have free access to your money. Plus, they gave me a 5% bonus for being a long time customer (call them) and that made the rate the same as the savings rate today. CON: Hold times to reach a representative on the phone are too long!
Is this review helpful? Yes:8 / No: 0
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