Let’s face it, getting serious about making financial management a top priority can be a little intimidating. Most of us recognize that sorting out our financial affairs is one of the most important things that we can do to position ourselves to live our best lives but even in the face of that knowledge, it can be hard to know where to start.
There are so many options that are available to the average consumer that is interested in streamlining and taking charge of their financial life. This can often make it hard for consumers to know which kind of credit card would be best for them or what type of savings account would be best to help them achieve their long-term savings goals. Fortunately, consumers can choose to do business with financial institutions such as Ally Bank that can offer them a wide array of financial products to meet their needs.
What is Ally Bank?
Ally is a financial institution that is designed to meet the banking needs of a twenty-first-century consumer. The team behind Ally understands that the phrase personal finance can sometimes make people a little skittish. To that end, they developed a company that would allow consumers to receive all of the benefits of any traditional bank from the comfort of their own homes. Banking with Ally is as easy as touching the screen of a smartphone. Ally is one of the leading digital banks and offers its customers a large number of financial services and products. Some of the many financial services that Ally offers include the following:
financing for cars
money market accounts
certificates of deposit or CDs
checking accounts and various savings accounts
Ally has worked hard to develop an extensive number of financial tools and products that will enable its customers to better manage their personal finances, reach important financial milestones and have access to the financing that they need to grow their businesses or build their credit.
Ally’s Savings Accounts
Ally offers many services that customers are accustomed to receiving at their local bank. The company prides itself on having services that can allow its customers to take out a mortgage, finance the purchase of a vehicle to run their business or apply for a credit card to help them establish or continue their credit history. However, Ally has always strived to give its customers services that it cannot receive at a local bank. It does this by offering stellar online services and by employing a large team of customer service representatives. Ally also meets needs that many traditional banks don’t necessarily meet through offering savings accounts that come with features that can be difficult for some consumers to find at their local physical bank. Ally’s savings accounts come with competitive interest rates. For example, the annual percentage yield on an Ally savings account is 1.20%. This competitive rate allows Ally’s customers to actually earn more money than they normally would at other financial institutions. Ally’s Savings accounts also come with no maintenance fees and the ability to deposit checks electronically.
Ally’s Certificates of Deposits (CDs)
Ally also offers a number of certificates of deposits which are also known as CDs. Ally offers its customers three different kinds of CDs with competitive rates:
A Raise Your Rate CD
No Penalty CD
A high-yield CD has an annual percentage yield of 1.35% for a period of 12 months and it pays customers compounding interest which allows them to earn money on both their deposit and on their interest. The Raise Your Rate CD enables Ally’s customers to raise the rate on their CD over the course of a period of two years or over the course of 4 years depending on the length of their CD. The No Penalty CD also offers customers compound interest and allows customers to withdraw their funds within a 6-day period after opening the CD with no penalties. Customers that are considering opening a new bank account or who are in need of financial services should consider banking with Ally because it is a convenient, stress-free experience that offers its customers everything that they like about their local bank but with none of the hassle or inconvenience. Ally stands apart for its extensive offerings and its stellar online services.
But What About Large Purchases of Needed Items? Synchrony Has You Covered!
If you are looking to use a credit card for a large purchase and have a specific idea of what you will be using your credit card for using Synchrony Consumer Financing may be a great option to look into. Synchrony Bank offers financing options that allow you to finance items you may need to purchase. Synchrony has several types of credit cards that you can apply for and use at approved retailers. They tailor their cards to the types of purchases most commonly made with credit cards or in emergency situations like car care and home goods. Furthermore, they focus on helping you build good credit so they have explanations on their website about what exactly credit is and how to use it so if you are new to a credit card or have bad credit you can educate yourself about what exactly the card should be used for and how you should use it.
How to Get Financing Through Synchrony
Many of Synchrony bank’s cards are through retailers, therefore you have a lot of options to choose from. But, they also offer credit cards through Synchrony specifically. You can apply for the card directly through the merchant or the Synchrony cards through Synchrony. The scores needed for these cards may vary. Because you can get a Synchrony card through different merchants, your odds of getting a Synchrony card can change. For example, some merchants like Wal-Mart, only require a fair credit score to apply, whereas others may require a higher school to be approved.
What is offered through Synchrony?
There are two credit cards through Synchrony that you may qualify for, these cards are the Synchrony Home Credit Card, and the Synchrony Car Care Card.
Synchrony Car Care Card for Auto Repairs
This card is designed to help you with your car needs, and they offer a promotion if you are applying. The benefits of this card are
Fast application processing
Ability to pay for larger repairs on your vehicle
The promotion is no interest on purchases within the first six months when you spend 199 dollars on a vehicle repair or maintained purchase. If you know you need to fix your vehicle or do maintenance on it, this may be a card to apply for. In addition, they offer tips on their website about car health, and tires checking and changing. There is a high APR after the promotional period at 29.99 percent so you want to make sure you use the card for a purchase that you know you can pay off before the deferred interest period is up.
Synchrony Home Credit Card
You can apply directly for this card on their website and then you can use it at approved retailers. They also offer a promotional financing special for this card. The benefits of this card are:
No annual fee
Accepted by wide range of retailers
Unique option to fixed home-equity loans
The promotion with this card is there are flexible financing options depending on which retailer you are using. In addition, if your first purchase is 1,499 dollars or more you will get 150 dollars credited back to you. That is why this card is good if you are planning on making a large expensive home purchase because you can find a retailer that is approved and has a flexible finance option and then take advantage of that using your card. However, it may take some research on your part to find one of the retailers that have the best finance option.
Walmart Store Card
This card is by Synchrony bank and it is an example of the types of cards Synchrony offers. This is a card that you may easily qualify for if you are building credit or have bad credit. If you shop at Wal-Mart frequently this card allows you to receive three percent on Walmart.com purchases, 1 percent in store, and 2 percent on gas at Murphy USA and Walmart. Synchrony Bank has a lot of flexible card options that help you made the right decision based on your credit needs. In addition, the tips and information they provide their customers help them gain a larger understanding of their credit card and how to use it. Learning good credit habits can be difficult for many but Synchrony makes this easy. There is a wide range of options because they offer credit cards through many different retailers, which allows you to get the best deal. Furthermore, they tailor the credit cards to the purchasing habits of most people so it is easy to find a card that will accommodate your spending needs.